Addressing Legal Challenges In Integrating Shariah-Compliant Banking And Waqf: A Study Of AIBIM's Initiatives In Malaysia
Abstract
The integration of Shariah-compliant banking and waqf presents legal challenges that are crucial to address for effective implementation in Malaysia. This study focuses on initiatives by the Association of Islamic Banking Institutions Malaysia (AIBIM) aimed at overcoming these challenges. The objective of this study is to analyze AIBIM's initiatives in addressing legal challenges related to integrating Shariah-compliant banking and waqf in Malaysia. This study uses a qualitative approach, specifically a qualitative case study, to examine how Malaysian legislation defines key aspects, identifies legal challenges, and proposes enhancements within AIBIM and relevant legal experts. Data collected from these sources is analyzed to identify the strategies and legal frameworks utilized by AIBIM. As a result of these studies, it reveals that AIBIM has developed comprehensive frameworks and initiatives to navigate the legal complexities surrounding Shariah-compliant banking and waqf integration. These initiatives include legal advocacy, policy recommendations, and collaborative efforts with regulatory authorities. In conclusion, AIBIM's proactive approach to addressing legal challenges has significantly contributed to enhancing the legal environment for Shariah-compliant banking and waqf integration in Malaysia. However, ongoing collaboration and adjustments to regulatory frameworks are necessary to sustain and expand these initiatives effectively.
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