Commendable Act but its no saviour

Commendable Act but its no saviour


Introduction

The Central Bank Act 2009 was gazetted on September 3 2009 to replace and repeal the Central Bank of Malaysia Act 1958. The Act create international history as being the first Central Banking Legislation anywhere in the world to openly declare a nation is operating under a dual financial system, conventional and Islamic. Although acknowledged as the country with the most advance and comprehensive Islamic banking and finance legislation, local players understand the complexity, and I daresay, helplessness of the situation they sometimes find themselves in.

Will the real Islamic Finance please stand up

How Islamic finance missed heavenly chance

By John Foster Former editor, Islamic Businesss & Finance magazine

Amid the confusion and consternation of the global financial crisis, Islamic banking had a gilt-edged chance to step into the breach. It is hard to remember amid screaming headlines proclaiming record bonuses for the bankers of Wall Street and the City. But just over a year ago, the conventional financial system was on its knees.