Index
Emerging Issues in Islamic Finance Law and Practice in Malaysia
ISBN: 978-1-78973-546-8, eISBN: 978-1-78973-545-1
Publication date: 26 August 2019
This content is currently only available as a PDF
Citation
(2019), "Index", Oseni, U.A., Hassan, M.K. and Hassan, R. (Ed.) Emerging Issues in Islamic Finance Law and Practice in Malaysia, Emerald Publishing Limited, Leeds, pp. 281-290. https://doi.org/10.1108/978-1-78973-545-120191001
Publisher
:Emerald Publishing Limited
Copyright © 2019 Emerald Publishing Limited
INDEX
Index
Note: Page numbers followed by “n” with numbers indicate footnotes.
Absolute ownership
, 43
Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI)
, 228
Adjective laws (see Procedural laws)
Adl (equity or justice)
, 35, 139–140
Ahl al-tabarru (benevolent act)
, 45
Al-dharar yuzal’ (harm must be eliminated)
, 38
Al-hima (wildlife and natural zoning/reserves)
, 58
Al-ijarah thumma al-bai’ (AITAB)
, 71–72, 77
Alliance for Financial Inclusion (AFI)
, 104
Alliance of Fintech community (aFINity)
, 232
Alternative banking (see Sustainable bank)
Alternative currency (see Digital currency)
Alternative dispute resolution (ADR)
, 75
Amins
, 74
Anonymous web criminals in dark market, tools for
, 254
Anti-money laundering (AML)
, 11, 130, 147, 244, 272, 274
Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA)
, 133, 147–148, 151, 155, 239–240, 257–259, 275
Anti-Money Laundering Act (AMLA)
, 118, 120, 125, 133, 151
Anti-Money Laundering and Anti-Terrorism Financing Act (AMLATFA)
, 133, 152
Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT)
, 7, 147, 157–159, 241, 251, 258–259, 275
Compliance Programme
, 9
compliance with BNM and
, 155–156
legal and regulatory framework
, 151–153
results and findings
, 159–168
thematic review of banking and insurance sectors
, 150
training activities at eight banks
, 163–166
Anti-money Laundering Law
, 120–122, 126
Anti-terrorism Financing Act (2001)
, 120, 122, 126
Anti-terrorism Financing and Proceeds of Unlawful Activities Act (2001)
, 118
Arif
, 74
Artificial intelligence (AI)
, 226
ASEAN Banking Integration Framework (ABIF)
, 104
Asian Institute of Chartered Bankers (AICB)
, 104
Asset
, 38, 228–229
Assets under management (AuM)
, 231
Association of Banks in Malaysia (ABM)
, 103
Association of Islamic Banking Institutions Malaysia (AIBIM)
, 103
Audit visitation to AML/CFT head office
, 161
Australian Unfair Contract Terms Law (ACL)
, 96
Bai al-mu’ajjal
, 173
Bai al-murabahah (sale with a cost-plus)
, 71–72
Bai al-taqṣīt
, 173
Bai bi al-’ajal
, 173
Bai Bithaman Ājil (BBA)
, 71, 172–185, 194
Bai’ al-‘inah contract
, 78
Bai’ bittaqseet
, 71
Bandar Baru Air Itam Management Sdn. Bhd. (BBAIM)
, 64
Bangko Sentral Ng Pilipinas (BSP)
, 274
Bank Islam Malaysia Bhd
, 77–78
Bank Kerjasama Rakyat Malaysia Berhad (Bank Rakyat)
, 79–80
Bank Negara Malaysia (BNM)
, 3–4, 34, 78–80, 92, 94, 149, 152, 156, 178, 181, 198–200, 203, 216–217, 232, 249
compliance with AML/CFT and
, 155–156
current priorities
, 107–112
Financial Stability and Payment Systems Report (2012–2016)
, 7, 94
Guidelines
, 257–258
vision and methods
, 105–107
Bank Secrecy Act (BSA)
, 272
Banking and Financial Institutions Act 1989 (BAFIA)
, 154, 217–218
Banking consumer protection from unfair contract terms
, 95–107
Bankruptcy
, 204
Bankruptcy Act 1967 (see Insolvency Act 1967 (IA 1967))
Base Financing Rate (BFR)
, 173
Base Lending Rate (BLR)
, 173
Basel Committee on Banking Supervision
