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Islamic Capital Market
The Islamic Capital Market (ICM) refers to the market where the activities are carried out in ways that do not conflict with the conscience of Muslims and the religion of Islam. In other words, the ICM represents an assertion of religious law in the capital market transactions where the market should be free from the involvement of prohibited activities by Islam, as well as free from the elements such as usury (riba), gambling (maisir) and ambiguity (gharar).
The ICM today is one of the components in the overall capital market in Malaysia. It plays similar important role as other capital market components in generating the economic growth of the country. The ICM functions as a parallel market to the conventional capital market for capital seekers and providers, and plays a complementary role to the Islamic banking system in broadening and deepening the Islamic financial markets in Malaysia.
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