SEM 1 2019/2020

FIN 4030
PRINCIPLES & PRACTICES OF TAKAFUL & RETAKAFUL

TAKAFUL IN FINTECH

PREPARED FOR :
DR. NORDIANAWATI IRWANI BT ABDULLAH

PREPARED BY:

NAME MATRIC NO

ANIS FARHAH BINTI MOKTAR 1626546

ANIS SYAZWANI BINTI SIDIK 1517710

HUMAIRA BINTI AHMAD 1621646

SECTION :1
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TABLE OF CONTENTS

NO CONTENTS PAGE NUMBER

1 Background of Study 1

2 Companies that used Fintech in their 2-7

Operation

3 Literature Review 8-12

-Regulation for Fintech
-Regulatory Sandbox Framework
-Impact of Fintech
-Syariah Issue

4 Findings 13-14

5 Conclusion 15

6 Bibliography 16

Background of Study
 3

In this modern era, technological advancement has changed the way banks and business
communicates with the customer or users. Conventional and Islamic Financial Institutions also not
left behind in applying the latest technologies in their daily operations with the customers.
Technologies have modified the way the business and financial institutions operate and deliver its
products. With the use of technology, business and financial institutions now can reach any customer
they want, anywhere and anytime. This can help to save time and money.

According to Bank Negara Malaysia (2016), technological innovation that is being used in the
provision of financial services is known as Fintech. There are several definitions for Fintech. Firstly,
according to 1Farha Hussain (2015), “Financial innovation can be defined as the act of creating and
popularizing new financial instruments as well as new financial technologies, institutions and
markets. It includes institutional, product and process innovation.” Besides that, Fintech Weekly
(2016) stated that business which used software and modern technology in their financial services also
a description for Fintech. Lastly, Fintech describes organizations that merge between innovative
business models and technology to set up, strengthen and disrupt financial services (Ernst&Young,
2016).

There are several types of Fintech products which include mobile banking application, e-
payment, e-wallet and e-money. Mobile banking application cater various banking services such as
access to account details and balances, bill payment, internet banking transactions and so on. E-
payment or known as electronic payment is used to make transactions or paying goods or services
through electronic medium without the use of cash. Example of e-payments include credit card, debit
card, internet banking transfers and e-wallet. While e-wallet is a digital wallet where it is divided into
two categories. The first categories is Network based where it stores digital money on the cloud like
Grab Pay, Boost, and Touch ‘n Go e-wallet. Another category is card based where it rides on an
existing card network like Visa and Mastercard. For example, Mpay Wallet and AEON Wallet.
Lastly, E-money is just like our money but it in the form of coins or notes which appears as a digital
number inside an e-wallet. According to 2The Financial Services Act 2013, e-money is defined as a
payment instrument, whether tangible or intangible, that stores funds electronically in exchange of
funds paid to the issuer and is able to be used as a means of making payment to any person other than
the issuer.

Although Fintech has a lot of uses and can give benefits to the financial institutions sector,
however there are several questions need to be answered such as whether Fintech is widely used by
Financial Institutions in Malaysia? Is there any takaful company that used Fintech? Is there any
framework which regulates Fintech? What are the advantages and impact of Fintech to the Financial
Institutions? What is the Syariah issue related to Fintech? This study can help to give answers to all of
these questions.

1
Aizat Saad, M., & Nazjmi, W. (2019). FINANCIAL TECHNOLOGY (FINTECH) SERVICES IN
ISLAMIC FINANCIAL. researchgate , 3-5.

2
Bank Negara Malaysia. (2013, June 30). Financial Services Act 2013 . Retrieved 2019, from bnm:
http://www.bnm.gov.my/documents/act/en_fsa.pdf
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Companies that Used Fintech in Their Operations

3
This map shows a quick glance the companies in Malaysia that provides Fintech services. They are
divided into several categories based on its function. Nowadays, we can see that a lot of companies
already apply Fintech in their daily operations. They need to keep up-to-date on the latest technology
if they want to survive in these competitive industries. These Fintech companies able to help the
customers smartly, compare, choose and purchase financial products like bank loans, credit cards and
insurance directly from the respective financial institutions. Below are several examples of companies
which used Fintech based on its focused sector.

Wallets
BOOST Touch ’n GO

Boost and Touch ‘n Go specialize in e-wallet. Most people use these apps to pay for goods and
services at certain outlets if they don’t want to carry cash with them. Boost is a stored value wallet
operated by telco player Axiata Group that permits payments using QR Codes while Touch ‘n Go is
widely for public transportation and its e-wallet also enable payments using QR code.

3
Fintech Singapore. (2018). FINTECH MALAYSIA COMPANIES AND FINTECH MALAYSIA STARTUPS. Retrieved
December 19, 2019, from Fintech News: https://fintechnews.sg/fintech-companies-in-malaysia-fintech-
startups/
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Payments

Molpay MANAGEPAY SYSTEMS BERHAD

Molpay and Managepay Systems Berhad is widely used for e-payments. MOLPay is a payment
gateway that provides fully coverage of payment methods include credit/debit card and domestic
internet banking with 100 banks and above in Southeast Asia. While ManagePay Systems Berhad or
MPay is a platform for end-to-end electronic payment for banks and financial institutions, merchants
and card issuers that operates in Malaysia.