, 132
Bay’ al-wafa’ (Islamic commercial jurisprudence)
, 6, 56, 66
Bidirectional decentralised open-loop digital currency
, 269
Bidirectional scheme
, 267
Big data analytics
, 226
BIMB Investment Management Berhad (BIMB Invest)
, 233
Biro Pemantau Perkhidmatan Kewangan
, 182
Bitcoin
, 250–251, 253, 269–270, 275
Blockchain technology
, 9–11, 266
BNMLINK
, 101
BNMTELELINK
, 101
Britain’s Islamic Finance Council
, 215–216
Call for Participation (CFP)
, 232
Capital market
, 232–233, 237
Capital Markets and Services Act (CMSA)
, 10, 228–229, 231–232, 234, 236
Cash Transaction Reports (CTR)
, 155
Cashability
, 268
CBA. see Central Bank of Malaysia Act (CBMA)
Central Bank of Malaysia (CBM)
, 152
Central Bank of Malaysia Act (CBMA)
, 78, 93, 105, 154, 199–200, 217–218
Central Processing Units (CPU)
, 257
Chief compliance officer (CCO)
, 160
Closed scheme
, 267
Closed-loop system
, 268
Co-operative Societies Act (1993)
, 81
Code of Ethics (CoE)
, 111
Collective investment schemes (CIS)
, 228
Combating financing of terrorism (CFT)
, 274
Commodity Futures Trading Commission
, 273
Commonwealth Virtual Currencies Working Group
, 256
Community of Practitioners (COP)
, 111
Companies Act 1965 (CA)
, 154
Companies Act 2016
, 203
Competent Authorities
, 141, 152
Compliance
, 149–150
Compliance officers (CO)
, 148
Computer Crimes Act (CCA)
, 10, 243
Conditional hibah in Islamic law and application in nomination
, 44–48
Consumer and Market Conduct Department (CMC)
, 93, 101, 106
Consumer credit
, 70–72
Consumer protection
, 256
Consumer Protection Act (CPA)
, 80–81
Consumer Rights Act (CRA)
, 96
Contemporary Muslim jurists
, 43
Contemporary Muslim scholars
, 17
Contingency fee in BBA facility
, 189
Convertibility
, 268
Countering financing of terrorism (CFT)
, 130
Court of Judicature Act 1964 (CJA 1964)
, 199
Credit sale
, 173
Crowdfunding
, 213
Cryptocurrency (see also Digital cryptocurrency)
, 10–11, 248–260, 267, 269, 271
Customer due diligence (CDD)
, 141, 162, 239, 251, 272
Cybercrimes
, 245
Cybersecurity
, 4, 220
Dangerous Drugs Act (1988)
, 118
Darar (prevention of harm)
, 136
Dark Web (see Deep Web)
Darknet
, 254
Daruriyyah (essentials)
, 135
Debt
, 194
debt-based financing
, 71
debt-based transaction
, 186
Decentralisation
, 256, 268
Deed of Assignment
, 55, 63, 173
Deed of Mutual Covenants
, 180
Deep Web
, 251, 254
Denomination
, 267
Digital competitiveness, critical success factors for
, 119–120
Digital cryptocurrency (see also Cryptocurrency)
, 266, 269–270, 276–278
Digital currency (see also Virtual currency (VC))
, 11, 250, 254, 259, 266–269, 271–276
Digital currency exchanger (DCE)
, 270, 275
Digital economy
, 7–8, 117–120
Digital Generation
, 232–233
Digital investment management
, 232–233, 235
Digital investment schemes (DIS)
, 232–233
Digital mining
, 251, 256–257
Digital Signature Act (1997)
, 242–243
Diyyah (blood money)
, 43
Due diligence
, 21–22, 141, 162, 236, 239
E-finance
, 226
e-Wakalah (agency contract)
, 225
Electronic money (E-money)
, 267n1
Employee screening
, 8–9, 150
Employee training and awareness programmes
, 150
Employees Provident Fund (EPF)
, 47–48
Enforcement of judgment
, 203–205
Environmental, Social and Governance (ESG)
, 108, 233–234
Equity crowdfunding (ECF)
, 227–228
Equity-based contracts
, 186
Equity-based financing
, 71
Ethereum
, 256–257
Ethical bank (see Sustainable bank)
EthisCrowd
, 216
European Central Bank (ECB)
, 248
Evidence Act 1950 (EA 1950)
