Islamic Finance In The Economic Transformation Programme (ETP): Key Challenges

by Mohd Izzat Shahmi Bin Abdul Hadi, Assoc. Prof. Dr. Mohd Yaziz Bin Mohd Isa, Prof. Dr. Zulkifflee Bin Mohammed, Dr. Yap Voon Choong, and David Yong Gun Fie

International Journal of Economy, Management and Social Sciences, (2014),Vol.3, No 12, Pages 827-829

Abstract

The purpose of this paper is to emphasize on basic concept of Islamic finance and its role in the Malaysia’s Economic Transformation Programme (ETP) which have been launched in September 2010. Since the millennium era, the concept of Islamic finance has gained the fastest growing acceptance in banking and finance industry as an alternative form of financial intermediation.

The initial part of this paper contains specific elaborations on what is the concept of Islamic finance and is followed by an explanation on the agenda of Islamic Financial System of the ETP, where the concept has its prominent role. The paper is concluded by discussing ambitious targets and significance impacts to be delivered by the Islamic finance in the ETP, and remaining key challenges and opportunities. The methodology used in this paper is through journal research by gathering relevant information that relate to the subject from various sources particularly journals, presentation and conference papers.

The paper discovers that the Islamic finance system in Malaysia could be the main contribution to the accomplishment of the ETP. It will be achieved through its development of the Islamic banking and finance in the domestic and as well as the global stage.

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