Islamic Fintech
ETHIS KAPITAL SEDANIA AS-SALAM CAPITAL

Islamic Fintech refers to Fintech with Syariah principles and Syariah values. There are two companies
that applies Islamic Fintech which are Ethis Kapital and Sedania As-Salam Capital. Ethis Kapital is
one of the 6 companies that approved by Securities Commissions as an operator for Islamic P2P
operator. Peer-to-peer (P2P) lending enables individuals to get loans directly from other individuals,
without the need of financial institution as the intermediaries. As- Sidq is an Islamic Financial
Tawarruq Trading Platform used by 20 financial institutions in Malaysia.
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CROWDFUNDING
SKOLAFUND FundedByMe

According to Fundable, Crowdfunding is a method of raising capital through the collective effort of a
large pool of individuals through online via social media and crowd funding platforms. For example,
SkolaFund and Funded By Me. SkolaFund is used to crowd fund scholarship for students who are in
need to further their education. While, Funded by Me is one of the 6 crowd funding and p2p
platforms.

INSURTECH
DRAVA FATBERRY

POLICYSTREET

Insurtech refers to the use of technology innovations which aims to maximize savings and efficiency
from the current insurance industry. DraVa is designed as a tool that can be used by the drivers to
improve their driving habits based on the feedback given by the customers after every trip is made.
On the other hand, FatBerry offers a variety of insurance products from Malaysia, Singapore and
Indonesia. Policy Street offers insurance products for consumer needs such as travel, dental and
personal accidents.
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Takaful Companies That Apply Fintech

1) MAYBANK TAKAFUL WALLETAID

Maybank now provide Takaful WalletAid which the fund is managed by Etiqa Takaful Berhad (ETB).
The user has an advantage of flexible payment options where he can choose whether to pay monthly
instalments or yearly contributions. The users can pay easily using auto-debit and have a 15-day-
money-back guarantee.

2) Zurich Takaful

Beginning 1 November 2019, Zurich Takaful collaborate with boost and Touch ‘n Go where you can
use these apps to pay for insurance premiums or make takaful contribution. Users have the advantage
of 20% cashback if they pay the premium or contribution using Boost e-wallet. You also can make
payment online from your current account or savings accounts via FPX using Debit or Credit Card.
You also can set for auto debit recurring payments if you want to make monthly payments
automatically.

3) Prudential BSN Takaful

Prudential BSN Takaful and Prudential Assurance Malaysia Bhd has collaborated with boost,
therefore Boost users now can use the e-wallet to pay for their insurance or takaful. Customers get to
use their Boost e-wallet as a payment method when making premium payments through Prudential’s
corporate website in a secure and hassle-free manner. On the other hand, Prudential agents can also
make payments on behalf of customers via their dedicated portal. The users also get cashback if they
pay with boost.
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Literature Review

Regulations for Fintech

1. Framework for Introduction of New Product

Bank Negara Malaysia has imposed certain frameworks and regulations that need to be
followed by the takaful operators or insurance companies for any fintech products introduction.
Fintech is categorized under new product development since it is a new thing or innovation that just
newly emerged in the current world. The scope of this framework is applicable to any licensed
takaful operators and insurance companies that wanted to introduce fintech products in their services.
The policy particularly set out their responsibilities towards consumers in ensuring that products sold
or recommended suitable which consumers are clearly and fully informed of the nature and risks
associated with the products. It also addresses the Central Bank’s expectation regarding the
management and control of risks associated with the development, offering and marketing of new
insurance or takaful products and the applicable regulations that need to be implied.

According to BNM (2015), new product is defined as:

“(a) an insurance or takaful product that is being offered by a licensed person in Malaysia for
the first time, and includes a product which has never been offered by the licensed person
before in Malaysia notwithstanding the fact that the product may have already been offered by
other entities within the licensed person’s corporate group outside Malaysia; or

(b) a combination of two or more existing insurance products or two or more existing takaful
products, or variation to an existing insurance or takaful product being offered by a licensed
person in Malaysia, that results in a material change to the structure, features or risk profile of
the existing product.”

