scholarly journals Fintech and Islamic Finance-challenges and Opportunities

2019 ◽  
Vol 5 (4) ◽  
pp. 581-590
Author(s):  
Irum Saba ◽  
Rehana Kouser ◽  
Imran Sharif Chaudhry
Keyword(s):  
Economic Growth ◽  
Financial Services ◽  
Business Processes ◽  
Cost Effective ◽  
Current Status ◽  
Islamic Finance ◽  
Cyber Attack ◽  
Financial Industry ◽  
Challenges And Opportunities ◽  
Islamic Financial Institutions

Fintech is the merger of two terms: finance and technology. Islamic finance provides financial services to the customers in accordance to the rules and regulations prescribed by Shariah. As Islamic finance is growing by leaps and bounds since the last two decades, and so is FinTech, in the last decade. The main objective of Islamic finance is to enhance the economic growth in the society with the use of Shariah compliant financial solutions.  Likewise, FinTech provides cost effective solutions for the companies and especially startups that help in the reduction of their costs and improvement in business processes. Financial industry is a very elusive yet important sector in the society, and hence heavily regulated by the regulators. The introduction of FinTech in countries, especially developing countries like Pakistan can help to boost economic growth but this will increase the workload of regulators as they must ensure stability of the financial system and to protect it from frauds/crises. Hence, proper monitoring by the regulatory authorities is crucial to avoid cyber-attack, data leakages and data theft as it can lead to misuse of the information. For the good results of FinTech, not only the users but the regulators have to be aware with the structure and functioning of the system and the regulations should be in place proactively. This paper focuses on the three main aspects namely: explaining the FinTech, opportunities for Islamic financial institutions and the challenges/issues faced by the institutions in implementing FinTech solutions. The paper also provides the current status of FinTech application globally and the potential in it to serve the poorer segments of society. The review of literature approach is used for the paper.

Water and sanitation in Africa: current status, trends, challenges and opportunities

2017 ◽  
Author(s):  
George Kararach ◽  
Tito Yepes
Keyword(s):  
Economic Growth ◽  
Rural Poverty ◽  
Water Security ◽  
River Basins ◽  
Current Status ◽  
Institution Building ◽  
Infrastructure Development ◽  
African Countries ◽  
Hydrological Variability ◽  
Challenges And Opportunities

Africa faces difficult water/sanitation legacies in the form of high hydrological variability and a multiplicity of transboundary river basins alongside poor sanitation. These challenges impeded the continent’s economic growth. Balanced investments in water resource and sanitation infrastructure and institutions are needed to increase productive uses of water, to mitigate the effect of recurrent floods and droughts, and to achieve basic water security as a platform for Africa’s economic growth. Priority should be given to investments that (a) focus on growth, (b) reduce rural poverty, (c) build climate resilience and adaptation, and (d) foster cooperation in international river basins. Because most African countries have low stocks of hydraulic infrastructure, emphasizing investments in infrastructure is appropriate for them. However, institution building and reform, improvements in water/sanitation management and operations, and strengthening of water information systems must complement growth in infrastructure. Development of institutions should be advanced in parallel with infrastructure investment.

scholarly journals The Regulation of Islamic Finance in the United Kingdom

2010 ◽  
Vol 13 (1) ◽  
pp. 69-77 ◽  
Author(s):  
Jonathan Ercanbrack
Keyword(s):  
United Kingdom ◽  
Financial Institutions ◽  
Islamic Finance ◽  
Islamic Banks ◽  
Financial Industry ◽  
Religious Dimension ◽  
The United Kingdom ◽  
Islamic Financial Institutions

This article examines the unique risks associated with Islamic financial institutions and the secular state's reticence to directly regulate their religious dimension. It argues that the state's method of regulating the Islamic financial industry ignores special reputational risks associated with the religious and cultural distinctiveness of Islamic banks.

scholarly journals WILDLIFE MANAGEMENT UNDER ENCROACHMENT AREA OF SARISKA TIGER RESERVE: A FUTURE CHALLENGES AND OPPORTUNITIES

2020 ◽  
Vol 11 (2) ◽  
Author(s):  
Pavan Kumar ◽  
Manmohan Dobriyal ◽  
A. K. Pandey ◽  
Meenu Rani
Keyword(s):  
Wildlife Management ◽  
Community Involvement ◽  
Cost Effective ◽  
Climatic Conditions ◽  
Habitat Destruction ◽  
Current Status ◽  
Suitable Habitat ◽  
Panthera Tigris ◽  
Challenges And Opportunities ◽  
In The Wild

