An observation on "Islamic Financial Services Act (IFSA) 2013 (Malaysia)

1. Can IFSA 2013 serve as the comprehensive alternative solution to Islamic Banking Act (IBA)1983, Takaful Act (TA)1984 & Banking and Financial Institutions Act (BAFIA) 1989?

2. As has been observed that, the total required regulatory solutions (as per required by the M'sian both systems of financial industries today) are not sufficiently (details) provided yet under the IFSA.

3. Hence, an intensive revision to IFSA (considering the current practical reality & foreseeable future industrial growth) may be recommended.

 4. A continuing revision of IFSA (every 3 years) may also be recommended, because of the rapid growth phenomena in the industry with discovered dimensions as to products, system, management, mechanisms, culture and activities.

 5. IFSA may be made to be able to play an effective leading role (example) in the world Islamic financial industries in its capacity as the comprehensive standard regulatory frameworks acceptable & appreciated globally.

6. It may also be kept in mind that, Islamic finance is not merely a product, but a holistic integrated system applicable to and benefits all mankind with the spirit of universal value regardless of one's religion, race, gender or status. That is the niche of Islamic finance with its sacred uniqueness comparing with other financial products and services in the modern economy.