To read this content please select one of the options below:

Establishment of Islamic capital market in jurisdictions with limited Islamic financial services: Case study of Maldives

Aishath Muneeza (School of Professional Studies, International Centre for Education in Islamic Finance (Global University of Islamic Finance), Kuala Lumpur, Malaysia)

International Journal of Law and Management

ISSN: 1754-243X

Article publication date: 12 March 2018

Issue publication date: 12 March 2018

940

Abstract

Purpose

It is said that to establish an Islamic Capital Market, the first step would be to have a strong Islamic finance industry with numerous institutions offering Islamic financial services. This way it is easy to know that the demand for Islamic capital market would be there and that market will be sophisticated enough to comprehensive the nature of shariah compliant products. Generally, in most of the jurisdictions, this is how the Islamic capital market is created. The purpose of this paper is to understand the establishment of Islamic capital market in Maldives, small island nation where the establishment of Islamic capital market happened when at a time there was only one takaful company and one Islamic bank established.

Design/methodology/approach

This paper is a legal exploratory research that is based on the review of primary and secondary data available on the subject matter.

Findings

It is anticipated that this paper will provide assistance and inspiration to those jurisdictions that aims to create Islamic capital market from scratch.

Originality/value

It shall be noted that there are no literature available on this subject about Maldives, and as such, this paper can be starting point to preserve knowledge in this area.

Keywords

Citation

Muneeza, A. (2018), "Establishment of Islamic capital market in jurisdictions with limited Islamic financial services: Case study of Maldives", International Journal of Law and Management, Vol. 60 No. 2, pp. 373-385. https://doi.org/10.1108/IJLMA-12-2016-0146

Publisher

:

Emerald Publishing Limited

Copyright © 2018, Emerald Publishing Limited

Related articles