Malaysia’s 'Islamic Mifid' dream faces reality check

Malaysia is driving efforts to standardise Islamic finance to enable the creation of cross-border markets for sharia-compliant products. But regulators and market participants in Islamic states say no agreement is likely in the near future.


Malaysia has positioned itself as a leader in Islamic finance and serves as a role model for many countries in the region for its success in building liquid Islamic capital and money markets. But the country is not stopping there. The next step is to try to create bodies capable of setting cross-border regulatory standards to help facilitate international trading of sharia-compliant products. This includes efforts to create rules similar to the Markets in Financial Instruments Directive (Mifid)

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