Awqaf properties in Malaysia have evolved over the years from being in the nature of consumptive immoveable properties used for religious purposes like madrasahs and mosques into productive and mixed-use type real estate properties like hotels, office buildings and commercial type properties. The regulatory and legal frameworks have played a vital role in the evolution of waqf sector and its management through the State of Islamic Religious Councils (SIRCs), the Department of Waqf and Hajj (JAWHAR) and Yayasan Waqaf Malaysia (YWM). In fact, waqf in Malaysia operates under three separate laws, namely: Islamic Law, Federal Territory Act or State Enactments relating to administration of the Islamic Law, State Waqf Enactments. In addition, the 2007 national fatwa permitting cash waqf in Malaysia brought about diversification of awqaf properties through the introduction of several cash waqf schemes by local banks, federal agencies as well as State Islamic Religious Councils (SIRC). Further developments were seen with the development of the concept of "corporate waqf" and waqf shares as well as innovative awqaf products in the takaful sector and the Islamic capital market. Another significant development occurred in 2015 with the introduction of the Labuan International Waqf Foundation (LIWF) by the Labuan International Business and Financial Centre (LIBFC). Through qualitative research and content analysis, this paper traces these developments in Malaysia through the lenses of governance, reformation and transformation. The research also adopts the analytical method to evaluate the viability of waqf in the Malaysian context. Some of the issues that will be touched on are whether the regulatory framework for waqf in Malaysia has moved in tandem with these developments, innovative use of waqf for financial inclusion, as well as the online platforms to collect waqf funds.

Sukuk are active Islamic finance instruments offered in various jurisdictions and have experienced various events in the recent years. Several sukuk defaults in 2009 highlighted a number of Shari'ah and legal issues that are necessary to be discussed. As a part of the prerequisites to fulfil Shari'ah requirements, compliance to the relevant laws is also a necessity. Among the issues that will be touched upon is ownership of the asset of the sukuk which will include discussion about 'al Qabd' (taking possession). Next, rights of the sukuk holders will be discussed to see whether their interests are well protected and in this context the concept of asset backed will be differentiated from that of the asset based securities. Discussion on the contentious purchase undertaking in sukuk dealings will follow in order to highlight its status and effect on the sukuk and parties to the transactions. Then, the practice of tranching in sukuk issuance will be discussed followed by legal documentation of sukuk issues. In the end, the paper will present way forward for sukuk, so that these issues are further addressed for better sukuk issuance.

Islamic finance has grown considerably over the last four decades and has a global reach. It is considered one of the fastest-growing segments of the global financial industry. One of the biggest challenges for Islamic finance in the next decade is in financial technology (known as Fintech). In the digital world, traditional financial practice will be left behind. This paper examines the phenomenon of financial innovation and technology in Islamic finance and its Shariah parameters. The research adopts a qualitative approach employing the inductive method to trace primary and secondary data on the topic and the descriptive method to describe the emergence of fintech in the Islamic finance industry. The study found that all financial innovations are generally welcomed and can be considered as benefits (Maslahah) to the customers and to the whole financial industry. Innovations in fintech become impermissible only if there is clear evidence from the Shariah that they are against the basic rules of the Shariah. The study also highlights the relationship between fintech and Shariah compliance and suggested to have a proper Shariah governance framework in order to ensure the operation of fintech is in total compliance with Shariah. Besides that, authorities and regulators are required to develop Shariah standards that would explicitly spell out the requirement of Shariah that are fundamental to fintech operations and practices.

Islamic finance is considered one of the fastest-growing segments of the global financial industry. Over the last four decades, Islamic finance has expanded globally to western and other non-Muslim countries. This paper aims to explore the potential for China to tap into the Islamic finance market and the challenges that may face the implementation of Islamic finance there. This study adopts a qualitative method of inquiry and utilizes the inductive method and content analysis to build comprehensive knowledge that would assist in exploring the significance and potential benefits that China may gain from the adoption of Islamic finance. The study reveals that China has a huge opportunity to capitalize on Islamic finance for economic development, particularly in the implementation of China�s Belt and Road Initiative (BRI). The paper also highlights the critical success factors for introducing Islamic finance in China, most importantly, political will. Genuine support from the government is needed for the effective introduction of Islamic finance in the country. This support should be subsequently followed by the development of the legal framework, an amendment of the laws, broad publicity to raise public awareness, and effective collaboration with international organizations.