, 199–200
Exchange Traded Funds (ETFs)
, 225
Exchangeability
, 267
Extended Completion Period (ECP)
, 186
Extra-territorial Offences Act (1976)
, 243
Family takaful
, 34–44
Fara’id (law of inheritance)
, 34, 38–39
Fard al kifayah
, 58
FATF-Style Regional Bodies (FSRB)
, 134
Federal Tax Ombudsman
, 74–75
Federal Territories Act (1993)
, 59–60
Financial Action Task Force (FATF)
, 132, 151, 267
Financial Conduct Authority
, 215
Financial crimes
, 130, 132–134, 140
Financial Crimes Enforcement Network (FinCEN)
, 272–273
Financial Intelligence and Enforcement Department (FIED)
, 82, 155, 240
Financial Markets Committee (FMC)
, 103
Financial ombudsman scheme (FOS)
, 93–94, 102
Financial regulators
, 92, 98, 100, 225
Financial Sector Blueprint
, 93
Financial Sector Masterplan
, 92
Financial service providers (FSPs)
, 93–94, 101
Financial Services Act (FSA)
, 105, 154, 217, 276
Financial Services Professional Board (FSPB)
, 111
Financial Services Technology Consortium
, 212, 224
Financial Stability Board (2011)
, 83
Financial Technology (Fintech)
, 9–11, 212, 218–219, 224, 226–227
implications to Islamic Finance Industry
, 214–216
permissibility in Islam
, 212–213
policy recommendations
, 219–221
regulation in Malaysia
, 216–217
Sharīʿah Advisory Council
, 217–218
Financial Technology Regulatory Sandbox Framework
, 216
Fintech and impact on Islamic fund management in Malaysia
, 226–245
Fiqh (Islamic jurisprudence)
, 71
Fiqh al-muamalah (jurisprudence of commercial transaction)
, 70–71, 212–213, 219
Firearms Act (1971)
, 121
Fisheries Act (1985)
, 121
Fourth Industrial Revolution
, 4
Fraud
, 244–245, 256
Funds
, 24–25, 227–229, 233–234
Gambling
, 16
Gharar (uncertainty)
, 36, 43, 178, 189, 213, 200, 270
Global Alliance for Banking in Values (GABV)
, 108–110
Global Islamic banking assets
, 3–4
Graphics processing units (GPUs)
, 257
Gross domestic product (GDP)
, 146
Growth and Emerging Market (GEM)
, 232
Guidelines on Compliance Function for Fund Management Companies 2005 (Revised 2018)
, 234–236
Guidelines on Islamic Fund Management (2007)
, 236–237
Guidelines on Management of Cyber Risk (2016)
, 237–239
Guidelines on Prevention of Money Laundering and Terrorism Financing for Capital Market Intermediaries 2014 (Revised 2016)
, 240–241
Hacking
, 256
Hadith (prophetic tradition)
, 37
Hajiyyah (needs)
, 136
Hajiyyat
, 37
Halal (permissible)
, 212, 270
Haq (right)
, 42–43
Haq al-intifa (right to enjoy benefits of property)
, 43
Haq al-irtifaq (right of easement that attached to piece of land or real property)
, 44
Haq ghayr maliy (non-financial right)
, 42
Haq maliy (financial right)
, 42
Haram (forbidden/prohibited)
, 213, 269–270
Hibah (gift)
, 34, 44
Hibah ruqba
, 47
Hibah umra
, 47
Hifz (preservation or protection)
, 35
Hifz al-mal (preservation of wealth)
, 136–140, 270
Hire-Purchase Act (1967)
, 79
Hisbah as consumer protection institution in Malaysia
, 6, 72–84
Home financing
, 175, 178
Hukm (legal ruling)
, 270
Human resources (HR)
, 162
Hybrid human-digital models
, 233
I’mar-al-ardh (earth)
, 58
Ibn ‘Abidin (1404H)
, 42
Ibra’
, 188, 201
Ihya-al-mawat (revival of dead land)
, 58
Ijarah (leasing)
, 43, 62–63, 71–72, 78–79, 174, 215
Ijarah muntahiya bitamlik (lease to own)
, 194
Ijarah thumma al-bay (hire purchase contract)
, 194
Ijma’ (consensus)
, 56
Ijtihad (interpretative efforts)
, 72
Illah (causation)
, 270
Illegal deposit taking (IDT)
, 255–256
Iltizam bi al-tabarru’ (commitment to donate)
