Islamic Social Finance: Law and Practice in Malaysia

This book addresses the growing significance of Islamic social finance as an alternative and sustainable financing approach in the world. With a focus on Malaysia, a global leader in Islamic banking and finance, the topics covered fills the gap in the extant research by providing in-depth coverage of the legal framework surrounding Islamic social finance. Written with students, researchers, and policymakers in mind, it explores the unique features and principles of Islamic social finance, which aims to achieve social objectives alongside financial returns. By examining real-life case studies and digital examples, readers will gain valuable insights into the practical application of Islamic social finance principles. Each chapter concludes with self-review questions, allowing students to assess their understanding and consolidate their knowledge. This book serves as a valuable resource for academics, researchers, and practitioners seeking to explore and implement Islamic social finance principles. With its comprehensive coverage and practical insights, it will will play a crucial role in promoting the understanding and adoption of Islamic social finance for sustainable development.

Sherin Kunhibava is Senior Lecturer at the University Malaya Law faculty. Her area of expertise is in commercial law, fintech regulation and Islamic finance law. Apart from her fifteen years of teaching experience in academia, Dr. Sherin has also worked at Pacific Bank Bhd., International Shariah Research Academy (ISRA) and Wisdom Management Consultancy Sdn. Bhd. Sherin Kunhibava is Associate Editor of ISRA journal from 2023, and she is on the editorial board of the Journal of Malaysian and Comparative Law as Subject Editor and is Academic Advisor to the Student Journal of UMLR of the faculty of Law. Since 2018, Dr. Sherin has worked on research projects funded by external grants researching on regulatory issues for digital solutions pertaining blockchain technology for the financial industry. She was part of a team of researchers who were first to report on regulatory issues in the blockchain space in Malaysia.

Aishath Muneeza is Professor and Associate Dean for students and internationalization at INCEIF University, Malaysia, which is known as the global University of Islamic Finance. She has served as the first female Deputy Minister of Ministry of Islamic Affairs in Maldives; Deputy Minister of Ministry of Finance and Treasury in Maldives; Head of Islamic Finance of Capital Market Development Authority of Maldives; Member of Islamic Fiqh Academy (National Fatawa Council of Maldives); first Chairman of Hajj pilgrimage fund, Maldives Hajj Corporation Limited; Chairman of Maldives Center for Islamic Finance Limited which was set by government of Maldives to strategize Maldives as the hub of Islamic finance in South Asia; Islamic Finance Consultant who developed the first shariah compliant Islamic microfinance scheme offered in Maldives; and the Shariah Advisor who structured all the corporate sukuks offered in Maldives.

Maryam Khalid is currently Senior Lecturer at the University Malaya Law faculty. Previously, she practiced as Islamic Financial Corporate Lawyer and has experience in advising clients on banking product developments and financial regulatory reforms. She has also worked as a legal executive to a public trustee company and a private company advising on the companies’ compliance regarding their commercial operations. Her area of interest is mostly in financial and fintech regulatory developments.

Zakariya Mustapha is Researcher at the Faculty of Law at the University of Malaya. He is Advocate and Solicitor of Nigeria’s Supreme Court since 2008. He specializes in legal and Shariah issues in Islamic finance and offers legal and Islamic advisory services regarding regulatory framework, dispute resolution and Shariah-compliant product development in Islamic finance. He is Aspiring Researcher who published in academic journals and presented research papers at national and international conferences. Zakariya Mustapha holds LL.M, LL.B (with Shariah specialization) and membership of professional bodies including the Nigerian Bar Association.

Thong Ming Sen is a Ph.D. student at the University of Malaya (UM), Law faculty. His thesis revolves around the use of blockchain for financial regulatory compliance, Islamic finance and financial inclusion. His area of expertise is in capital markets law, blockchain technology and fintech regulation. He was part of a team of researchers who were first to report on regulatory issues in the blockchain space in Malaysia. He holds a LLB (Hons) from the University of London, Master of Laws (LLM) (Distinction) from UM and is Advocate and Solicitor of the High Court of Malaya.