Publication:

Clash of convictions: conventional banking vs Islamic banking

Show simple item record
DC FieldValue
dc.contributor.authorIsmail Wisham
dc.contributor.authorRusni Hassan
dc.contributor.authorAishath Muneeza
dc.date.accessioned2017-02-01T14:48:15Z
dc.date.available2017-02-01T14:48:15Z
dc.date.issued2010
dc.description.abstractMalaysia is a religiously and ethnically versatile country with a dual legal structure. Essentially, Malaysia's banking system is plural and thus, two different sets of legal systems work at the same time. The semi-permanent conventional banking system has been leveled off by the Islamic banking system which emerged only in 1983. Whether accepted or not, the dual system which emerged only in 1983. Whether accepted or not, the dual system in the society has created challenges and clashes between the two, and these must be addressed and dealt with properly, so as to trim down such clashes to a minimum. Several quarrels exist between conventional and Islamic banking laws; some which arise due to the application of common law or conventional law to justify problems in Islamic banking system. The impact of this is huge; as applying the same legal principles enforced in the conventional banking system to adjudicate conflicts in the Islamic banking system - which has different economic principles - does not work at all. Islam contends for a fair distribution of profits and loss and bans questionable activities unlike the conventional banking capitalistic belief that winner takes all.en_US
dc.identifier.citationMuneeza, A., Wisham, I., & Hassan, R. (2010). Clash of convictions: conventional banking vs Islamic banking. Malayan Law Journal, 5, xi-xxxix.en_US
dc.identifier.issn0025-1283
dc.identifier.urihttps://ikr.inceif.org/handle/INCEIF/2164
dc.languageEnglish
dc.language.isoengen_US
dc.publisherLexisNexis Malaysia Sdn Bhden_US
dc.rights2010. LexisNexis
dc.sourceSEDONA
dc.subjectConventional bankingen_US
dc.subjectMalaysiaen_US
dc.subjectDual systemen_US
dc.subjectBanking systems
dc.titleClash of convictions: conventional banking vs Islamic bankingen_US
dc.typeJournal Articleen_US
dlc.maintopicIslamic bankingen_US
dspace.entity.typePublication
ikr.doctypeScholarly Works
ikr.topic.maintopicIslamic bankingen_US
relation.isAuthorOfPublication81014255-5cb8-46bc-ad81-bf6d8a3a0702
relation.isAuthorOfPublication81014255-5cb8-46bc-ad81-bf6d8a3a0702
relation.isAuthorOfPublication81014255-5cb8-46bc-ad81-bf6d8a3a0702
relation.isAuthorOfPublication.latestForDiscovery81014255-5cb8-46bc-ad81-bf6d8a3a0702
Appears in Collections
Journal Article
Files

Abstract View

2653738

View & Download

167780