Wild tigers experience unparalleled coercion due to habitat destruction, prey reduction and commercial poaching. The Indian tiger (Panthera tigris tigris) one of the world's most endangered carnivore species, and is now thought to be in the verge of extinction in the wild. Sariska National Park in India is considered to be a highly suitable habitat for the tigers. Relocation and change in habitat of these living giant creatures is a thought of study for their survival and existence in the coming future considering change in climatic conditions. But the main problem for the tigers in the new habitat will be poaching and the human-wildlife conflicts. Integrated geospatial techniques provide accurate, cost-effective as well as time-effective method for habitat evaluation. The aim of the study is current status followed by opportunities and challenges. The results point out a large and comprehensive research on each of these issues, in particular on the community involvement in wildlife management and government policies.

scholarly journals Prospects for cooperation between the financial corporation and companies, working in the field of digital technologies

Upravlenie ◽  
2019 ◽  
Vol 7 (2) ◽  
pp. 57-64 ◽  
Author(s):  
V. S. Efremov ◽  
A. S. Pilishvili
Keyword(s):  
Development Strategy ◽  
Financial Services ◽  
Business Processes ◽  
Rapid Development ◽  
Digital Technologies ◽  
Open Architecture ◽  
Financial Industry ◽  
Digital Products ◽  
Advantages And Disadvantages ◽  
Main Regulator

The problems, associated with the development of new digital technologies, which, in turn, have an impact on the activities of large financial institutions of the Russian Federation, have been examined in the article. The aim of the study is to analyze the current situation in the economy, related to the growth of the market for digital products, their integration into the existing model of providing financial services to clients, as well as finding solutions to the joint activities of financial corporations and financial and technological companies. The definitions and main activities of financial corporations and fintech startups have been given in the article. The advantages and disadvantages of a large financial corporation and developing companies, operating in the field of digital technologies, as well as the positive results of combining their resources, have been highlighted. Positive examples of world experience in cooperation between the two types of these organizations and the attitude of the main regulator of the Central Bank of Russia to the development and implementation of financial technologies in the country’s economy have been adduced.The problems and opportunities of high competition in the struggle for the modern consumer, which lead to the rapid development of the entire financial industry market, have been analyzed. The results of the study have showed, that every day, worldwide, fintech companies test a significant number of digital products, various open architecture tools, methods of transferring information through blockchain technologies, and optimize and integrate into the existing systems new client base programs, that completely change the main business processes of large enterprises and have a significant impact on the main consumer - a person. This indicates the need for further research aimed at studying and analyzing the integration of financial corporations with technology companies, changing the existing business model, finding new approaches to the modern consumer and creating a new organization development strategy in the digital economy of the country.

scholarly journals Comparative Analysis on Shariah Governance in Malaysia: SGF 2010, IFSA 2013 and SGPD 2019

2020 ◽  
Vol 10 (1) ◽  
pp. 110 ◽  
Author(s):  
Muhammad Iqmal Hisham Kamaruddin ◽  
Mustafa Mohd Hanefah ◽  
Zurina Shafii ◽  
Supiah Salleh ◽  
Nurazalia Zakaria
Keyword(s):  
Comparative Analysis ◽  
Financial Institutions ◽  
Financial Services ◽  
Islamic Finance ◽  
Policy Document ◽  
Finance Industry ◽  
The World ◽  
Governance Practices ◽  
Islamic Financial Institutions ◽  
Shariah Governance

The main focus of shariah governance for an organization is to ensure that it is comply with shariah laws and regulations. Under Islamic finance industry, shariah governance is being given attention due to rapid growth of this industry in the world. For Malaysia, the authority through Bank Negara Malaysia (BNM) have taken a proactive role by introducing shariah governance guidelines including the Shariah Governance Framework (SGF) 2010, the Islamic Financial Services Act (IFSA) 2013 and the latest is the Shariah Governance Policy Document (SGPD) 2019. These shariah governance guidelines are supposed to support the development of shariah governance practices especially by Islamic Financial Institutions (IFIs) in Malaysia. However, there is limited to none study conducted to compare these guidelines. These shariah governance guidelines is necessary to be compared in order to find out whether these guidelines are complemented each other and to identify any differences among these guidelines. Therefore, the aim of this study is to compare between these shariah governance guidelines. Based on the analysis, it has been found that SGPD 2019 is the most comprehensive covers on shariah governance as compared to IFSA 2013 and SGF 2010. However, these three guidelines still not become comprehensive enough, as there is still limited to none discussion on the definition and objectives of shariah governance itself.

