Essays on Islamic Finance :Regulator`s perspective

Abstract

The objective of this essay is to discuss the current issues on Islamic finance. Hence this essay covers a wide range of issues in Islamic banking and finance. Some of the issues discussed entail the strategic partnership among countries towards the achievement of a sustainable growth of Islamic financial system. In addition to this, the essay also discusses the role of Islamic fmance in the global financial stability, regulatory issues in Islamic finance, development of Islamic financial market in Malaysia, issues related to credit risk management and takaful. Based on the essay, Islamic banking and finance system has progressed tremendously in the past few decades, however it still faces some challenges. Therefore, the sustainability and further development requires the need for a vibrant competitive and Islamic fmancial institution, development and harmonized legal framework and the linkages between industry players.