The Law and Regulation of Franchising in Malaysia’s Islamic Finance Industry: Problems, Prospects and Policies
With the increasing expansion of the global Islamic finance industry beyond its traditional strongholds, there is a gradual increase in the global franchising opportunities in Islamic finance. As one of the pioneering studies on franchise in Islamic finance, this paper examines the Malaysian l...
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Format: | Article |
Language: | Arabic |
Published: |
Universiti Sultan Azlan Shah
2016-12-01
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Series: | Global Journal Al-Thaqafah |
Subjects: | |
Online Access: | http://www.gjat.my/gjat122016/11220160602.pdf |
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author | Umar A. Oseni |
author_facet | Umar A. Oseni |
author_sort | Umar A. Oseni |
collection | DOAJ |
description | With the increasing expansion of the global
Islamic finance industry beyond its traditional
strongholds, there is a gradual increase in the
global franchising opportunities in Islamic
finance. As one of the pioneering studies on
franchise in Islamic finance, this paper examines
the Malaysian legal framework on franchising
within the Islamic finance industry. Over the
years, there has been tremendous growth in the
franchise industry in Malaysia and the Islamic
financial institutions are not left out in this
welcome development. While the franchise
industry contributed RM24.6 billion or 2.8%
to the Malaysian GDP in 2013, it has been
projected that such contribution will reach
RM25.4 billion by the end of 2014. The study
adopts a qualitative legal method in analyzing
the relevant legislations, as they are applicable
to Sharī‘ah-compliant business of Islamic
financial institutions. The study finds that there
is no specific framework for Sharī‘ah-complaint
business in Malaysia, including Islamic finance
business. Malaysia has vast opportunities in
expanding its franchise industry through the
amendment of the relevant legal framework
to cater for Islamic finance business. This is
expected to project Malaysia as a global hub
for Islamic finance products and a destination
for Sharī‘ah-complaint franchise businesses at
the global level. |
first_indexed | 2024-12-16T07:40:49Z |
format | Article |
id | doaj.art-9916590cd7f04b85957b50e5e24e6c29 |
institution | Directory Open Access Journal |
issn | 2232-0474 2232-0482 |
language | Arabic |
last_indexed | 2024-12-16T07:40:49Z |
publishDate | 2016-12-01 |
publisher | Universiti Sultan Azlan Shah |
record_format | Article |
series | Global Journal Al-Thaqafah |
spelling | doaj.art-9916590cd7f04b85957b50e5e24e6c292022-12-21T22:39:05ZaraUniversiti Sultan Azlan ShahGlobal Journal Al-Thaqafah2232-04742232-04822016-12-0162374510.7187/GJAT11220160602The Law and Regulation of Franchising in Malaysia’s Islamic Finance Industry: Problems, Prospects and PoliciesUmar A. Oseni0International Islamic University MalaysiaWith the increasing expansion of the global Islamic finance industry beyond its traditional strongholds, there is a gradual increase in the global franchising opportunities in Islamic finance. As one of the pioneering studies on franchise in Islamic finance, this paper examines the Malaysian legal framework on franchising within the Islamic finance industry. Over the years, there has been tremendous growth in the franchise industry in Malaysia and the Islamic financial institutions are not left out in this welcome development. While the franchise industry contributed RM24.6 billion or 2.8% to the Malaysian GDP in 2013, it has been projected that such contribution will reach RM25.4 billion by the end of 2014. The study adopts a qualitative legal method in analyzing the relevant legislations, as they are applicable to Sharī‘ah-compliant business of Islamic financial institutions. The study finds that there is no specific framework for Sharī‘ah-complaint business in Malaysia, including Islamic finance business. Malaysia has vast opportunities in expanding its franchise industry through the amendment of the relevant legal framework to cater for Islamic finance business. This is expected to project Malaysia as a global hub for Islamic finance products and a destination for Sharī‘ah-complaint franchise businesses at the global level.http://www.gjat.my/gjat122016/11220160602.pdfIslamic financeFranchiseShari’ah-compliant businessMalaysiaIslamic lawRegulation of franchise |
spellingShingle | Umar A. Oseni The Law and Regulation of Franchising in Malaysia’s Islamic Finance Industry: Problems, Prospects and Policies Global Journal Al-Thaqafah Islamic finance Franchise Shari’ah-compliant business Malaysia Islamic law Regulation of franchise |
title | The Law and Regulation of Franchising in Malaysia’s Islamic Finance Industry: Problems, Prospects and Policies |
title_full | The Law and Regulation of Franchising in Malaysia’s Islamic Finance Industry: Problems, Prospects and Policies |
title_fullStr | The Law and Regulation of Franchising in Malaysia’s Islamic Finance Industry: Problems, Prospects and Policies |
title_full_unstemmed | The Law and Regulation of Franchising in Malaysia’s Islamic Finance Industry: Problems, Prospects and Policies |
title_short | The Law and Regulation of Franchising in Malaysia’s Islamic Finance Industry: Problems, Prospects and Policies |
title_sort | law and regulation of franchising in malaysia s islamic finance industry problems prospects and policies |
topic | Islamic finance Franchise Shari’ah-compliant business Malaysia Islamic law Regulation of franchise |
url | http://www.gjat.my/gjat122016/11220160602.pdf |
work_keys_str_mv | AT umaraoseni thelawandregulationoffranchisinginmalaysiasislamicfinanceindustryproblemsprospectsandpolicies AT umaraoseni lawandregulationoffranchisinginmalaysiasislamicfinanceindustryproblemsprospectsandpolicies |