Bank Islam Malaysia Berhad Research Articles

AN ANALYSIS OF BUSINESS ZAKAT REPORTING IN ISLAMIC BANKING INSTITUTIONS: EVIDENCE FROM MALAYSIA, INDONESIA AND BRUNEI

The reporting requirements for business zakat accounting in Islamic banking institutions are still in their early stages, with only minimal zakat disclosure currently mandated. Consequently, the disclosure of zakat accounting is insufficient despite its crucial role in enhancing transparency and accountability, building the trust and confidence of the stakeholders, and ensuring compliance with Shariah principles. The primary objective of the study is to analyze zakat reporting requirements and compare them with current business zakat reporting practices in Islamic banking institutions in Malaysia, Indonesia, and Brunei. This study employs a qualitative research approach by examining the annual reports of three selected Islamic Banks, chosen based on the availability and accessibility of their audited financial statements and annual reports for the financial year ending 31 December 2023. A content analysis of the annual reports of Bank Islam Malaysia Berhad, Bank Muamalat Indonesia and Bank Islam Brunei Darussalam Berhad was performed to evaluate the recognition of zakat expenses, the measurement of assets and liabilities for zakat, and the presentation and disclosure of business zakat. The findings are mixed yet interesting. In the absence of approved accounting standards for Islamic financial institutions, Bank Islam Malaysia Berhad has demonstrated full disclosure practices on its business zakat reporting. Whereas, Bank Muamalat Indonesia is still insufficient in reporting the business zakat despite having a proper accounting standard for zakat. For Bank Islam Brunei Darussalam, the business zakat reporting is adequate even though Brunei has only one enactment related to zakat collection and distribution. The measurement, recognition, presentation, and disclosure criteria should be upheld, with additional requirements for full disclosure by zakat-paying business entities. This study proposes the proper establishment of zakat accounting standards to provide comparable and reliable financial information for various stakeholders.

Strategy and challenges of value-based intermediation implementation: the case of BIMB

Purpose The present study aims to evaluate the VBI strategies that have been implemented and to analyze the implementation challenges that BIMB has encountered. Design/methodology/approach A case study method was used to generate an in-depth and multi-faceted understanding of VBI strategy implementation in Bank Islam Malaysia Berhad (BIMB). A semi-structured in-depth interview was conducted with BIMB which is among of the earliest members of the VBI Community of Practitioners (CoPs). The data were transcribed and analyzed based on the content and thematic analyses. Findings This paper provides insights into how Islamic bank, i.e. BIMB, implement initiatives and strategies for adopting VBI based on the four underpinning principles. VBI is seen as a continuous strategy implementation of what has been practiced in BIMB, for instance, the Sadaqah House initiative introduced in 2018. Research limitations/implications The primary limitation of the study is that it only focused on BIMB and does not represent the larger members of VBI CoPs among Islamic banks in Malaysia. A larger sample would have given more trustworthy results and could give better insights on the VBI implementation. Practical implications A good strategy implementation can be realized by generating a positive and sustainable economic, societal and environmental impact consistent with sustainable shareholder returns and long-term interests. The regulator should consider the policy implications of this study by strengthening the VBI and encouraging more Islamic and conventional banks to adopt it based on the findings. Originality/value The originality of this study is that it focuses on strategy implementation and the challenges facing Islamic bank toward VBI. It provides information on the implementation strategy of VBI in Islamic banks in Malaysia and facilitates other Islamic banking institutions, specifically future members of CoPs in creating a strong ethical foundation.

