Mahamad Arifin

Analysis on the Legal and Administrative Mechanisms in Curbing Syndicate and Runaway Marriages in Malaysia

Legal and administrative mechanisms are designed to ensure the legality of marriage under both the Shariah and Malaysian laws. The aim is also to preserve the interest of the family and the public. However, there are people who still look other alternatives to be married mainly through syndicate or simply to run away to country’s border. This study attempts to examine the existing legal and administrative systems and to find out their weaknesses in preventing syndicate and runaway marriage for Muslim people in Malaysia. In this research, laws and procedures from four selected states in Malaysia are chosen, i.e., Selangor, Federal Territories, Negeri Sembilan and Kelantan. Data of this research were obtained from library research and semi-structured interviews conducted on several respondents from the related institutions. Law and procedures from the four states were also studied and analysed. The finding of this research shows some significant weaknesses in both legal and administrative aspects that contribute to the country’s alarming syndicate and runaway marriage rate. This research also suggests some recommendations for improvement that could reduce the rate of both illegal marriages.

Islamic Venture Capital in Malaysia : Development , Constraints and Way Forward

Purpose: This study aims at examining the development of the Malaysian Islamic venture capital industry including government and regulatory policy initiatives for escalating the growth of the industry. It also highlights constraints and way forward for the industry. Methodology: The paper employs qualitative approach focusing on secondary resources, documents, and field interview with practitioners and academia who are directly involved in the operations of Islamic venture capital in Malaysia. Findings: The study finds that policy-driven approach and liberalization facilitate the standardization of Shariah rulings of Shariah Advisory Council (SAC) and Shariah Committee (SC), which contribute to the effectiveness of regulatory framework and sustainable growth of the Islamic capital market in Malaysia. It also finds a number of constraints that dampen the progress of Islamic venture capital in Malaysia to be the following: i) apparent resistance of major Islamic banks to get involved in Islamic venture capital investment, ii) biasness against long-term investment; iii) underutilization of mushaarakah and mudaarabah mode of financing, iv) preference of expansion stage over seed capital by major venture capital institutions; v) lack of awareness on Islamic venture capital investment; vi) overreliance on government intervention. Practical Implications: This paper holds significant implications for the venture capital industry players because it provides gap which needs to fill to make the industry a success. Originality/Value of Paper: This paper sheds new light on the development of Islamic venture capital in Malaysia and constraints that stifle the progress of the industry. It also provides way forward for the industry.