sistem keuangan Bank Syariah di malaysia

Islamic Financial System in Malaysia: An Overview

The introduction of the Interest-Free Banking Scheme (known in its Bahasa Melayu acronym as SPTF, namely Skim Perbankan Tanpa Faedah) in Malaysia in 1993 was premised on a dual banking system; a full-fledged Islamic banking system operating on a parallel basis with a sophisticated conventional banking system. So far, Malaysia is the only do the two systems work on a parallel basis they also utilize essentially the same set of banking infrastructure. This has significant implications in terms of the cost and speed of implementing the Islamic banking system.

The Malaysian model has a number of advantages when compared to the other models of implementing Islamic banking Muslims in countries which have only a conventional system do not have the opportunity to benefit from the facilities of a modern systems without being involved in riba. The same is true in the case of the conventional plus system, where the Islamic banking institutions operate on the fringe of the domestic banking system and the services they offer are neither as comprehensive nor as sophisticated as the conventional system. Among Muslim countries which fall under this 'model' are Saudi Arabia, Bahrain, Bangladesh, Brunei, Egypt, Guines, Indonesia, Jordan, Kuwait, Niger, Qatar, Senegal, Tunisia, Turkey and United Arab Emirates.

The Islamic banking products offered in Malaysia's dual system are therefore much more sophisticated and covering a wider range of services compared to the products offered in the conventional plus system as is the case in the countries listed above. More surprisingly, the Malaysian model of a dual system has proved to overwhelm the model of Islamic banking in some countries such as Iran, Pakistan and Sudan which have an entirely Islamic banking system leaving no room and avenue for conventional banking system. The advantages of the Malaysian model are as follows:

First, the range of Islamic banking products in a dual system tends to be wider when compared to the products in a single Islamic system, since in a dual system Islamic banks have to provide all the services provided by conventional banks.

Second, the Islamic banking products in the dual system, can also be expected to have a higher level of sophistication compared to the Islamic banking products in the single Islamic system in other words, Islamic banks operating in the dual system would have no choice but to create similar sophisticated products on an Islamic basis as did the conventional banks.