THE APPLICATION OF PROMISE (WA‘D) IN ISLAMIC BANKING CONTRACTS IN MALAYSIA: A MASLAHAH PERSPECTIVE

The concept of promise in Islamic banking contracts is a novel tool that has been introduced as a result of recent advancements. Wa’d has grown in popularity in recent years because it provides great flexibility. It was primarily developed by Malaysia’s Islamic banks for product structuring. However, there are issues arising from this principle, which is considered to be against Shariah and merely intended to preserve the bank’s interests, which is of course, contrary to Maqasid al-Shariah. The purpose of this study is to look into the significance of the promise concept in Islamic banking contracts, taking into account the maslahah and mafsadah principles recommended in Maqasid al- Shariah. The study uses a qualitative approach as it allows a more in-depth understanding of the subject matter. Data were gathered using published literature and information from the official website of Bank Negara Malaysia (BNM). A semi-structured interview was conducted with three Shariah experts from the Shariah Advisory Council of Bank Negara Malaysia (SACBNM) and two industry practitioners from Bank Islam Malaysia Berhad (BIMB) and Maybank Islamic Berhad (MIB). The data obtained was analysed using the content analysis approach. In sum, the examination of Islamic law sources and discussions with Islamic scholars revealed that the use of the principle of promise in Islamic banking transactions can benefit the micro and macro economy. The concept of promise in Islamic banking contracts can benefit both customers and Islamic banks, particularly in terms ofmeeting consumer needs, generating profit for Islamic banks, as well as contributing to the country’s development (maqasid kulliyah).

ASSESSMENT OF VALUE-BASED PRINCIPLES ON ISLAMIC BANKING PRACTICES IN MALAYSIA: AN EXPLORATIVE STUDY USING BANK’S DISCLOSURE

Background and Purpose: This study aimed to understand banking practices to legitimise their role in society and meet stakeholder needs in terms of their products and services. This study narrowed its scope to use the underpinning thrust of value-based intermediation (VBI) as it is a primary pillar of the VBI framework. Towards these same ends, the study also sought to gauge how banks integrated their products and services with the framework.
 
 Methodology: This study employed the triangulation approach, which comprised of a content analysis of annual reports of the bank and trend analysis of court cases. This study used Bank Islam Malaysia Berhad (BIMB) as an explorative study.
 
 Findings: The findings indicated a decrease of total occurrences over the years on litigation cases involving BIMB, related to know-your-customers compliance. Meanwhile, the analysis of annual reports of the bank indicated that shariah non-compliance incidents are due to operational failures and lack of shariah knowledge among the staff. This study highlighted the need for the banks to strengthen the know-your-customer compliance, besides enhancing and promoting Islamic financial literacy and ethics to their stakeholders.
 
 Contributions: This study contributes a novelty in this area of study by using data triangulation on court cases and annual reports to provide a more comprehensive perspective on the issue. This study also added to the current literature on VBI, especially within Malaysian context.
 
 Keywords: Corporate responsibility, due diligence, know-your-customer, Islamic ethics, financial literacy.
 
 Cite as: Talib, S. A., Mohd Iskandar, T., & Muda, R. (2023). Assessment of value-based principles on Islamic banking practices in Malaysia: An explorative study using bank’s disclosure. Journal of Nusantara Studies, 8(TI), 429-452. http://dx.doi.org/10.24200/jonus.vol8issTIpp429-452

Exploring accountability: memory, object, metaphor and common sense

Purpose This paper aims to narrate the descriptions of accountability by which a pioneering Malaysian Islamic bank has come to be known and has become a specific model in many countries. Design/methodology/approach This study is based on a four-year ethnographic work from 2002 to 2006, as accessed and analysed by the researcher. The philosophy underpinning this ethnography is from Geertz’s “Common sense as a cultural system” (1975) and The Interpretation of Cultures (1973). Findings This study finds the religious metaphors of “Halal and Haram is not Only on Food” and “Bank for All” are the anticipated conception that envisages the institution of Bank Islam Malaysia Berhad (BIMB), especially the perspective of the Shariah Supervisory Council and the struggles of the assistant managers. Research limitations/implications The paper aligns with the concerns of McPhail et al. (2004) and calls for engagement in research projects on accounting and accountability related to theology but with an attempt to theorise the “engagement” within the components of human limitation and intelligence which require a narrative from the social and collective dimensions of the present and in the past. Practical implications By using various objects as symbol, metaphor and memory, such as “counter”, “branch”, “advertising” and “food”, the paper encourages readers to understand the objects as temporalities brought into being by a common sense consciousness and within a historical Malay context; one in which Malaysia is a Muslim society and a by-product of colonialism. This interpretation allows the issues raised by BIMB to represent an authentic Malaysian voice rather than to be read merely as an adjunct to western accounting history. Originality/value The paper explores the translations of concepts that the self probes and attempts to describe accountability, as well as how these translate into common sense.

