ISLAMIC VENTURE CAPITAL AND PRIVATE EQUITY IN MALAYSIA: TOWARDS AN INTEGRATED JURISPRUDENTIAL FRAMEWORK
DOI:
https://doi.org/10.33102/vrsp2v57Keywords:
Islamic venture capital, private equity, jurisprudential framework, Malaysia, muḍārabahAbstract
The global Islamic financial services industry has grown to USD 3.88 trillion, yet remains structurally concentrated in debt-like instruments. Venture capital and private equity represent authentic equity-based financing aligned with the risk-sharing ethos of Islamic economic philosophy. However, existing Islamic finance scholarship analyses these structures through isolated contractual analogies rather than as integrated institutions. This paper proposes an integrated jurisprudential framework for the institutional analysis of Islamic venture capital and private equity within the Malaysian regulatory context. Adopting a qualitative doctrinal methodology, the study systematically examines ten core components of a modern VC/PE fund—including the General Partner, Limited Partner, Investment Committee, Advisory Committee, management fees, carried interest, board representation, protective rights, exit mechanisms, and fund termination—through the lenses of commercial reality, classical fiqh, uṣūl al-fiqh, and Malaysian regulation. The framework demonstrates that no single nominate contract adequately governs an Islamic VC fund; rather, the fund functions as an institutional synthesis of multiple Sharīʿah contracts requiring integrated jurisprudential analysis. The paper concludes with policy implications for the Securities Commission Malaysia, AAOIFI, and the IFSB, and proposes a future research agenda for the continued development of Islamic investment fund jurisprudence.
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