, 41
Inalienability
, 56
Inclusive regulatory mechanisms
, 7
Independent Audit Function
, 148
Information technology
, 118–119
Initial coin offerings (ICOs)
, 260, 273
Inland Revenue service
, 255
Innovation
, 122–124
Insolvency Act 1967 (IA 1967)
, 204–205
Institutional arrangements
, 99–100
Inter-vivos (between living persons)
, 44
Internal audit
, 150
Internal Revenue Service (IRS)
, 273
International Convention for the Suppression of the Financing of Terrorism
, 132
International Financial Consumer Protection Organisation (FinCoNet)
, 104–105
International Islamic Liquidity Management Corporation (IILM/IILMC)
, 104
International Monetary Fund
, 146
Investment account holders (IAH)
, 229
Investment Account Platform (IAP)
, 9–10
Investment funds
, 9–10, 31, 228
Iqta’ (public land grants)
, 58
Irrevocability
, 56
Islamic Bank Facility in Malaysia, BBA as
, 174–175
Islamic Banking Act 1983 (IBA)
, 154
Islamic Banking and Finance Institute Malaysia (2007)
, 41
Islamic Banking and Takaful Department (IBTD)
, 78
Islamic Banking Institutions (IBIs)
, 107, 112
Islamic Banking System of Malaysia
, 153–157
Islamic banks/banking
, 16, 21, 70, 77–78, 147
Islamic collective investment schemes (ICIS)
, 228
Islamic consumer credit industry in Malaysia
, 77–81
Islamic crowdfunding
, 213, 215
Islamic finance
, 3, 16, 36–37, 72, 77–78, 194–196, 225, 227, 239
Islamic Finance Industry, implications to
, 214–216
Islamic finance law
, 3–11
Islamic financial institutions (IFIs)
, 10, 16, 194–205, 214, 220
Islamic Financial Services Act (IFSA)
, 5, 16, 34, 78, 94, 102, 105, 154, 175, 217–219, 276
Islamic Financial Services Board (IFSB)
, 104, 228
Islamic Fintech
, 219–220, 216–217
Islamic funds
, 10, 225, 227–234
Islamic hire-purchase industry
, 79
Islamic inheritance laws (fara’id)
, 5
Islamic jurisprudence
, 17
Islamic law
, 16–17, 40–48, 54, 81, 130, 134–136
Islamic pawnbroking industry
, 79–81
Istihsan (juristic preferences)
, 56
Istishab (continuity)
, 56
Istislah (public good)
, 56
Istisna (manufacturing contract)
, 71–72, 225
Jahalah (unknown)
, 43
Japan, digital currency in
, 271
Japanese Financial Services Agency (JFSA)
, 271
Japanese Yen
, 271
JualJanji’ (traditional security transaction in Malaysia)
, 6, 56, 64–66
Judgment debtor summons
, 203
Kaffarat (expiations)
, 138
Khatar (risk)
, 270
Kulliyyat khams
, 135
La darar wa la dirar (harm may neither be inflicted nor be reciprocated)
, 138
Labuan Offshore Trust Act (1996)
, 118
Lacuna
, 199–200, 204
Laman Informasi Nasihat dan Khidmat (LINK)
, 78
Law-enforcement agencies
, 76
Lawful source
, 31
Lawlessness of new frontiers
, 252
Lease over waqf property
, 60–61
Lease-based financing
, 194
Legal and regulatory aspects of Fintech in Islamic Fund Management
, 225–226, 234–243
Legal authority for establishment of Hisbah institution
, 73–74
Legal documentation
, 7–9
Legal issues
, 63–64, 244–245
Leong San Tong Khoo Kongsi (“Khoo Kongsi”)
, 64
Lock-in period issues
, 187–189
Majallah al-Ahkam
, 42
Majlis Agama Islam dan Adat Istiadat Terengganu
, 79
Majlis Agama Islam Negeri Pulau Pinang (MAINPP)
, 62–63
Mal (property)
, 41
Mal al-afrad (protection of individual’s property)
, 137
Mal al-ummah (protection of community’s property)
, 137
Malaysia
digital currency in
, 275–276
financial system
, 196
Islamic consumer credit industry in
, 77–81
regulating Fintech in
, 216–217
reporting institutions
, 249
waqf property development project in
, 61–63