Islamic Social Finance Initiatives: An Insight into Bank Islam Malaysia Berhad’s Innovative BangKIT Microfinance Product

Purpose ― The aim of this study is to explore the initiative taken by Bank Islam Malaysia Berhad (BIMB) in upholding Islamic social finance (ISF) through the innovative BangKIT Microfinance product. Design/Methodology/Approach ― This paper adopts the qualitative approach to review and synthesise the relevant literature on microfinance and Islamic microfinance and, moreover, analyses the BangKIT Microfinance product offered by BIMB. Findings ― The paper identifies the ISF initiative undertaken by BIMB as one of the primary objectives of Islamic banks with the noble aim to contribute to the society. This study makes some recommendations for further improvement of the product to unlock the full potential of ISF. It also proposes such a unique ṣadaqah-based product to other Islamic financial institutions (IFIs) and Islamic microfinance institutions (IsMFIs) to promote the provision of credits to individuals and businesses that lack access to fundamental financial products and services. Originality/Value ― This paper sheds light on the use of loans and ṣadaqah-based products as a microfinance initiative offered by an Islamic bank. Although there are several microfinance institutions (MFIs) in Malaysia, this product is amongst the pioneer contributions to the role of Islamic banks in ISF.

PERFORMANCE ANALYSIS OF SHARIA AND CONVENTIONAL BANKS WITH MAQASHID SHARIA: CASE STUDY OF INDONESIA AND MALAYSIA IN 2016-2020

This study examines the 2016-2020 performance of Islamic and conventional banks in Indonesia and Malaysia that were chosen using the Maqashid Sharia methodology. The data analysis technique employed the simple additive weighting method (SAW) in the weighing process, as well as an aggregation and sampling technique with purposive sampling and data sources from each bank’s annual report. Imam Abu Zahrah’s Maqashid Sharia approach as a measuring tool and by adding the Salah variable as a new-Sharia goal, in addition to Tahdzib al-Fard, Iqamah al-’All, and Jalb al-Maslahah are novel aspects of this research. The Maqashid Sharia approach is a novel method for measuring performance. Financial ratio approaches, such as return on asset (ROA), return on equity (ROE), etc., have dominated banks’ performance measurement methods. The study reveals the following Maqashid Syariah Index (IMS) rankings for Islamic and conventional banks in Indonesia and Malaysia: With a score of 0.281348, Bank Muamalat Malaysia Berhad occupies the first place. Bank Islam Malaysia Berhad was in second place with a score of 0.249451. Bank Negara Indonesia Syariah ranks third with a score of 0.213718. Hong Leong Bank Berhad ranked it fourth with a score of 0.192773. Maybank Islamic Berhad was ranked fifth with a score of 0.191428. RHB Bank Berhad was ranked sixth with a score of 0.190791. The Sharia National Pension Savings ranked seventh with a score of 0.165967. With a score of 0.156738, Bank Syariah Mandiri occupies the eighth position. The ninth position is held by Affin Islamic Bank Berhad, followed by Bank Rakyat Indonesia in tenth place with a score of 0.055160.

