Abstract

The problem of the study focused on the components and obstacles that limit the construction of an integrated Islamic market in Islamic countries, including Iraq, and what is the practical framework of the Malaysian experience, as a business model that can be emulated, in building an Islamic stock market that can be used to adopt a model that can be applied on the ground and in a real way in Islamic and non-Islamic countries, parallel to the traditional stock market? The aim is to follow the Malaysian experience, which is considered a pioneer of its kind in the field of establishing and developing Islamic financial instruments, and to make conventional financial services and instruments Shariah-compliant, similar to the stocks and Sukuk compatible in the Malaysian experience and applied according to a clearly defined strategic plan. The research reached several results within the framework of using the research and investigation methodology and the announced data and analyzing them graphically, including: the existence of the legal and regulatory infrastructure and the supervisory framework that controls the manufacture of Islamic finance formulas, the creation of a money market among Islamic banks characterized by high liquidity, and the most important results are the privilege of the financial system in Malaysia by duality, as it combines the conventional and Islamic systems. Therefore, it is possible to establish an Islamic financial market (stock exchange) if the technical, administrative, legislative and legal elements are available to create and form that market, and this is an answer to the hypothesis of the study.