PETA KEKUTAN EKONOMI SYARIAH DALAM MENGHADAPI MASYARAKAT EKONOMI ASEAN (MEA)

ALQALAM ◽  
2015 ◽  
Vol 32 (2) ◽  
pp. 331
Author(s):  
Itang Itang
Keyword(s):  
Free Market ◽  
Islamic Finance ◽  
Islamic Banks ◽  
Economic Community ◽  
Financial Industry ◽  
Muslim Population ◽  
The People ◽  
Islamic Financial Institutions ◽  
Asean Economic Community ◽  
Islamic Economic

This paper examines the economic power of sharia that is not only able to survive but also can grow in the free market zone in Southeast Asia (ASEAN Economic Community (AEC)). The Islamic economic strength in Indonesia can be based on several reasons namely: 1). Muslim population. As the country with the largest Muslim population of about (87-90%), Indonesia should be the pioneer and the great power of Islamic finance in the world 2). Inherent Islamic doctrine and human resources. 3). Regulation of Islamic Economics as a tool that can legalize all policies the implementation of Islamic Economics. 4). Actors of Islamic Economics that come from various backgrounds such as practitioners, academics and customers. 5). Islamic Financial Industry Development. According to the data from Bank Indonesia in October 2013, there are 11 Islamic Banks, 23 Islamic Banks in the form of Sharia Business Unit , and 160 small sharia banks that distribute the fund for the people. Islamic banking assets currently has reached Rp. 228 trillions. The development of Islamic financial institutions does not only reach Islamic banks but also Islamic non­ banks such as insurance and pawnshop. Therefore we  are optimistic that sharia economy can grow in ASEAN Economic Community (AEC).Key word: sharia economy , islamic finance, AEC , ASEAN ,

scholarly journals Islamic Financial Services Act (IFSA) 2013 and the Sharīʿah-compliance requirement of the Islamic finance industry in Malaysia

2018 ◽  
Vol 10 (1) ◽  
pp. 94-101 ◽  
Author(s):  
Mohamad Akram Laldin ◽  
Hafas Furqani
Keyword(s):  
Content Analysis ◽  
Financial Institutions ◽  
Financial Services ◽  
Design Methodology ◽  
Islamic Finance ◽  
Content Type ◽  
Governance Framework ◽  
Finance Industry ◽  
Islamic Financial Institutions ◽  
Comprehensive Framework

Purpose This paper aims to observe the development of the Sharīʿah governance framework (SGF) and practice in Islamic financial institutions (IFIs) in Malaysia. Design/methodology/approach The study is a qualitative-based research. It uses various documents and content analysis approach to understand and analyze the structure, process and practice of SGF in IFIs in Malaysia. Findings It is found that the Central Bank of Malaysia, Bank Negara Malaysia, has attempted to develop a comprehensive framework of Sharīʿah governance for IFIs in Malaysia. The framework governs the practice of the industry, covers stakeholders’ scope of duties and responsibilities and provides details on processes and procedures in the operations of IFIs to achieve the objective of Sharīʿah compliance. To maintain the relevance of the SGF to the needs of the industry, the framework has also been updated recently in 2017. The amendments aim to strengthen the effectiveness of Sharīʿah governance implementation within the Islamic finance industry. Originality/value This study attempts to comprehensively examine the evolution of the SGF Sharīʿah governance framework for IFIs in Malaysia. The Malaysian model of the SGF is unique and could be emulated by other countries in developing the Islamic finance industry in their respective jurisdictions.

