Strengthening Islamic Finance in South-East Asia Through Innovation of Islamic FinTech in Brunei Darussalam

2020 ◽  
pp. 202-226
Author(s):  
Abdurrahman Raden Aji Haqqi
Keyword(s):  
East Asia ◽  
Financial Services ◽  
Industrial Revolution ◽  
Financial Sector ◽  
Islamic Finance ◽  
South East Asia ◽  
Significant Challenge ◽  
Fourth Industrial Revolution ◽  
Brunei Darussalam ◽  
Descriptive Method

Fintech solutions can revolutionize Islamic financial services and leverage on the so-called ‘Fourth Industrial Revolution' which is the movement towards combining everyday aspects of our lives, such as finance, into the digital realm that will help increase speed, efficiency, and convenience. The most significant challenge for all countries pursuing Fintech is regulating the industry. Following the issuance of the Financial Sector Blueprint, the Fintech Unit was established under Autoriti Monitori Brunei Darussalam (AMBD). AMBD envisions a vibrant economy powered by ICT through ICT-Smart Citizens as well as being a connected and efficient nation. This chapter discusses the application of Fintech specifically in Islamic finance sector based on the descriptive method of research by concentrating on its regulations. At the end, the research found that though Fintech in Islamic finance sector has been done since it's emerging through Guidelines Fintech Regulatory Sandbox Guidelines Islamic financial Fintech will be strengthened and developed and more diversified.

scholarly journals Fintech In Malaysia: An Appraisal to the Need of Shariah-Compliant Regulation

2020 ◽  
Vol 28 (4) ◽  
Author(s):  
Muhammad Ilyas Ab Razak ◽  
Nur Akma Mohd Dali ◽  
Guru Dhillon ◽  
Azwina Wati Abdull Manaf
Keyword(s):  
Financial Services ◽  
Industrial Revolution ◽  
Islamic Finance ◽  
Related Activity ◽  
Traditional Practice ◽  
Finance Industry ◽  
Fourth Industrial Revolution ◽  
Potential Risks ◽  
Financial Behaviour ◽  
Financial Technology

The implementation of financial technology (Fintech) in the Islamic finance industry has created a totally new phenomenon of banking and financial behaviour for the stakeholders, particularly in Malaysia. As part of the financial revolution, the Islamic finance sector ought to embrace Fintech to diversify the services/products offered as the digitalisation process is taking place in the Fourth Industrial Revolution era. In order to safeguard the assimilation of the technology into the existing traditional practice of Islamic finance, Shariah-compliant regulation is, therefore, necessary for governing the potential risks associated throughout the process of financial activities. Hence, this paper intends to analyse the need for Shariah-compliant regulation to govern Fintech-related activity in the Islamic finance industry. The article emphasises the need from several aspects such as the non-comprehensiveness of the Islamic Financial Services Act (IFSA) 2013; the increasing rate of financial inclusion and; the qualifications of the Shariah Advisory Council’s (SAC) members in Malaysia. It also provides recommendations through the introduction of subsidiary legislation pursuant to IFSA; production of regulatory sandbox framework especially for Islamic Fintech firms; and emphasis on the importance of SAC members possessing knowledge in technological aspect in order to ensure the need for Shariah-compliant regulation in the Islamic finance industry is properly satisfied.

scholarly journals An inter-site study of biofouling recruitment on static immersion panels in major ports of South East Asia and India

2018 ◽  
Vol 35 (1-2) ◽  
pp. 167-176
Author(s):  
Chin Sing Lim ◽  
Zuliza Haji Jolkifli ◽  
Alina Jair ◽  
Noorizan Karim ◽  
Ranimah A. Wahab ◽  
...  
Keyword(s):  
East Asia ◽  
Lao Pdr ◽  
Marine Biodiversity ◽  
South East Asia ◽  
Brunei Darussalam ◽  
Mytilopsis Sallei ◽  
Invasive Organisms ◽  
Manila Bay ◽  
East Asia Region ◽  
Static Immersion

Limited knowledge of native marine biodiversity hinders effective biodiversity management to safeguard South and Southeast Asia’s marine coastal environment against the threat of invasive species transfer through shipping. In particular, sessile marine biofouling organisms in South East Asian ports are poorly known. Through the support of the ASEAN-India Cooperation Project on the Extent of Transfer of Alien Invasive Organisms in South/South East Asia Region by Shipping, a coordinated effort to examine diversity of biofouling organisms in major port areas in Southeast Asia and India was made using polyvinylchloride (PVC) panels as recruitment surfaces in a static immersion study for a period of 12 months. Not surprisingly, the study revealed that fouling patterns differed between ports possibly as a result of dissimilar hydrographic conditions. However, there were also underlying similarities that reflected a regional uniformity in the composition of fouling communities. At the same time, the alien Caribbean bivalve Mytilopsis sallei was detected in Manila Bay (Philippines), Songkhla Port (Thailand) and Singapore. This is a first simultaneous biofouling survey involving scientists and government stakeholders from India and ASEAN nations of Brunei Darussalam, Indonesia, Lao PDR, Malaysia, Myanmar, Singapore, Thailand, Philippines and Vietnam.