Applicability of Maqasid Al-Shariah Towards Home Financing by Islamic Banks among University Staff in Malaysia

Despite their significant growth, Islamic banks only consider about avoiding riba, gharar, and maysir at the expense of maqasid al-Shariah. The banks are somewhat converged with their conventional peers. Consumers believed that the banks imitate their peers pertinent to the pricing calculations and product lines. Without effective measure, consumers may discern Islamic banks undermine their maqasid objective and continued critics of mimicking their peers are prolonged. Against this backdrop, this study examines consumer preference using a proposed index known as the Maqasid Consumer Preference Index (MCPi). Drawing upon the MCPi, the present study examines consumer preference for six Islamic banks operated in Malaysia to which Islamic home financing products are presently made available. Our data were drawn from valid 450 usable questionnaires. The results obtained report that six Islamic banks relatively have a moderate index. Of these, Bank Islam Malaysia Berhad (BIMB) is ranked first, followed by Maybank Islamic, CIMB Islamic whilst Kuwait Finance House is ranked last. This work examines a new approach to measure consumer preference using the MCPi. Our contributions are confined to these particular factors – educating customer, establishing justice, and promoting welfare in the context of Islamic home financing in Malaysia. Future works may provide a different perspective on these interrogations by considering new dimensions to extend the findings. Despite this concern, the results obtained offer improved insights for bank managers to manage Islamic home financing products effectively.

The Value Propositions and The Nature of The Islamic Banks Products and Services in Providing The Solution/s for The Financial Needs of Bimb Business Customer Segments

The present study discusses the value proposition of the presently offered by Islamic banks (IBs) products and services. It also elaborates the nature of the Islamic banks’ products and services in providing the solutions for the financial needs and investment requirements of their retail and business customer segments. The study has adopted a qualitative approach, as this research paper justifies the value propositions and the nature of the IBs's products in providing the solution for the financial needs and investment to their clients. In collecting the data, the following sources were used, such as library research, content analysis, research articles. Journals, conference papers and websites in the literature review. With the practical implications of Islamic banking products offered by Bank Islam Malaysia Berhad (BIMB) such as the financing, deposit, and investment products, customers have now shifted more towards embracing IBs’s products due to the benefits derived through the value proposition attached on these products and services offering. Overall, this study provides comprehensive and coherent material on the topic which will serve as a guiding principle for customers to fulfil their needs. The study discusses value proposition of the currently offered banking products and services of IBs and does not cover the Shariah compliance aspect of the products and services. The paper will be a reference for fellow researchers to study the value proposition of the currently offered banking products and services and its implication in providing the solutions for the financial needs and investment requirements. The study aims at creating awareness to the consumers that the products and services provided by the IBs are competitive and superior to the ones offered by the conventional banks. This study is a comprehensive review of the value proposition of the contemporary products and services offered by Islamic banks.

Maqasid-based Consumer Preference Index for Tawarruq Personal Financing (TPF)

Relatively, maqasid al-Shariah is a missing dimension element in the available tawarruq personal financing, resulting in a convergence of this facility and its traditional counterpart. This work examines the consumer preference of tawarruq personal financing using the maqasid-based consumer preference index (MCPi). Drawing upon the MCPi, the present study examines consumer preference on the offered Tawarruq personal financing by 7 Islamic banks in Malaysia based on valid 456 usable questionnaires. The primary findings obtained indicate that all banks somewhat have a moderate MCPi. These include Bank Islam Malaysia Berhad (BIMB), Bank Muamalat Malaysia Berhad (BMMB), Maybank Islamic, CIMB Islamic, RHB Islamic, Kuwait Finance House and Al-Rajhi Bank. This study examines a new approach to measure consumer preference using the MCPi. Our contributions are confined to these particular variables – Educating Customer, Establishing Justice and Promoting Welfare. Our study also limits its perspective on the general context of tawarruq personal financing. Future works may provide different perspectives on these interrogations. This study provides a new index for Islamic banks to manage tawarruq personal financing products according to maqasid al-Shariah effectively. This study introduces a new measure of consumer preference of tawarruq personal financing namely the MCPi in the context of Malaysia.

