REGULATORY FRAMEWORK AND LEGAL CHALLENGES IN DIGITALIZATION OF ISLAMIC FINANCE

Abstract

This article analyses regulatory and legal challenges that may subsist in Malaysia’s Islamic Finance digitalization moves. The country’s finance industry regulators have been proactive in digitalizing the dual finance industry. The regulators have announced relevant frameworks since 2016 to support and spur digitalization development. This investigation employs a qualitative research method to achieve the objective. Despite bold initiatives, the authors argued the issues require comprehensive attention by the regulatory authorities. Past researchers have identified the issues. In this research, the authors expand the discussions on the identified issues.