EN
Islamic capital market is an integral component of the global Islamic financial system. Malaysia and GCC region are centers of financial activities which are in compliance with the Shari'ah prin- ciples. There is a need for a more intensive international co-ordination of regulatory approaches and consolidation of the Islamic finance industry to achieve well-functioning and efficient capital market. Such organizations as IFSB, AAOIFI provide guidance to OIC capital market regulators, but there are problems with its implementation.