Maqasid-based consumer preference index for Islamic home financing

PurposeUsing the maqasid-based consumer preference index (MCPi), this study aims to investigate customer preference for Islamic home financing.Design/methodology/approachThe current study, based on valid 1,034 usable questionnaires and the MCPi, evaluates consumer choice for the supplied Islamic home finance products by 16 Islamic banks in Malaysia.FindingsAccording to the findings, all banks have a moderate value of MCPi. Bank Islam Malaysia Berhad is at the top of the list, followed by Maybank Islamic, Commerce International Merchant Bankers Islamic and Malaysia Building Society Berhad.Research limitations/implicationsThe MCPi is used in this study to test a new technique to measuring consumer preference. The contributions are confined to these particular variables – Educating Customer, Establishing Justice, Promoting Welfare and Fulfiling Islamic Debt Policy. The research also has limitations in terms of the facility’s general setting. Future research may shed light on these issues from new angles.Practical implicationsThis research offers banks a new way to manage their products based on maqasid al-Sharīʿah.Originality/valueIn the context of Malaysia, this study introduces the MCPi, a new measure of consumer preference for home financing.

EFFICIENCY AND STABILITY OF ISLAMIC BANKING IN ASEAN: DEA WINDOW ANALYSIS

The study aims to analyze stability and efficiency of the Islamic banking industry in the Association of Southeast Asian Nations (ASEAN) region. Islamic banks are currently in the spotlight for their role in Islamic financial growth across South East Asia, especially in Indonesia. The efficiency and stability of Islamic banking is one factor in measuring the readiness of Islamic banks within the ASEAN Economic Community (AEC) framework. This research examines 12 Islamic banks in Indonesia, Malaysia, Brunei Darussalam and Thailand during the 2013-2018 period. The analysis was conducted with a non-parametric approach, namely DEA Window Analysis (DEWA). The results show that Malaysia has the highest average efficiency in four different periods with 96% and Indonesia has an average efficiency of 67%. Thailand with an average efficiency that is relatively stable at 100% and Brunei Darussalam's average efficiency is 55%, lower compared to other countries. For Islamic banks with good stability conditions are Bank Islam Malaysia Berhad and Islamic Bank of Thailand. Meanwhile, Islamic banks with unstable condition are Bank Mega Syariah and Bank Islam Brunei Darussalam. Overall, Islamic banks in ASEAN have achieved stable performance, even though most of them are still inefficient.

KAJIAN PENGGUNAAN BAHASA ARAB DI BANK ISLAM MALAYSIA BERHAD DAN MAJLIS AGAMA ISLAM DAN ADAT MELAYU PERAK (MAIPK) [STUDY OF THE USE OF ARABIC AT BANK ISLAM MALAYSIA BERHAD AND MAJLIS AGAMA ISLAM DAN ADAT MELAYU PERAK (MAIPK)

The Arabic language learning and teaching scenario is based solely on the basic courses taken to qualify for the graduation process. This study was conducted to identify the use of Arabic terms as well Islamic practices used in financial institutions by officials and to know the use of Arabic as a lingua franca in Bank Islam Malaysia Berhad (BIMB) and Majlis Agama Islam dan Adat Melayu Perak (MAIPk). The results of this study propose a guideline for designing the development of Arabic language modules suitable for use as Malaysian Institute of Higher Education for job preparation.

PUBLIC RELATIONS ACTIVITIES IN MALAYSIAN ISLAMIC BANKING: THE CASE OF BANK ISLAM MALAYSIA BERHAD (BIMB)

The public relations concept is a basic concept that must exist in various organizations. The strategy taken might be affected by or affect a cultural image. In the current world, Islamic institutions have emerged and grown rapidly. In particular, in the financial industry, Islamic banking in Malaysia has become a pioneer and evidently survives within the industry. Having said that, the public relations concept supposes to engage within their activities, also. But then, as Islamic values are being their foundation, it might influence their public relations strategy. Hence, the objective of this study is to observe the Islamic values that influencing the public relations and the cultural image strategy of the Islamic institution which primarily is Bank Islam Malaysia Berhad (BIMB). We chose them because Bank Islam is a first and pioneer of Islamic banking in Malaysia that expected to be a very Islamic banking version. By using a case study approach dependent on a circuit of culture (COC) model, this study found that Bank Islam as full-pledge Islamic banking has engaged with Islamic culture in their business activities and well-done in applying public relations strategies. Five elements of the COC framework consist of regulation, production, consumption, representation, and identity have been interlinked with the annual report as well as Bank Islam’s website.