Mobile Security in Low-Income Households' Businesses

2019 ◽  
pp. 576-595
Author(s):  
Bibi Zaheenah Chummun
Keyword(s):  
Low Income ◽  
Financial Services ◽  
Industrial Revolution ◽  
Financial Inclusion ◽  
Services Sector ◽  
Security Breaches ◽  
Fourth Industrial Revolution ◽  
Security Challenges ◽  
Mobile Financial Services ◽  
Low Income Households

A wide range of technologies impinges on all disciplines including financial services in this era of the Fourth Industrial Revolution. The deployment and security of mobile phones have considerably increased financial services access such as mobile money to the low-income households in developing African markets recently. The financial services that were once randomly accessible to those financially excluded have now become a potential pathway to enhance financial inclusion in allowing the low-income households to transact through mobile financial services in a more speedy, reliable, and secure manner. However, many security challenges remain to be addressed to promote a more inclusive mobile financial system. This chapter focuses on mobile devices security landscape and unprecedented security breaches by cyber criminals and how those threats can be mitigated in a view to promote financial inclusion in the mobile financial services sector of emerging African markets in the midst of the Fourth Industrial Revolution.

scholarly journals Blockchain and its Application

2021 ◽  
Vol 2 (2) ◽  
pp. 1-13
Author(s):  
Smita Ghosh ◽  
Keyword(s):  
Health Care ◽  
Information Technology ◽  
Industrial Revolution ◽  
Financial Sector ◽  
Current Paper ◽  
Steam Engine ◽  
Fourth Industrial Revolution ◽  
Blockchain Technology ◽  
Digital Services

In this research investigation into Blockchain Technology, its current use and other possible implementation of this protocol are explored. Blockchain offers opportunities for developing advanced digital services. While current research on this becoming the most important issue which must be well addressed. As part of the fourth industrial revolution since the invention of the steam engine, electricity, information technology, Blockchain Technology has been applied in many areas such as finance, judiciary, and commerce. In this current paper, we focused on its potential Voting Application and explore how Blockchain Technology can be used to solve Health Care Issues, Land Registry, Any Financial Sector, etc. Some innovative applications of using blockchain technology for different sectors we also discussed.

scholarly journals Prospects of Digital Financial Services in Bangladesh in the Context of Fourth Industrial Revolution

2020 ◽  
pp. 88-95
Keyword(s):  
Financial Services ◽  
Industrial Revolution ◽  
Digital Economy ◽  
Policy Reforms ◽  
Policy Makers ◽  
Fourth Industrial Revolution ◽  
Development Goals ◽  
Effective Policy ◽  
Operational Constraints ◽  
Remarkable Progress

This paper attempts to reveal the prospects of Digital Financial Services (DFS) in Bangladesh by introducing associated concepts-fourth industrial revolution, digital economy, and digital financial services. Required data and information was collected primarily from the numerous sources of a secondary resource. It finds that Bangladesh has achieved remarkable progress in mobile phone penetration and secured among the top four countries advancing towards the digital economy rapidly. The country has tremendous prospects of DFS ahead; it will bring impressive economic growth and reduce poverty with huge strategic opportunities through connecting and using cutting edge technologies of the 4th industrial revolution. Bangladesh's government’s effective policy reforms, digital Bangladesh’s vision, and the a2i program ran by the Prime Minister Office made this boom in spreading digital financial services. It was projected by Bangladesh Bank and Light Castle that the MFS trend will be grown consistently; there will be 407 million clients and BDT 121 billion will be transacted in 2022. Challenged IT infrastructures, few regulatory and operational constraints including digital illiteracy are considered as the barriers to using the full potentials of digital financial service. In realizing the goals of Sustainable Development Goals (SDGs), the article will be useful for policy-makers, academia, learners, policy advocates, experts, and stakeholders of digital financial services.

Critical assessment of Islamic financial assets pricing in South-East Asia: evidence from NARDL modelling

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Monsurat Ayojimi Salami
Keyword(s):  
East Asia ◽  
Financial Services ◽  
Secondary Data ◽  
Wald Test ◽  
Weak Form ◽  
South East Asia ◽  
Financial Assets ◽  
Content Type ◽  
Long Run ◽  
Rockets And Feathers

Purpose This study aims to critically examine the pricing of Islamic financial assets (Sharīʿah-compliant assets, Sharīʿah-compliant securities, Sharīʿah-compliant financing and Sukuk) in the three South-East Asia countries such as Malaysia, Indonesia and Brunei to provide necessary information to the policymakers and Islamic finance investors for making a sound decision. Design/methodology/approach This study used secondary data and used the nonlinear autoregressive distributed lags (NARDL) model to estimate the reaction of Islamic financial assets in South-East Asia towards price changes. Wald-test was used to diagnose the final model. Findings The result of this study shows that the majority of Islamic financial assets in the three South-East Asia countries exhibit positive and negative long-run effects. The findings reveal a long-run asymmetric relationship that supports rockets and feathers effects. The indication is that Islamic financial assets pricing deviates from weak form EMH. Pricing of Islamic financial assets reveals unfair pricing. Practical implications Price adjustment of Islamic financial assets requires urgent attention of policymakers to prevent Sharīʿah non-compliant risk. Therefore, the Shariah advisory board in those countries, Accounting and Auditing Organization for Islamic Financial Institutions and Islamic Financial Services Board are hereby advised to act on the factors that might enable rockets and feathers effects on the pricing of Islamic financial assets, as the long-run asymmetric relationship is established. Originality/value This study is novel as it critically and simultaneously examines the pricing behaviour of Islamic financial assets in the three South-East Asian countries. The findings from the study provide vital information on the pricing behaviour of Islamic financial assets to the policymakers and investors.

Productivity and financial sector policies: Evidence from South East Asia

1998 ◽  
Vol 35 (1) ◽  
pp. 61-82 ◽  
Author(s):  
Panicos O. Demetriades ◽  
Michael P. Devereux ◽  
Kul B. Luintel
Keyword(s):  
East Asia ◽  
Financial Sector ◽  
South East Asia
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