A consolidation of halal services and Islamic financial services in Malaysia: current challenges in the implementation

• Main Author: Mohd. Zain, Nor Razinah
• Format: Conference or Workshop Item
• Language: English; English; English; English
• Published: KPBKL Publication House 2021
• Subjects: K Law (General); K85 Legal research; KBP Islamic Law; KPG Malaysia
• Online Access: http://irep.iium.edu.my/95886/1/95886_A%20consolidation%20of%20halal%20services%20and%20Islamic%20financial_proceeding.pdf; http://irep.iium.edu.my/95886/2/95886_A%20consolidation%20of%20halal%20services%20and%20Islamic%20financial.pdf; http://irep.iium.edu.my/95886/3/95886_A%20consolidation%20of%20halal%20services%20and%20Islamic%20financial_acceptance%20letter.pdf; http://irep.iium.edu.my/95886/4/95886-A%20consolidation%20of%20halal%20services%20and%20Islamic%20financial_award.pdf; http://irep.iium.edu.my/95886/

Halal services place Malaysia as an exemplary global hub for halal industry. With the advantageous of having a multiracial, multireligious, and multicultural society, the development of Islamic financial services and halal services in Malaysia can be considered as unique. This research adopts a mixed of qualitative and legal research methodologies in building up the entire discussion. It is obvious that there is a dynamic linkage between Islamic financial services and halal services industries. It can be said that the Islamic financial services industry forms as a part of the giant global halal services industry. Islamic financial services providers have a crucial role of financial intermediaries, especially in relation to the halal services industry. This is obviously apparent when it comes to raising the capital and making investments. An active involvement of Islamic banks as financial intermediaries for halal services sectors and players may assist in strengthening Shariah compliance requirements in both of the industries. It may also prevent any existence of contradictory practices.