Islamic finance is now at the stage of internationalisation, witnessing greater integration between the Islamic financial industry and the global financial system. Islamic finance has gradually evolved to become a dynamic and competitive form of financial intermediation. The Islamic financial industry has been developing ways to facilitate its interaction and integration into the global financial system. We see Islamic finance attracting the attention of the global audience and transcending religious, political and geographical boundaries. It has the potential to be adopted as an alternative to the global financial system...

An abstract is written in Arabic.

The emergence of Islamic finance as a system of thought and practice is timely in the midst of world crisis and the uncertain proposals for solving it. It is hoped that Islamic finance offers a coherent perspective for understanding real economic problems as well as a genuine alternative to the very foundations of how economics and finance should be managed to actualize human prosperity. In addressing those expectations and challenges, sufficient attention to the foundations should be given to develop solid conceptual scheme of a new finance in Islamic perspective and to resolve the tensions in the current development. This paper attempts to discuss the foundations of Islamic finance and the requirements in developing Islamic finance from the basic principles of maqasid al-Shari'ah (the objectives of Shari'ah). Islamic finance, in this perspective, must realize its full potential as a system, not merely a lawful means in doing financial business or a stopgap means of surviving the crisis. It must go beyond that to provide the guidelines for managing a good economy, stimulating growth and development, realizing socio-economic justice and promoting employment and stability as implied in the objective of Shari'ah (maqasid al-Shari'ah).

The concept of sustainable development has been articulated for the first time in the Brundtland Report, also called "Our Common Future" published in 1987 by the World Commission on Environment and Development (WCED) and supported by the United Nations (UN). According to Brundtland Report, Sustainable Development is defined as "development that meets the needs of the present without compromising the ability of future generations to meet their own needs." In 2015 the United Nations has introduced the new global development agenda for 2015 through 2030 and adopted a set of seventeen Sustainable Development Goals (SDGs) for the action of the member states. According to UNDP, the SDGs as global agenda represents a universal framework for comprehensive development. It aims to plan for a better and sustainable future and address the global challenges faced by people and the planet.

The paper aims to investigate the dimensions of maqasid al-Shari'ah in Islamic finance by exploring the ends (maqasid) and the means (wasa'il). Those would clarify the nature and goals of Islamic finance as well as its directional development. Using literature in English and Arabic sources in the area of maqasid al-Shari'ah, as well as from the reading of the primary sources (the Qur'anic texts/nusus), the paper attempts to delineate the dimensions that would constitute the ends (maqasid) and the means (wasa'il) in Islamic finance. The paper explicates three specific ends (maqasid) in Islamic finance, namely wealth circulation, fair and transparent financial practices and justice at the micro- and macro-level. To achieve those ends, the Shari'ah provides means (wasa'il) such as facilitating financial contracts, establishing values and standards and instituting social responsibility. The findings of this paper will give insights on the ends (maqasid) and the means (wasa'il) in Islamic finance based on the maqasid al-Shari'ah discourse. It could be used as a reference in understanding the nature of Islamic finance and in developing a sound and solid Islamic finance based on the Shari'ah.

Secondary markets are vital for the development of Islamic capital markets (ICMs) (Aziz, 2007). They facilitate the reselling of securities among investors, thus adding liquidity to these instruments (Mishkin, 2004: 26-27). Besides this basic role, secondary markets assist in reducing average cost of capital; bringing about a rational representation of the pricing of securities in primary as well as secondary markets; facilitating the exchange of investment risks; evaluating the performance of private and public sector, and mitigating information asymmetry (Ahmed, 1995; Al-Eshkar, 1995; El-Gari, 1993; Mishkin, 2004). However, secondary market trading of Islamic securities involves various issues. One of the greatest concerns is the lack of standardization, or at least harmonization, of ICM products. There are also conflicting resolutions, standards and individual fatwas (Islamic legal opinions) on the tradability of Islamic securities within the industry. It is feared that this creates confusion in the industry and may hinder the overall development of the ICM (Cox, 2005; Shaharuddin et al., 2012). Given the importance and concerns regarding the ICM, this study aims at investigating the vital issue of tradability of Islamic securities from the fiqh (Islamic jurisprudence) perspective.

Islamic finance uses the Shari'ah as the backbone of its system. The Shari'ah not only contains the principles and foundations upon which the financial system is established, but alos provides guidance for setting the industry's direction. Practically speaking, it is the Shari'ah scholars, in their role as interpreters of the Shari'ah, who are charged with guiding the industry. They have a key role to play in maintaining the credibility and integrity of the industry by requiring Islamic financial institutions (IFIs) to adhere not only to the Shari'ah's technical requirements but to its values and principles as well...