The reality of the Malaysian experience in the Islamic financial industry

Dr. Benaissa Mounir

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Published: Aug 15, 2024

Keywords:

Islamic financial industry, Malaysian economy, Islamic financing formulas

Dr. Benaissa Mounir

Abstract

This study aims to review the Malaysian experience in adopting the Islamic financial industry as one of the most prominent
pioneering models in this field in recent times, and innovating Islamic financing formulas, as the Islamic financial system in
Malaysia has witnessed tremendous growth since its launch in 1963, and it began with the establishment of the Malaysian
Pilgrims Council Fund ( Tabung Haji) and the country's first Islamic bank, Bank Islam Malaysia Berhad (BIMB).
The study concluded that the success of the Islamic finance industry in Malaysia was the result of several factors, the most
important of which is government support for this industry, in addition to the complete independence of the laws related to Islamic
finance since the issuance of the first Islamic finance legislation in 1983 from its traditional counterpart, as this industry
contributed significantly and effectively to the development of the economy. Malaysia in various sectors, making the Malaysian
model one of the most advanced and up-to-date Islamic banking systems on the global level.

Issue

Vol. 61 No. 8 (2024)

Section

Articles

This work is licensed under a Creative Commons Attribution 4.0 International License.

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