Malaysia Co-operative Societies Commission (MCSC)
, 6, 80
Malaysian Banks, vulnerability of
, 147–151
Malaysian economy
, 83, 92, 194
Malaysian Islamic
banks
, 3–4
finance marketplace
, 4
fund management industry
, 10
Malaysian land law
, 56
Malaysian Timber Industry Board Act (1973)
, 121
Manfaah (usufruct)
, 66
Maqāsid ‘ammah (general purposes)
, 136
Maqāsid al-Sharīʿah principle
, 11, 34–36, 130–131, 134–137, 270
general objectives of Sharīʿah
, 35–36
specific objectives of Sharīʿah
, 36–39
Maqāsid khassah (particular goals)
, 136
Maslahah (public interest)
, 187, 189, 213
Mawquf (waqf property)
, 54, 56, 59
Mawquf ‘alaih (waqf beneficiaries)
, 54, 58
Maysir (gambling)
, 213
Mining Bitcoin
, 256–257
Ministry of Domestic Trade and Consumer Affairs (MDTCA)
, 79
Mobile payment systems
, 118–127
Monetary policy, government losing control over
, 256
Money laundering (ML)
, 118, 130–141, 146–147, 255
Money laundering and terrorist financing risks (ML/TF risks)
, 146
Money laundering compliance officer (MLCO)
, 149
Money Services Business Act 2011
, 217
Money services businesses (MSB)
, 272
Money transmission without license. see Illegal deposit taking (IDT)
Mu’awadat (exchange)
, 43
Muassasah Gadaian Islam Terengganu
, 79
Mubah (permissible)
, 56, 270
Mudārabah (silent/trust partnership)
, 41, 186, 213, 215–216
Muhtasib
, 6–7, 72–74, 77
Murābahah (cost-plus sale contract)
, 27–28, 194, 213
Mushārakah (partnership contract/profit and loss sharing)
, 71–72, 186, 215
Musharakah mutanaqisah (diminishing partnership)
, 71–72, 78, 174, 194, 215
Muslim Consumers Association of Malaysia, report to
, 181–182
Muslim jurists
, 42, 57
Muslim scholars
, 5, 11
Mutawalli (waqf trustee)
, 54, 56
Mutual Assistance in Criminal Matters Act 2002 (MACMA)
, 243, 257
National Coordination Committee (NCC)
, 152
National Fatwa Council (2007)
, 60
National Land Code (NLC)
, 5–6, 54, 60, 201–203
NiceHash
, 256
Nomination rules under IFSA (2013)
, 39–40
Non-absolute ownership
, 43–44
Non-banks institutions
, 70, 77
Ombudsman for Financial Services (OFS)
, 80–81, 102–103
One-Stop-Contact centre
, 101
Online money laundering
, 255
Open-loop system
, 268
Organization for Economic Cooperation and Development (OECD)
, 104
Oversight function
, 149, 151
Ownership
, 43–44, 54
Paragraph 28 (P28)
, 148, 151
Participant’s Account (PA)
, 5, 41
Participant’s Special Account (PSA)
, 5, 41
Partnership-based financing
, 194
Peer-to-peer (P2P)
, 227
Penal Code and Customs Act (1967)
, 118
Permissibility of Fintech in Islam
, 212–213
Perpetuity
, 57
Persatuan Pengguna Islam Malaysia (PPIM)
, 182
Personal Data Protection Act (PDPA)
, 10, 220, 241–242
Petro
, 248
Philippines, digital currency in
, 274
Policymaking
, 231
Power of Attorney
, 173
Prevention of Criminal Use of Banking System for Use of Money Laundering
, 132
Procrastination
, 195
Prohibited Business Conduct policy document’
, 101–102
Proof-of-Work (PoW)
, 251
Property purchase agreement (PPA)
, 173
Property sale agreement (PSA)
, 173
Prophet Muhammad (PBUH)
, 73
Pyramid schemes, misuse for
, 256
Qard hasan (benevolent loan)
, 71
Qaul muktamad (accepted views)
, 59
Qiyas (analogy)
, 56
Qualitative research
, 94, 124–125, 145, 157
Quantity in circulation
, 268
Rahn (pawnbroking)
, 71–72, 79
Rawaj (marketability or circulation of wealth)
, 35, 137
Real estate investment trusts (REITs)
, 230
Regenerative banking (see Sustainable bank)
Register Document of Title (RDT)
, 55
