So what is Islamic banking? Islamic banking is a banking activity which is consistent with Islamic law (Syariah). Islamic banking is carried out in accordance with Islamic transaction rules. In Malaysia, the Islamic banking system is governed by the Islamic Financial Services Act 2013 (IFSA), which supersedes the Islamic Banking Act 1983 and the Takaful Act 1984, and took effect on 30 June 2013. The Act provides for the regulation and supervision of Islamic financial institutions, payment systems and other relevant entities. It also oversees the Islamic money market and Islamic foreign exchange market, to promote financial stability and compliance with Syariah law and for related, consequential or incidental matters.
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