샤리아 위원회의 구조 및 Bai‘ al-‘inah와 Bai al-dayn이 말레이시아 이슬람 금융에 미친 영향

The Impact of Shariah Board Structure, Bai‘ al-‘inah and Bai al-dayn on Islamic Finance in Malaysia

A few scholars on Islamic finance insist that features of sukuk in secondary market which are rare trade and hold-to-maturity culture have increased by the absence of a liquid sukuk market and lack of efficient market-based pricing. To solve this liquidity problem in Islamic financial market, the Malaysian regulatory body accepted bai al-inah and bai al-dayn concepts which have been applied in issuing and trading sukuk while these are prohibited by the regulatory bodies in GCC countries. It means that Islamic financial industry model in GCC region represents less sophisticated and reliable financial system compared to that of Malaysia, which is relatively unattractive to non-Islamic countries or non-Muslims, who are seeking good profitability with well structured financial system. In addition, the establishment of secondary market for sukuk produces securing the liquidity as well as attracting investors who are accustomed to involving conventional financial transactions. In addition, lack of central standard issuing body and disproportion of legal resolution in GCC or even in one GCC country do not cause only confusion to the Islamic financial market players but also potential risks, specifically, legal and operational risks in the Islamic financial industry therein. Malaysian government has led Islamic financial market through unifying financial law, well-organizing shariah board and enacting several Financial Service Act based on the regional basis. In this regard, this paper concentrates on categorizing of shariah board by regional group and also focus on studying how to be used bai al-inah and bai al-dayn in secondary market in Malaysia.