<論考>「ムダーラバ・コンセンサス」のマレーシア的転回: イスラーム資本市場が切り開く新たな地平

Abstract

The Malaysian practice of Islamic finance has greatly contributed to the rapid growth of the industry in the first decade of the twenty-first century and so the term ‘Malaysia' is widely recognized as symbolizing the development of Islamic finance. However, this term is also mentioned negatively in criticisms of the current practices. The critics, known as the "Mudaraba Consensus School", who aspire to the ideals of Islamic economics and finance, have used the term of "Malaysia" to allegedly symbolize the prevalence of "bad" practices in the industry. This study focuses on the development of the Islamic capital market in Malaysia and explains how Malaysia has responded to the criticism from the "Mudaraba Consensus School". From the analysis, it can be observed that the Malaysian Islamic capital market has positively addressed this criticism by involving the consensus. Specifically, it has initiated the following three measures: 1) "equitization" of debt-based financial products as a direct response, 2) diversification of asset classes in the Islamic capital market, and 3) visualization of Sharia-compliant corporate assets which have a great potential to universalize the consensus. Such challenges by the Malaysian Islamic capital market pave the way for bridging the dichotomy between theory and practice in Islamic economics and finance. They also provide an alternative development blueprint for future Islamic economics and finance, which is different from that proposed by what the author refers to as the "New Horizon‘s' in Islamic Economics and Finance.