Regulatory compliance and legal documentation
, 7–9
Reporting institutions (RIs)
, 147–148, 153, 156, 249
Restricted open-loop system
, 268
Return on assets (RoA)
, 110
Ribā (interest/usury)
, 36, 66, 71, 186, 194–195, 197–198, 212–213, 266, 270
Right in personam
, 196–200
Right in rem
, 196, 200–203
Robo-advisers
, 230–231, 244
Rules of Court 2012 (ROC 2012)
, 197–198, 200–201, 203
Rules of High Court 1980 (RHC 1980)
, 197
Ruqba (provisional gift)
, 46–47
Sadd al-dharai’ (blocking means to evil)
, 38
Safeguards
, 217
Salam (forward financing transaction)
, 215
Sale and Purchase Agreement (SPA)
, 180
Sale-based financing
, 71
Securities Commission (SC)
, 111, 220, 230, 260
Securities Commission Malaysia Act (2003)
, 240
Security to finance waqf property development in Malaysia
development project
, 61–63
duty of waqf trustee
, 57–60
Jualjanji as viable security transaction
, 64–66
lease over waqf property for purposes of development
, 60–61
legal issues confronting charge on lease
, 63–64
NLC
, 54
RDT
, 55
Sharīʿah restrictions
, 56–57
Sharīʿah-complaint housing products
, 172
Sharīʿah-compliant housing facility contracts
, 3, 185–189
compliant sources
, 30
and consumer credit
, 70–72
principles
, 108
Sharīʿah
, 16–17
compliance
, 217
conditional hibah in Islamic law and application in nomination
, 44–48
general objectives
, 35–36
issues
, 175, 178
Maqasid al-Sharīʿah in family takaful
, 35–39
non-compliance issues
, 202
non-compliance risk
, 244
perspectives
, 8
principle
, 194–195, 197–200, 202, 204
restrictions on Waqf property
, 56–57
rules of nomination under IFSA (2013)
, 39–40
specific objectives
, 36–39
status of family takaful benefits in Islamic law
, 40–44
Sharīʿah Advisory Council (SAC)
, 4–7, 30, 34, 187–188, 198–200, 203, 217–218, 236
of Bank Negara Malaysia (2010)
, 34
Sharīʿah-based contracts
, 4
Sharīʿah-compliant
consumer credit products
, 81
deposit account
, 24
investment funds
, 225
payment systems
, 10
Sharing Economy
, 119
Shirkah al-milk (joint ownership)
, 78, 174
Sighah (declaration)
, 56
Skim Ar-Rahnu
, 80
Small and medium enterprises (SME)
, 214–215
Social Security Organisation (SOCSO)
, 48
Sound risk management
, 153
South Korea
cryptocurrency in
, 260
digital currency in
, 273
Special cryptocurrency regulatory scheme
, 252
Stable Fintech ecosystem
, 226
Standard form contracts
, 95–96, 98
State Islamic Religious Councils (SIRCs)
, 59
Stratagems
, 138–139
Subordinate Courts Rules 1980
, 197
Sukuk
, 4, 42
Sunnah
, 73–74, 140–141
Suspicious Transaction Reports (STR)
, 155, 251
Sustainability-focused banks
, 109–110
Sustainable bank
, 108, 110
Syariah Advisory Council of BNM
, 93
Ta’awun (cooperation)
, 37
Ta’widh (compensation)
, 197–199
Tabarru’ (gratuitous)
, 37
Tabarru’at (unilateral)
, 43
Tahayyul (manipulation)
, 138
Tahsiniyyah (complementaries)
, 136
Takaful
, 37, 39
Takaful Act (1984)
, 38–39
Takaful benefits
, 39–44
Takaful Malaysia Premium (TMP)
, 179
Taman Warisan Impian Seetee Aisah Pulau Pinang
, 61–63
Tanmiyah (growth and development)
, 58, 140
Tasbil-al-thamarat (channelling benefits of assets to mawquf alaih)
, 58
Tawarruq
, 63, 78, 174
Tawarruq Wahdah home financing
, 179
Tax evasion
, 255
Terrorism financing (see also Cryptocurrency)
, 118, 140–141
crimes of
, 130–132
international efforts
, 132–133
Malaysian experience
, 133–134
methods and techniques for
, 134
preservation of wealth
, 136–140
Thubat (durability/stability and proof)
, 35, 139
