Abstract
The history of Islamic finance in Malaysia spans over almost four decades. The general approach toward development of Islamic finance has been evolutionary rather than revolutionary. Malaysia is the only country in the world that has put in place a very comprehensive legal and regulatory infrastructure for the development and implementation of Islamic finance. The development of Islamic finance in Malaysia benefits from strong commitment and conscious efforts by the two regulating bodies and the government. This chapter traces the development of the Islamic banking sector, Takaful sector, and the capital market sector. Recently, Malaysia has increased its initiative to promote risk-sharing finance with the introduction of the Islamic Financial Services Act, 2013, which requires separate treatments of Islamic deposits and investment accounts.
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