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Islam has a set of specific moral norms and values about individual and social economic behavior. Therefore, it has its own economic system, which is based on its philosophical views and is compatible with the Islamic organization of other aspects of human behavior: social and political systems.
The Sharia law derived particularly from the Quran and Hadith deals with banking, business, economics, politics, and contracts. [7] Since the early days of Islamic history, Muslim business producers had to follow the rules and requirements of Islamic Sharia when conducting production and marketing activities. [8]
The Malaysia International Islamic Financial Centre (MIFC) is an initiative of Malaysia’s financial market regulators and relevant government agencies dedicated to developing Malaysia’s Islamic finance market by engaging with industry and government. [1] The initiative was launched in 2006 [2] and is based in Kuala Lumpur, Malaysia.
A market economy was established in the Islamic world on the basis of an economic system resembling merchant capitalism. Capital formation was promoted by labour in medieval Islamic society, and financial capital was developed by a considerable number of owners of monetary funds and precious metals.
(Takaful Basic Examination of Islamic Banking and Finance Institute of Malaysia). [ 1 ] According to at least one author (Monzer Kahf), Mu'amalat "sets terms and conditions of conduct for economic and financial relationships in the Islamic economy " and provides the "grounds on which new instruments" of Islamic financing are developed.
These institutions however, are required to separate the funds and activities of Islamic banking transactions from that of the conventional banking business to ensure that there would not be any co-mingling of funds. The list of banks in Malaysia offering Islamic products (updated in 2015) have grown to 16 banks. [1]
The chief minister of Malaysia's Kelantan State also PAS (Islamic Party of Malaysia) spiritual leader Nik Aziz said that Thailand should consider introducing an affirmative action policy like Malaysia's to narrow the social and economic gap between the Muslims and non-Muslims and to put a plug to the surging violence in southern Thailand.
Malaysia must continue as a secular State with Islam as the official religion". [10] National Mosque of Malaysia in Kuala Lumpur. Four of Malaysia's states, Kelantan, Terengganu, Kedah, and Perlis, are governed by Pan-Malaysian Islamic Party (PAS), which is a conservative Islamic political party, with a proclaimed goal of establishing an ...