Tor system
, 251, 254
Tribunal for Consumer Claims (TCC)
, 80–81
Trust property
, 63
Typologies
, 34, 134
Ujrah (fee)
, 71
Umra (lifetime gift)
, 46–47
Uncertainty. see Gharar
Unclear legal status
, 255–256
Unfair contract terms
, 95–96
Unidirectional scheme
, 267
Unit trusts
, 228
United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances, The (1988)
, 132
United Nations Security Council (UNSC)
, 132
United States, digital currency in
, 272–273
United States Internal Revenue Service (IRS)
, 252, 255
Unlawful property
, 17–19, 130, 138
Unlawful sources of funds among Islamic banks in Malaysia
, 17–30
Unlawful wealth
, 16–19, 140–141
Uqud mu’awadat (exchange)
, 71–72
Urban Development Authority (UDA)
, 62
Urf (custom)
, 56
Value-based intermediation (VBI)
, 7, 107, 111
Values-based banking (see Sustainable bank)
Virtual currency (VC)
, 250, 254, 267, 271–272, 274
Virtual Currency Exchange Platform
, 273
Virtual Currency Payment System
, 273
Vulnerability of Malaysian Banks
, 147–151
Wadiah yad amanah (safekeeping with trust)
, 71
Wadiah yad damanah (safekeeping with guarantee)
, 71
Wajib (mandatory)
, 56
Wakaf (State of Selangor) Enactment
, 59–60
Wakalah bil istithmar (investment agency)
, 41
Waqf (charitable endowments)
, 5–6, 43, 54, 58
Waqf khas
, 62
Waqf property
, 56–66
Wasiyyah (bequest)
, 5, 34, 42, 44, 48–49
Wealth and consumer protection
, 4–7
Wilayah al-hukm (magistracy)
, 73
Wilayah almazalim (public complaints authority)
, 73
Winding up proceeding
, 203
Writ of seizure and sale (WSS)
, 203
Wuduh (clarity/transparency)
, 4, 7, 11, 35–36, 94, 97–98, 101, 109, 113, 137–139
Yayasan Pembangunan Ekonomi Islam Malaysia (YaPEIM)
, 79–80
- Prelims
- Part I: Introduction
- Chapter 1: Introduction: Revisiting the Confines and Significance of Islamic Finance Law
- Part II: Wealth and Consumer Protection
- Chapter 2: Dealing with Unlawful Sources of Funds Among Islamic Banks in Malaysia: The Practitioners’ Perspectives
- Chapter 3: The Objectives of Sharīʿah in Nomination for the Payment of Family Takaful Benefits
- Chapter 4: Creating Security to Finance Waqf Property Development in Malaysia: Issues and Solutions
- Chapter 5: Hisbah as a Consumer Protection Institution in Malaysia: A Special Reference to Islamic Consumer Credit Industry
- Part III: Regulatory Compliance and Legal Documentation
- Chapter 6: The Role of Financial Regulator in Protecting Bank Consumers from Unfair Contract Terms: The Case of Malaysian Islamic Banks
- Chapter 7: Effects of Anti-money Laundering and Anti-terrorism Financing Law on Innovation of Mobile Payment Systems in Malaysia
- Chapter 8: Combating Money Laundering and Terrorism Financing: Perspectives from Maqāsid al-Sharīʿah
- Chapter 9: Islamic Banks and Money Laundering in Malaysia: A Legal Compliance Perspective
- Chapter 10: Legal Issues in Sharīʿah-compliant Home Financing in Malaysia: A Case Study of a Bai Bithaman Ājil Contract
- Chapter 11: Procedural Laws Governing Event of Default in Islamic Financing in Malaysia: Issues and Challenges
- Part IV: Fintech and Blockchain Technology
- Chapter 12: Fintech and the Transformation of the Islamic Finance Regulatory Framework in Malaysia
- Chapter 13: Fintech and Its Impact on Islamic Fund Management in Malaysia: A Legal Viewpoint
- Chapter 14: Cryptocurrencies and Anti-money Laundering Laws: The Need for an Integrated Approach
- Chapter 15: Regulating Digital Currency: Taming the Unruly
- Index