Lagunov Anatoly

Malaysia as the world leader of the Islamic financial system

ЮГО-ВОСТОЧНАЯ АЗИЯ: АКТУАЛЬНЫЕ ПРОБЛЕМЫ РАЗВИТИЯ, 2011, №16, 212-225

 
Annotation: Since the 1970ies, Islamic economy has emerged as a new reality in the international financial scene. Nowadays the Islamic finance sector is expected to more than quadruple in value within a decade from its current size of between $800 billion and $1 trillion. Today Malaysia is an undisputable leader in Islamic finance, setting the standards across the industry and marking its thought leadership in the area. Backed with over 30 years of development in Islamic banking and finance, the country now has a deep capital market and broad range of consumer banking and Takaful products that attract both Muslims and non-Muslims. The country's headship in Islamic banking and finance is the result of the government's political will and the private sector initiatives in enabling an environment of legal, regulatory, supervisory, risk management, Syariah framework and incentives. Malaysia's position as one of the world's Islamic finance hub is recognised globally, and it has become a role model for many countries.

Keywords: MALAYSIA, ISLAMIC FINANCE, ISLAMIC BANKING, TAKAFUL (ISLAMIC INSURANCE)