Economic substance or legal form: an evaluation of Islamic finance practice

2016 ◽  
Vol 9 (2) ◽  
pp. 277-295 ◽  
Author(s):  
Muhammad Hanif
Keyword(s):  
Financial System ◽  
Islamic Finance ◽  
Financial Industry ◽  
Legal Form ◽  
Content Type ◽  
Provision Of Services ◽  
Proper Training ◽  
Islamic Financial Institutions ◽  
Legal Forms ◽  
Practical Implications

Purpose Islamic financing is based on the ideology of Islam, proposing a different economic system than capitalism. The essence of Islamic financing lies in trading of goods, provision of services and/or investment under profit and loss sharing. This study aims to examine legal forms and economic substance of the contracts used by the Islamic financial industry. Design/methodology/approach To conclude on the objectives of the study, five most widely used contracts (modes/products), including Murabaha, Ijarah, Diminishing Musharaka, Sukuk and Mudaraba (deposits), were selected to test against the theory of the Islamic financial system. Findings It is found in the process that legally (legal form) contracts/products are in line with theory; however, economic substance is not very different from conventional counter parts. Practical implications Through application of alternative calculation measures/methods and proper training of human resources, Islamic financial institutions can shift economic substance of contracts in line with the theory of Islamic finance. Originality/value Islamic finance is an emerging area, and reasonably good amount of literature is available; however, perhaps, this is the only piece of work focusing on calculation methods, contributing in economic substance of contracts, being used in modern Islamic finance in addition to legal form as per essence of Islamic financial system.

scholarly journals Human Capital Investment And Training In Islamic Banking Industry In Jordan Jordan Islamic Bank for Finance and Investment

2016 ◽  
Vol 12 (10) ◽  
pp. 90
Author(s):  
Ziad Mohammad Obeidat
Keyword(s):  
Human Capital ◽  
Financial Services ◽  
Capital Investment ◽  
Islamic Finance ◽  
Financial Industry ◽  
Muslim Countries ◽  
Strong Focus ◽  
Wide Range ◽  
Capital Development ◽  
The Impact

The purpose of this study is to measure the impact of investment in human resources activities on the effectiveness of investment in human capital and investigated the relationship between human capital Investmenttraining and its effectiveness in Islamic banks in Jordan. The fascinating development and point of discussion in recent years is the rapid growth and expansion of the Islamic financial services industry. It is no longer rhetoric as Islamic finance has been accepted as viable and competitive mode of financial intermediation that offers wide range of financial products and services to meet the highly differentiated demands of the new economy; not only in Muslim countries but also beyond the Muslim world. Against these rapid revolution of Islamic financial industry globally and in Jordan particularly, human capital has become the defining factor in sustaining the performance and competitiveness of Islamic financial industry. Thus it is crucial to place strong focus on human capital development in embarking Islamic financial services encompassing the basic foundation namely; education. A prerequisite requirement for highly talented and skilled labor force is essential to maximize the opportunities presented by the evolving economic environment in the future. The objective of this study is to determine the issues faced by practitioners that initiate the need to undertake training and development courses as well as to identify the type of training required by current practitioners that affect performance. The main findings of the study can be more comprehensive and representative if more respondents from several banks that practices Islamic finance can be involved in validating the issue that is realizable for future study.

scholarly journals SOME NOTES ON IFRS CONVERGENCE AND THE ISLAMIC FINANCIAL INDUSTRY

2018 ◽  
Vol 7 (1) ◽  
pp. 1
Author(s):  
Ratna Mulyany
Keyword(s):  
Financial Institutions ◽  
Financial Reporting ◽  
Service Industry ◽  
Accounting Standards ◽  
Islamic Finance ◽  
Financial Industry ◽  
Financial Reporting Standards ◽  
Islamic Financial Institutions ◽  
Worldwide Phenomenon ◽  
Accounting Convergence

IFRS Convergence has been a worldwide phenomenon with most of countries in the world are adoptingIFRS instead of their national accounting standards. At the same time, the Islamic finance is gaining its popularity in the present world with the increasing acceptance by international community. In relation to these two phenomena, there have been concerns that the establishment of Islamic financial institutions together with its own unique characteristics will impede the achievement of the global accounting convergence. Furthermore, the promulgation of accounting standards by Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), which is intended to fulfil the unique features of Islamic Financial Industry is viewed as a challenge to the International Financial Reporting Standards (IFRS), which is promoted by the convergence agenda. Numerous complex issues emerge as result of the dilemmatic position of IFIs in retaining its distinct Shari’ah principles, while attempting to be part of the global financial system through adopting the IFRS. This study aims to describe some notes relating to the IFRS convergence and the development of Islamic finance. The objective is to outline the issues, not necessarily to resolve them, and to consider the implications they have for pursuing IFRS convergence in the context of Islamic financial service industry.

Sign in / Sign up

Export Citation Format

Share Document