SHARIA BANKING DEVELOPMENT INDONESIA WITH MALAYSIA (STUDY OF COMPARATION OF HISTORY, LEGAL PRODUCTS AND ASSETS)

<p>Sharia banking is developed in response to economic and cultural groups that are used to accommodate those who want the services to be carried out with Islamic sharia principles and morals. The development of Sharia banks in Indonesia and Malaysia needs to be studied more deeply because Malaysia first established Sharia banks in 1983 through Bank Islam Malaysia Berhad (BIMB) while the first sharia bank in Indonesia, which name of Bank Muamalat, was burned in 1991, which determines the direction of the progress of sharia banks in Indonesia with the provisions of Law Number 10 of 1998 concerning Banking. Determine the amount of assets from banks that have a ratio of 1: 10 with Malaysia considering the assets of sharia banks in Indonesia amounted to US $ 35.62 billion while Malaysia reached US $ 423.2 billion. This study focuses on the factors and effects of legal products from the two countries in order to get more comprehensive study and knowing the relation between the legal products with sharia banking development in Indonesia and Malaysia.</p>

Development of Indonesian Sharia Banks with Malaysia Comparation Method (Study of History, Products and Legal Assets)

Sharia banking is developed in response to economic and cultural groupsthat are used to accommodate those who want the services to be carried out withIslamic sharia principles and morals. The development of Sharia banks in Indonesiaand Malaysia needs to be studied more deeply because Malaysia first establishedSharia banks in 1983 through Bank Islam Malaysia Berhad (BIMB) while the firstsharia bank in Indonesia, which named Bank Muamalat, was burned in 1991, whichdetermines the direction of the progress of sharia banks in Indonesia with the provisionsof Law Number 10 of 1998 concerning Banking. Determine the amount ofassets from banks that have a ratio of 1: 10 with Malaysia considering the assets ofsharia banks in Indonesia amounted to US $ 35.62 billion while Malaysia reachedUS $ 423.2 billion. This study focuses on the factors and effects of legal productsfrom the two countries in order to get more comprehensive study and know the relationbetween the legal products with sharia banking development in Indonesia andMalaysia

DEVELOPMENT OF INDONESIAN SHARIA BANKS WITH MALAYSIA COMPARATION METHOD (STUDY OF HISTORY, PRODUCTS AND LEGAL ASSETS)

Sharia banking is developed in response to economic and cultural groups that are used to accommodate those who want the services to be carried out with Islamic sharia principles and morals. The development of Sharia banks in Indonesia and Malaysia needs to be studied more deeply because Malaysia first established Sharia banks in 1983 through Bank Islam Malaysia Berhad (BIMB) while the first sharia bank in Indonesia, which named Bank Muamalat, was burned in 1991, which determines the direction of the progress of sharia banks in Indonesia with the pro­visions of Law Number 10 of 1998 concerning Banking. Determine the amount of assets from banks that have a ratio of 1: 10 with Malaysia considering the assets of sharia banks in Indonesia amounted to US $ 35.62 billion while Malaysia reached US $ 423.2 billion. This study focuses on the factors and effects of legal products from the two countries in order to get more comprehensive study and know the rela­tion between the legal products with sharia banking development in Indonesia and Malaysia.

Separate Legal Entity Under Syariah Law and its Application on Islamic Banking in Malaysia: A Note

The principle of separate legal entity – that is, after the incorporation of a company, it is regarded as an artificial person or juridical person who has the rights and responsibilities similar to a living person - has been widely accepted and applied in the world of business, trade and industry. In Malaysia, an Islamic banking institution is incorporated under the Companies Act 1965 where after its incorporation, it becomes a legal entity separated from its members and shareholders. In the case of Bank Islam Malaysia Berhad v. Adnan bin Omar (1994), the court held that Bank Islam Malaysia Berhad is a corporate institution created by statute. This case has been decided based on civil law system, not under the Islamic legal system. Since the products offered by an Islamic banking institution is solely in harmony with Islamic principles, one fundamental legal question yet to be resolved is whether the principle of separate legal entity is recognised under the Syariah law. This paper aims to discuss the issue of separate legal entity in Islam and its application to the Islamic banking institutions.

