The Contributions, Challenges and Potential of Islamic Finance in Relation to International Trade

(Sumbangan, Cabaran dan Potensi Kewangan Islam dalam Perdagangan Antarabangsa)

Authors

  • Mohd Yazid Bin Zul Kepli International Islamic University Malaysia image/svg+xml

Abstract

This paper looks at the development, contributions, challenges and potential of the Islamic financial system in the context of international trade. The qualitative method was applied to analyze earlier literature and publications, including the policies of the government and universities. The analysis finds that the Islamic financial system is developing at a consistent and rapid rate at national and global level, demonstrating its competitiveness and added value. However, Islamophobia and bias towards Islam is spreading rapidly without control and this will negatively affect the global Islamic financial system. This paper highlights the contributions and challenges currently faced by the system.

Keywords: Islamic finance,Islamic banking, laws, syariah, Islamophobia

Author Biography

  • Mohd Yazid Bin Zul Kepli, International Islamic University Malaysia

    Dr. Mohd Yazid Bin Zul Kepli is a law lecturer and legal consultant at International Islamic University Malaysia. He is also a member of the Chartered Institute of Arbitrators. He was an advocate and solicitor in Malaysia. He received his first degree in law from International Islamic University Malaysia. Shortly thereafter, he successfully completed his Masters of Comparative Laws (MCL) and Shari'ah Diploma (DSLP) with distinction from the same university. He teaches both Shari'ah and civil law; particularly on the subjects of anti-money laundering and anti-terrorism financing, Islamic transactions, civil procedure and Islamic finance. His research interests are in maritime trade, shipping, Islamic finance and arbitration. He is the author of Guide to Legal Career. His other publications include articles in some journals and periodicals. Dr. Yazid completed his PhD dissertation on Islamic finance & maritime trade in the University of Hong Kong. 

References

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Published

2017-07-01

Issue

Vol. 29 No. 2 (2017): KANUN: Jurnal Undang-undang Malaysia Volume 29 Number 2 July 2017

Section

Articles