Emergence of Islamic Corporate Legislations? reasons & reality......

Despite the rapid growth in Islamic finance & commerce globally no sufficient regulatory frameworks had yet been passed by the respective parliaments to effectively regulate Islamic finance & commercial products & services.

Though the Islamic industries in the contemporary world of reality are basically depending on the Fatwa (juristic opinion) contributed by the appointed Shari'ah scholars, which perhaps help (as a reference) the Islamic industries move ahead with temporary effect within the local jurisdiction or in most circumstances within the industry concerned only.

But, in a long run the absence of required regulatory frameworks may lead the growing industries to face serious risks, which may eventually ruin the noble objectives of Islamic finance & commerce ought to be for the global Ummatic benefits.

Thus, to over come such unseen industrial hazards, it may be the right time to move forward with an effective plan to develop relevant bills (as per offered services) and duly endorsed by the respective parliaments of those countries where industrial operation exist with no Shari'ah legislation yet hence, the following subjects of principles are recommended to be developed to meet the global Islamic corporate industrial goal:

• Islamic Banking Act (exist in some jurisdiction).



• Takăful Act (exist in some jurisdictions).



• Re-takaful Act.



• Islamic Financial Regulations Act.



• Islamic Negotiable / Monetary Instruments Act.



• Islamic Companies Act.



• Islamic Leasing (الاجارة) Act.



• Islamic Unit Trust Act.



• Islamic Pawnshop (الرهن ) Act.



• Islamic Banking & Financial Institutions Act.



• Islamic Contract (العقد) Act.



• Islamic Revenue (الزكواة والعشر ) Act (exist in some jurisdictions).



• Islamic Financial Services Authority Act (exis in some jurisdictions).



• Islamic Financial Planning Act.



• Islamic Hire-Purchase Act.



• Islamic Sale of Goods Act.



• Islamic Sukuk Act.



• Islamic Securities Industries Act.



• Islamic Financial Derivatives Act.



• i-REITs Act.



• Islamic Wealth & Asset Management Act.



• Islamic Monetary Policies Act.



• Islamic Accounting Standard (exist in some jurisdictions).



• Islamic Auditing Standard (exist in some jurisdictions).



• Islamic Partnership (المشاركة) Standard.



• Islamic Commercial Arbitration (التحكيم ) Standard.