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Title: Level-playing field : the regulatory framework for Islamic banks in the United Kingdom and Malaysia
Author: Zolkapli, Nuramarina
ISNI:       0000 0004 6422 0985
Awarding Body: SOAS University of London
Current Institution: SOAS, University of London
Date of Award: 2016
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'Level-playing field' is an expression used by regulators in expressing the fair treatment of financial institutions. 'Level-playing field regulations' is also a representation of benchmark-setting in response to the complexity and diversity that exists in the financial system. Nonetheless, such a notion has never been precisely defined thereby bringing into question the usefulness of this idea. Therefore, the aim of this research is to examine the concept of level-playing field regulations. In particular, this research investigates level-playing field regulations for retail Islamic banks in the United Kingdom and Malaysia - two notable examples where level-playing field has been expressed in regulatory reforms. A comparative law methodology is employed, and a criterion judging whether there is (i) 'equality before the law'; and (ii) 'a fair opportunity to compete' is established to test whether a level-playing field exists. This research is the first to determine the extent to which retail Islamic banks can be considered to be operating within a level-playing field. One of the significant findings from this study is that the regulators in the UK and Malaysia have not fully enabled level-playing field regulations for retail Islamic banks. It is also inferred that due to the complexity of the financial system, exposure to risks and the nature of law, the regulatory environment for the banking system does not allow the level-playing field regulations to be effective. Therefore, level-playing field regulation is not a useful concept. By challenging the existing regulatory framework, this research provides pivotal insights to regulators and scholars on the criterion, challenges and impact of levelplaying field regulations. This research will encourage the reconsideration of using this concept.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral