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Waqf :  Can Finterra Deliver The Changes Needed To Meet The Challenges?

February 9th, 2019 |

Waqf :  Can Finterra Deliver The Changes Needed To Meet The Challenges?

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How Islamic Finance can help to achieve SDGs

October 1st, 2020 |

How Islamic Finance Can Help Achieve the SDGs

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Islamic Fintech: Opportunities and Challenges

July 1st, 2020 | Digitalization has changed the structure of the Islamic moral economy and spurred the development of the overall Islamic digital sphere, which includes Islamic financial services. Automation, disintermediation, decentralization and blockchain brought by technological advancements have specifically participated in the establishment of strong and resilient financial technology (fintech). However, despite the great changes and opportunities that Islamic fintech brings to the Islamic economic and financial systems, mismanagement of this nascent area may hinder the growth of the overall ecosystem. This article examines some issues and challenges facing Islamic fintech and its prospects.

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IN-PERSON - Exclusive Interview with Professor Datuk Dr. Rifaat Ahmed Abdel Karim

June 26th, 2018 |

Professor Datuk Dr. Rifaat Ahmed Abdel Karim has an international reputation as a leader and authority in the Islamic financial services industry (IFSI), at both professional and academic levels. He has played a pioneering role in the development of Islamic finance globally. His leadership in the setting of accounting, auditing, governance, Shariah and regulatory standards, as well as in the development of high quality short-term financial instruments to facilitate liquidity management for Islamic financial institutions, has been highly instrumental. He is also a recipient of numerous globally accredited awards. In 2016, he was conferred the Royal Award for Islamic Finance by the King of Malaysia, His Majesty the Yang di-Pertuan Agong. The Banker has also identified him as one of the most respected figure in the Islamic financial sector, and Euromoney has named him as one of the top 20 individuals who have so far come to the forefront of the industry. With that, I-FIKR Digest is delighted to be able to publish excerpts from his interview conducted by Dr Shariq Nisar and Prof. Dr. Umar Farooq in Doha, Qatar. 

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Reporting of Shariah Non-Compliance Events: The Case of Some Islamic Financial Institutions in Malaysia

January 31st, 2020 |

Shariah non-compliance (SNC) refers to the failure of Islamic financial institutions (IFIs), particularly Islamic banks and takaful operators, to comply with the Shariah resolutions issued by their respective Shariah committees and/or the Shariah Advisory Council (SAC) of Bank Negara Malaysia (BNM). SNC falls under the framework of operational risk as SNC risks arise from insufficient or failed internal processes and procedures in the system or the errors of people conducting those procedures. SNC incidences may expose IFIs to unfortunate implications. If no proper remedial actions are taken, such incidents might breach the Islamic Financial Services Act (IFSA) 2013, exposing the responsible persons to fines and/or imprisonment and the institution to fines and/or revocation of its license, as outlined in Section 28 (5). This article briefly highlights some policies and guidelines for mitigating SNC risks, issued by Bank Negara Malaysia (BNM) in its capacity as the regulator. It then explains how some IFIs in Malaysia have complied with those guidelines in reporting their SNC incidents.

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