An Investigation Of Islamic Finance And Islamic Banking In Malaysia

İslami finans alanında dünyada lider ülkelerden olan Malezya’da İslami bankaların varlıkları yanı sıra sukuk ve diğer İslami fonlar İslami finansal sistemde önemli bir pay almaktadır. Ülkede, İslami finansal sistemin gelişimini sürekli kılmak adına Şeriat kuralları dikkate alınarak yeni İslami finansal enstrümanların geliştirilmesi konusunda önemli inovasyon çalışmaları yapılmaktadır. Ülkede İslami bankacılık uygulamalarının başlatıldığı 1983 yılından günümüze sektörde önemli ilerlemeler kaydedilmiştir. Günümüzde 65 milyar $’ı aşan sermayesi ile İslami bankacılık sektöründe Malezya, model bir ülke konumundadır. İslami bankacılık sisteminin ortaya çıkışında mudilerden gelen faizsiz hizmet alma talebi önemli bir motivasyon olmuştur. Bankacılıkta dual/ikili sistemin uygulandığı ülkede, yerli ve yabancı İslami bankaların yanı sıra konvansiyonel bankalar da faaliyette bulunmaktadır. Malezya’da Şeriat kurallarınca uygun görülen Mudaraba, Muşaraka, Murabaha, Selem, Vadîa gibi çok çeşitli İslami kontrat modelleri uygulanmaktadır. Öte yandan, 2002 yılında Şeriat hükümlerine uygun olarak Sukuk ihracına başlanmıştır. Malezya günümüzde sukuk ihracı konusunda dünyanın önde gelen ülkeleri arasında yer almaktadır. Ancak Malezya’da, İslami finans konusunda diğer ülkelere göre rekabetçi üstünlüğe karşın, uygulamada bazı güçlükler yaşanmaktadır. Bu çalışmanın amacı, Malezya’da İslami bankacılık ve İslami finans uygulamalarını incelemektir. Malezya’da İslami bankacılık ve İslami finans uygulamaları hakkında ayrıntılı bilgiler verildikten sonra bu ülkede İslami finansın geliştirilmesine yönelik öne çıkan politika önerileri üzerinde durulacaktır. Çalışma, Malezya’da finansal sistemin yapısı yanında İslami bankacılığın yapısı ve işleyişi, İslami finansal enstrümanlar, sukuk ve tekâfül uygulamaları ile İslami finans sistemin gelişmesine yönelik politika önerileri başlıklarından oluşmaktadır.

Who pioneered Islamic banking in Malaysia? The background of the pioneers of Bank Islam Malaysia Berhad

This study investigates the background of the pioneers of Bank Islam Malaysia Berhad (BIMB) and their perception of Islamic banking to explore the influence that their background had on the practices of BIMB, which have been criticized for being too similar to those of conventional banking. Accordingly, this study opts to explore this topic using interviews with the pioneers, complemented by archival research. Results of the research into the pioneers’ background and their perception of Islamic banking show that most came from a conventional banking background as part of the strong network of the founder of the bank, Abdul Halim Ismail. Furthermore, to fulfill the government’s expectations, they intended to make conventional banking Islamically acceptable rather than simply implementing the profit-and-loss sharing envisaged as ideal by Islamic economists, so they could provide modern banking facilities to economically underrepresented Malay Muslims. The findings reaffirm the significance of the intermediary role of practitioners, their background and philosophy in the development of products and services. In addition, the findings suggest the need for a reevaluation of the research of social scientists exploring whether Islamic banking offers an alternative to conventional global banking, as the pioneers of BIMB did not deny the value of conventional banking, but rather sought to learn from conventional banking to provide competitive banking products in a workable Islamic way.