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Regulatory framework for Islamic finance: Malaysia's initiative

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dc.contributor.authorSiti Muawanah Lajis
dc.contributor.authorAbbas Mirakhor
dc.contributor.authorObiyathulla Ismath Bacha
dc.date.accessioned2017-08-03T06:27:39Z
dc.date.available2017-08-03T06:27:39Z
dc.date.issued2016
dc.description.abstractThe role of regulation extends beyond ensuring stability and confidence in the financial system, as it is also behavioral shaper of market players. The laws, standards, and guidelines issued are instrumental in creating an incentive structure for market players to behave in certain ways. Using incentive audit approach, this paper attempts to examine the efficacy of the evolving Malaysian regulatory and supervisory framework for Islamic banking, in preserving financial stability as well as supporting the growth of the financial system and real economy. The findings suggest that the present framework unintentionally misaligns incentives and discourages Islamic banks from fully embracing risk sharing as the underlying principle for their financial instruments.
dc.identifier.citationLajis, S. M., Bacha, O. I., & Mirakhor, A. (2016). Regulatory framework for Islamic finance: Malaysia's initiative. In Muhamed Zulkhibri, Sutan Emir Hidayat & Abdul Ghafar Ismail (Eds.), Macroprudential regulation and policy for the Islamic financial industry: theory and applications (pp. 177-192). Switzerland: Springer International Publishing.
dc.identifier.isbn97833199304434
dc.identifier.urihttps://ikr.inceif.edu.my/handle/INCEIF/2626
dc.languageEnglish
dc.language.isoeng
dc.publisherSpringer International Publishing
dc.rights2016. Springer International Publishing
dc.sourceSEDONA
dc.subjectRisk sharing
dc.subjectRisk transfer
dc.subjectRegulatory framework
dc.subjectIncentive structure
dc.subjectIncentive audit
dc.titleRegulatory framework for Islamic finance: Malaysia's initiative
dc.typeChapter in Book
dlc.maintopicIslamic finance
dlc.subtopicRisk sharing in Islamic finance
dspace.entity.typePublication
ikr.doctypeScholarly Works
ikr.licenseAvailable in physical copy and ebook (Call Number: HG 187.4 M174)
ikr.topic.maintopicIslamic finance
ikr.topic.subtopicIslamic finance
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