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Selected issues in the use of RegTech in the Islamic and conventional financial markets

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dc.contributor.authorSherin Kunhibava
dc.contributor.authorZakariya Mustapha
dc.contributor.authorMohammad Ershadul Karim
dc.contributor.authorAuwal Adam Sa'ad
dc.contributor.authorAishath Muneeza
dc.date.accessioned2023-06-20T05:11:28Z
dc.date.available2023-06-20T05:11:28Z
dc.date.issued2023
dc.description.abstractThis study aims to explore several challenges in the use of regulatory technologies (RegTech) in Islamic and conventional financial markets and share recommendations in this regard. A qualitative research methodology was used to identify the existing challenges. Literature was reviewed and analyzed, and seven experts were interviewed or consulted online and their feedback examined. The judgment of the case B2C2 Ltd v Quoine Pte Ltd. was reviewed. This study reveals a lack of relevant regulatory frameworks capable of meeting some of the evolving challenges, lack of awareness among market players and lack of expertise in RegTech. The list of additional challenges includes the issue of legacy technology, the weaknesses of human programmers and the need for a multifaceted solution for compliance requirements. This study notes the novelty of RegTech in the financial world, especially in the Islamic financial market. Thus, there is a dearth of relevant literature. This study assists relevant conventional and Islamic financial market entities and authorities in determining the potential impact of RegTech on their respective businesses and the financial system.en_US
dc.identifier.citationKunhibava, S., Muneeza, A., Mustapha, Z., Karim, M. E., & Sa'ad, A. A. (2023). Selected issues in the use of RegTech in the Islamic and conventional financial markets. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-03-2022-0069en_US
dc.identifier.doihttps://doi.org/10.1108/JIABR-03-2022-0069
dc.identifier.issn1759-0817
dc.identifier.urihttps://ikr.inceif.org/handle/INCEIF/3788
dc.languageEnglish
dc.language.isoengen_US
dc.publisherEmerald Publishing Limiteden_US
dc.rights2023. Emerald Publishing Limited
dc.sourceSEDONA
dc.subjectRegTechen_US
dc.subjectBenefitsen_US
dc.subjectChallengesen_US
dc.subjectB2C2 Ltd v Quoine Pte Ltden_US
dc.titleSelected issues in the use of RegTech in the Islamic and conventional financial marketsen_US
dc.typeJournal Articleen_US
dlc.maintopicFintechen_US
dspace.entity.typePublication
ikr.doctypeScholarly Works
ikr.topic.maintopicFintechen_US
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relation.isAuthorOfPublication.latestForDiscovery81014255-5cb8-46bc-ad81-bf6d8a3a0702
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