سوق رأس المال الإسلامي الماليزي :دراسة تحليلية في ضوء الفقه الإسلامي

Abstract

The study attempts to clarify the provisions of Islamic capital market by analyzing and evaluating Islamic capital market at Bursa Malaysia in the light of Islamic jurisprudence. The topic of capital market in general is extremely important even though this Islamic capital market has yet to be approved by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) due to the difference of opinions in terms of the Islamic capital market and their products. Some of the Malaysian Bourse’s Islamic Markets products are facing many critics from syariah scholars, both locally and internationally. Inductive approach and comparative approach, as well as descriptive analysis are employed in the study, to demonstrate and analyze Islamic capital market from the perspective of Islamic jurisprudence and the applications in the Malaysian Capital Market. The study looks at rooting processes, tools and services in place in the capital market of Malaysia in the light of Islamic jurisprudence. This thesis is divided into two parts. The first part deals with the theoretical framework of capital market in Islamic jurisprudence, and the concept of stock market and its inception, and its importance and types, as well as the processes, tools and services it provides. The second section addresses the applications of the above theory in the capital market of Malaysia in terms of operations, tools and services. Fiqh analysis is also performed in this section. It has been found that a variety of shares in the Malaysian Bourse may be legitimately issued and traded but the bond issuance and circulations as well as the investment certificates are not compliant with the Syariah. However, the Islamic Sukuk are considered legitimate substitute for conventional bonds, and all contracts made through the RENTAS system in the Malaysian Bourse are compliant with the syariah. The Commodity Exchange is also Shariah-compliant as a platform for trading and Islamic finance. Key word: Stock market, Islamic capital market, Islamic economy