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Enabling Legal Environment of Islamic Finance and Social Finance in Brunei Darussalam: A Demand for Improvement

Enabling Legal Environment of Islamic Finance and Social Finance in Brunei Darussalam: A Demand for Improvement

Hakimah Yaacob, Adli Yaacob, Khairul Hidayatullah Basir, Qaisar Ali
Copyright: © 2021 |Pages: 10
ISBN13: 9781799834526|ISBN10: 1799834522|ISBN13 Softcover: 9781799834533|EISBN13: 9781799834540
DOI: 10.4018/978-1-7998-3452-6.ch013
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MLA

Yaacob, Hakimah, et al. "Enabling Legal Environment of Islamic Finance and Social Finance in Brunei Darussalam: A Demand for Improvement." Impact of Zakat on Sustainable Economic Development, edited by Adel Sarea, IGI Global, 2021, pp. 186-195. https://doi.org/10.4018/978-1-7998-3452-6.ch013

APA

Yaacob, H., Yaacob, A., Basir, K. H., & Ali, Q. (2021). Enabling Legal Environment of Islamic Finance and Social Finance in Brunei Darussalam: A Demand for Improvement. In A. Sarea (Ed.), Impact of Zakat on Sustainable Economic Development (pp. 186-195). IGI Global. https://doi.org/10.4018/978-1-7998-3452-6.ch013

Chicago

Yaacob, Hakimah, et al. "Enabling Legal Environment of Islamic Finance and Social Finance in Brunei Darussalam: A Demand for Improvement." In Impact of Zakat on Sustainable Economic Development, edited by Adel Sarea, 186-195. Hershey, PA: IGI Global, 2021. https://doi.org/10.4018/978-1-7998-3452-6.ch013

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Abstract

According to ICD Thomson Reuters Islamic Finance Development Indicator 2014, Brunei Darussalam ranked 10th out of 92 countries that practise Islamic Finance. This makes Brunei well-placed to grow an international role in the investment management of Islamic products, and in the provision of takaful. Wawasan 2035 envisages that, by 2035, Brunei has projected that the contribution of the financial sectors including Islamic Finance to GDP will have expanded to 8% of GDP. However, there is lacuna of enabling a legal environment that hinders the growth of Islamic finance. The objective of the chapter is to analyse the legal impasse that hinders the growth of Islamic finance from legal perspectives. Despite strong support from the High Majesty, Brunei has taken a moderate move in the importance of creating legal enabling environment as a pathway for economic diversification by 2035. This chapter adopts library research with reference to the acts, and cases reported. This chapter concludes with suggestions for the authority's consideration and policy research.

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