The strong growth of Islamic capital markets internationally has seen the corresponding development of regulatory frameworks incorporating sharia law. Malaysia has been at the forefront of Islamic capital market regulatory development, merging corporate law drawn from its common-law heritage with sharia principles. This article examines the interaction of law with political economy and sociocultural influences in Malaysia which has underpinned the evolution of hybrid Islamic capital market regulation. It analyses the evolution of Malaysian Islamic capital market regulation against theories of legal origin and legal evolution. The analysis suggests that the sharia and common-law components of Islamic capital market regulation have evolved along two separate and seemingly inconsistent trajectories. While the secular corporate law component continues to evolve in tandem with its common-law tradition, development of the sharia component represents a distinct shift away from common-law traditions.

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马来西亚伊斯兰资本市场监管演变中的法律与社会

国际伊斯兰资本市场的强劲增长见证了纳入伊斯兰教法的监管框架的相应发展。马来西亚一直处于伊斯兰资本市场监管发展的最前沿，将源自其普通法传统的公司法与伊斯兰教法原则相结合。本文探讨了马来西亚法律与政治经济和社会文化影响的相互作用，这为混合伊斯兰资本市场监管的演变奠定了基础。它根据法律起源和法律演变理论分析了马来西亚伊斯兰资本市场监管的演变。分析表明，伊斯兰资本市场监管的伊斯兰教法和普通法成分沿着两条独立且看似不一致的轨迹发展。