Malta Financial Services Authority received good feedback when it consulted the public and financial services stakeholders to introduce Islamic finance in Malta.
Following this consultation, Malta will be issuing a consultation document on Islamic Bonds (Sukuk) by the end of 2008 and another on Sharia Insurance early in 2009.
A public consultation period on the introduction of Islamic finance to Malta expires today, after which the Malta Financial Services Authority is to begin wading through feedback on the issue from financial services stakeholders and the public at large.
Following this consultation, Malta will be issuing a consultation document on Islamic Bonds (Sukuk) by the end of 2008 and another on Sharia Insurance early in 2009.
A public consultation period on the introduction of Islamic finance to Malta expires today, after which the Malta Financial Services Authority is to begin wading through feedback on the issue from financial services stakeholders and the public at large.
Following the present consultation, the MFSA intends to continue its work on Islamic finance by issuing a consultation document on Islamic Bonds (Sukuk) by the end of 2008 and another on Sharia Insurance early in 2009.
Islamic finance refers to financial services systems that are consistent with Islamic (Sharia) law. In particular, Islamic law prohibits usury, the collection and payment of interest, and prohibits investing in businesses that are considered unlawful, or haraam – such as businesses that sell alcohol or pork, or businesses that produce media such as gossip columns or pornography, which are contrary to Islamic values.
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