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Sukuk.me: Legal Services To Be More Significant In Islamic Finance - Zeti |
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KUALA LUMPUR, Sept 28 (Bernama) -- The legal service in Islamic finance will become more significant with the continued advancement and efficiency of the industry, Bank Negara Malaysia Governor, Tan Sri Dr Zeti Akhtar Aziz said here on Monday.
This is because the inherent strengths of Islamic finance, amid the global financial crisis, has managed to heightened interest with the level of innovation, scale and complexity of transactions on the increase.
"A robust legal framework in Islamic finance will instill public confidence in it and provide an enabling platform for practitioners to develop more innovative and complex financial products to meet the increasingly multi-faceted consumer demand," she said.
Zeti said this in her keynote address presented at the 4th Islamic Financial Services Board Seminar on Legal Issues in the Islamic Financial Services Industry.
In addition, she said a sound legal framework would provide the mechanism for dispute settlement that would take into account the distinct features of Islamic financial transactions.
"This is where the legal services industry has a vital role in providing sound legal solutions to Islamic finance. It provides an important "bridge" between Shariah and legal parameters, enabling the operationalisation of Shariah principles into legally enforceable Islamic finance practices," she said.
This, Zeti said, was particularly important in preparing the legal documentation for Islamic financial transactions so as to avoid ambiguity, inconsistency and the risk that the legal document may be considered void by a court of law on the grounds of contravention with Shariah.
On another note, Zeti said global Islamic financial assets were projected to grow to US$1.6 trillion by 2012 while the global sukuk outstanding to date was valued at an estimated US$152.8 billion.
Source: Bernama.com
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