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Dual Legal Framework in Islamic Capital Markets: Issues and Problems

Dual Legal Framework in Islamic Capital Markets: Issues and Problems

Rafikoddin Riyajoddin Kazi
Copyright: © 2020 |Pages: 23
ISBN13: 9781799802181|ISBN10: 1799802183|ISBN13 Softcover: 9781799802198|EISBN13: 9781799802204
DOI: 10.4018/978-1-7998-0218-1.ch028
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MLA

Kazi, Rafikoddin Riyajoddin. "Dual Legal Framework in Islamic Capital Markets: Issues and Problems." Handbook of Research on Theory and Practice of Global Islamic Finance, edited by Abdul Rafay, IGI Global, 2020, pp. 524-546. https://doi.org/10.4018/978-1-7998-0218-1.ch028

APA

Kazi, R. R. (2020). Dual Legal Framework in Islamic Capital Markets: Issues and Problems. In A. Rafay (Ed.), Handbook of Research on Theory and Practice of Global Islamic Finance (pp. 524-546). IGI Global. https://doi.org/10.4018/978-1-7998-0218-1.ch028

Chicago

Kazi, Rafikoddin Riyajoddin. "Dual Legal Framework in Islamic Capital Markets: Issues and Problems." In Handbook of Research on Theory and Practice of Global Islamic Finance, edited by Abdul Rafay, 524-546. Hershey, PA: IGI Global, 2020. https://doi.org/10.4018/978-1-7998-0218-1.ch028

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Abstract

The main feature of traditional financial system is that it considers economic aspects of the transaction only. This system supports the economic development and not the welfare of humankind. However, except for the Islamic financial system, no other financial system stood in front of it as a viable alternative system. Malaysian Islamic financial system has made tremendous progress in creating sound Islamic Financial system. However, the historical aspect of this country which has passed through Islamic and traditional financial system has its own advantages and disadvantages. Despite having mix and heterogeneous culture, it succeeds in creating Islamic Financial System based on dual legal system to satisfy the needs of multi-cultural factors. Due to adoption of dual legal system, several legal issues have arisen. This chapter sheds light on some matters related with the adoption of dual legal system. The chapter is conceptual in nature and the method adopted is the intensive survey of literature, thereby all the information has been gathered from the secondary sources.

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