In the News: Islamic Banks and FinTech

Last month, a representative of the Malaysian Industry-Government Group for High Technology—a public-private taskforce overseen by the prime minister to examine ways of using new technology to promote business opportunities—suggested that Islamic banks could reduce legal and administrative costs by using "blockchain." Blockchain is a type of electronic ledger, and according to the representative, blockchain … Continue reading In the News: Islamic Banks and FinTech

Commentary: The US, the UK, and the Model of Competitive Equality

This commentary, by SHARIAsource U.A.E. and Malaysia editor Paul Lee, examines the U.S. and the U.K. as an example of a model of competitive equality for the regulation of sharīʿa compliance in Islamic finance. The regulation of Islamic finance has generally been an area to which Western jurisdictions have devoted limited attention, and courts and regulators have … Continue reading Commentary: The US, the UK, and the Model of Competitive Equality

Malaysia and the Centralized Model of Islamic Finance Regulation

UAE and Malaysia editor Paul Lee's commentary examines Malaysia as an example of a centralized model of regulating Sharīʿah compliance in Islamic finance. "When parties seek to engage in Islamic finance in a jurisdiction, that jurisdiction must make a determination as to whether, and how, to regulate Islamic finance. Beyond those issues arising in conventional finance, Islamic … Continue reading Malaysia and the Centralized Model of Islamic Finance Regulation