Description of Invention
The implementation of financial technology (Fintech) in the Islamic finance industry has created a totally new phenomenon of banking and financial behavior 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 digitalization 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 with the process of financial activities. Hence, this project intends to analyse the need for Shariah-compliant regulation to govern Fintech-related activity in the Islamic finance industry.