Intellectual Discourse 24 (S1) (2016)

Abstract
In Malaysia, Islamic cooperatives are recognized as providers of some form of Islamic financial service similar to Islamic Banks and Takaful Operators. An Islamic Co-operative refers to a co-operative conducting activities and businesses based on Shariah principles. Being a non-banking financial institution, its main objective is to enhance social economic welfare of its members. As a form of captive social institution, it enables the less economically privileged members of society to pool resources as a cooperative. Malaysia is spearheading the Islamic banking and finance industry globally by having in place a proper and well-designed legal and regulatory framework for Islamic Financial Institutions, which includes the area of Shariah governance. However, the Shariah governance framework for the Islamic Co-operative in Malaysia is still in its infancy stage. In this paper, this area will be given focus and properly highlighted. Later, comparison will be made with the Shariah governance framework for the Islamic financial institutions. This paper will conclude that the requirements with regard to Shariah governance for the Islamic Co-operative are flexible and not as strict as required for the Islamic financial institutions.
Keywords Islamic banking and finance   Captive social institution   Cooperatives   Shariah Governance
Categories No categories specified
(categorize this paper)
ISBN(s)
Options
Edit this record
Mark as duplicate
Export citation
Find it on Scholar
Request removal from index
Revision history

Download options

PhilArchive copy


Upload a copy of this paper     Check publisher's policy     Papers currently archived: 70,192
External links

Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
Through your library

References found in this work BETA

No references found.

Add more references

Citations of this work BETA

No citations found.

Add more citations

Similar books and articles

2008 Financial Crisis and Islamic Finance: An Unrealized Opportunity.Fahad Al-Zumai & Mohammed Al-Wasmi - 2016 - International Journal for the Semiotics of Law - Revue Internationale de Sémiotique Juridique 29 (2):455-472.
Fethullah Gülen, Islamic Banking, and Global Finance.Daniel W. Skubik - 2009 - International Corporate Responsibility Series 4:289-304.
Islamic Law as Islamic Ethics.A. Kevin Reinhart - 1983 - Journal of Religious Ethics 11 (2):186 - 203.

Analytics

Added to PP index
2018-11-03

Total views
4 ( #1,278,481 of 2,507,404 )

Recent downloads (6 months)
2 ( #277,263 of 2,507,404 )

How can I increase my downloads?

Downloads

My notes