Contents>> Vol. 14, No. 1
Progress and Challenges of Islamic Economics and Finance in the Contemporary Malay World*
Kambara Kentaro**
*This is a revised version of Chapter 2 of my Ph.D. thesis, 現代マレー世界におけるイスラーム型マイクロクレジットと実体経済―動産担保貸付（アッ＝ラフヌ）の役割と動態― (Islamic Microcredit and Real Economy in the Contemporary Malay World: Role and Dynamics of Islamic Collateral Loan, Ar-Rahnu) (Kyoto University, 2018).
**上原健太郎, Faculty of Comprehensive Management, Department of Comprehensive
Management, Matsumoto University, Niimura 2095-1, Matsumoto, Nagano 390-1295, Japan
e-mail: k.kambara[at]t.matsu.ac.jp
https://orcid.org/0009-0001-7880-3888
DOI: 10.20495/seas.14.1_127
This article describes the progress and challenges of Islamic economics and finance in Malaysia and Brunei Darussalam. Islamic economics can be defined as the system of economic knowledge that Islamic economics thinkers established based on Islamic teachings, while Islamic finance refers to financial services adhering to Shari’a (Islamic law). The Islamic financial industry has developed predominantly in Malaysia and Brunei Darussalam over the past four decades. There are some criticisms of Islamic financial services in terms of their Shari’a compliance. By tracing the development of Islamic finance in the contemporary Malay world, this article shows what the ideal method of Islamic financial services has been and why and how the practice has faced criticism.
Keywords: Islamic economics, Islamic financial services, Shari’a-compliant finance, Malaysia, Brunei Darussalam
