Malaysia is in the final stages of introducing a new legislation for Islamic banking and takaful products, the country’s central bank governor said on Wednesday, which gives a stronger legal basis to contracts devised by financial institutions.
Governor Zeti Akhtar Aziz did not give a time frame for launch of the legal framework. She said the legislation will help the Malaysian central bank better regulate and supervise the Islamic finance industry, which globally is valued at $1.3 trillion (800 billion pounds)………………………………………..Full Article: Source