Publication:
Regtech for Islamic banking and finance: a new frontier for the modern-day regulatory framework development
Abstract
This paper aims to exhibit how regtech can be utilized in developing supportive, yet prudent, policies to the Islamic banking and finance sector which are aligned with the objectives of the Shari'ah. Regtech has showcased to be a powerful enabler for both regulators and market participants to collect, analyze and improve compliance to be achieved in real-time at low costs. Apart from that, the ability for regtech and facilitating technologies to collect hard and soft data (e.g., financial information and behavioural data) provides an avenue for regulators to incorporate the ethos of Islamic finance into its policy development processes. To achieve the said objectives, this paper would also explore the possibility of incorporating the ethos proposed by Islamic finance, which places the emphasis of fairness, ethical business practices and acting in bonafide for all stakeholders (e.g., people, planet and profit).
Keywords
Regtech , Regulatory technology , Financial services industry , Technological innovations , Banks and banking
Citation
Ahmad Sazaki, M. L. (2019). Regtech for Islamic banking and finance: a new frontier for the modern-day regulatory framework development (Master dissertation). INCEIF, Kuala Lumpur. Retrieved from https://ikr.inceif.org/handle/INCEIF/3174
Publisher
INCEIF