For any operators, the introduction of new products must be done with the aims that it will
produce more efficient or give any positive changes to the services, being done with a sound risk
management practices, improved customers’ duty of care, and follow all the regulations set by BNM.
The role of Senior Management and the board of the companies are clearly stated in this policy as
they need to ensure that the product risks are well managed and that the needs and rights of consumers
are appropriately addressed in approving the product. For that, the licensed person must ensure that its
approving authority observes the following requirements:

“ (a) the new product falls within the ambit of insurance business or takaful business or other
permitted business or activities as specified by the Bank under section 14 of the FSA and
section 15 of the IFSA, respectively;

(b) the licensed person has the capacity to adequately manage and control the risks associated
with the new product, including the financial capacity to support existing and new product
lines;

(c) adherence to principles relating to the fair treatment of consumers;

(d) except as provided under (e), the licensed person must not knowingly offer a new product
(including its variations) that has been prohibited in other countries in circumstances which
could potentially give rise to similar public concerns in Malaysia; and

(e) takaful operators may offer a new product which is not accepted in other countries
provided such product has been approved by the Shariah”
(BNM,2015)
If all the regulations and documentation prescribed by BNM is fulfilled, then they will be
referred to ‘launch and file’ system except for products such as insurance and takaful products that are
being offered in the Malaysian market for the first time, annuity certain and life or family annuity
 9

products, takaful products that require a resolution by the SAC, takaful products that require
the Central Bank’s approval under the Guidelines on Takaful Operational Framework, takaful
products that involve the creation of one or more new takaful funds, and investment-linked products
invested in financial derivatives for purposes other than hedging of existing exposures.

2. Regulatory Sandbox Framework

Sandbox is one of the most common words in the FinTech world in the financial industry
where there is a growing need to develop regulatory framework for emerging business models. The
term refers to a mechanism for developing regulation that keeps up with the fast pace of innovation.
The introduction of the Sandbox is another key initiative by the Bank in providing a conducive
regulatory environment for the adoption of innovative financial technology solutions.

The sandbox approach is to facilitate technology innovators to collaborate and communicate

in a “safe space” to test and eventually enter the market with some degree of regulatory oversight and
support. It allows regulators to test and understand these new technologies before the actual launch.
Sandbox are great concept, particularly in developing economies that still do not have the necessary
ecosystems required to support and promote innovation. The eligibility criteria to clarify the focus of
innovations should have clear potential to:

 Improve the accessibility, efficiency, security and quality of financial services

 Enhance the efficiency and effectiveness of Malaysian financial institutions’
management of risks
 Address gaps in or open up new opportunities for financing or investments in the
Malaysian economy.

Regulatory Sandboxes may be useful for start-up as well as established financial services firm
looking for clarity around applicable rules and regulations related to new digital solution that does not
easily fit into the existing regulatory framework. Within the Sandbox, firms will be able to test their
solution in controlled environment for a specific period of time. After successful testing the solutions,
firms are allowed to take their new solutions to market based on the guideline defined by the
regulator.

The common area of focus in Sandbox include payment systems, the tracking of physical as well as
digital assets, customer databases, identity verification procedures and transaction. Regulatory
sandboxes are the ideal environment in which to foster these close working relationships between
regulators and FinTech companies.

The sandbox seeks to provide firms with:

 The ability to test products and services in a controlled environment.

 Reduced time-to-market at potentially lower cost.
 Support in identifying appropriate consumer protection safeguards to build into new
products and services.
 Better access to finance.

The framework’s finalisation aims to provide a conducive environment for deployment of

FinTech to foster innovations in financial services that can contribute to Malaysia’s financial sector
growth and development. The minimum standards and requirements for participation in the sandbox
were also reviewed to encourage wider participation of FinTech company.

The FinTech regulatory sandbox framework includes guidelines to ensure the preservation of
sound financial and business practices consistent with monetary and financial stability, fair treatment
of consumers, prevention of anti-money laundering and counter-terrorism financing activities and
having secure payment systems and instruments.
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Process to Apply for Regulatory Sandbox

Firstly, the applicants should have completed their own due diligence and evaluation on how
the will meet the objective and principles of the sandbox and the evaluation criteria prescribed by the
regulators. The sandbox’s applicants should be able to demonstrate that a product, service or solution
has been developed to a functional stage and is ready for testing. The applicant must have a good
understanding of risks during testing, with adequate resources committed to effectively manage the
risks. The applicants also need to include the key outcomes that the testing intends to achieve and the
appropriate indicators to measure such outcomes.
To apply, applicants must submit to the central bank an application letter signed by the Chief
Executive Officer (CEO) or officer duly authorised by the CEO, the application form and relevant
supporting documents. The central bank will inform applicants of their eligibility to participate in the
sandbox within 15 working days of receiving a complete application. This will be followed by
preparatory engagements between the bank and the applicant prior to testing.
The central bank will consider whether the functionality of the product, service or solution is
genuinely innovative to create measurable benefits to consumers and the industry, whether the
applicant has a well-developed test plan and the necessary resources to support the test scenarios and
expertise to manage potential risks, and whether there is a realistic business plan after exit. If the
applicant is eligible, it will enter into a preparation stage with central bank to determine the
parameters, measures to determine success or failure of the test, and clear exit and transition strategy
before commencement of the test period. The Central Bank will inform the participant if it is
approved at the end of the preparation stage. If the participant is approved, it may thereafter launch its
product, service or solution to its customers.

Expiry of Approval

To extend the testing period in the sandbox, a written application must be submitted to the
bank no later than 30 working days before the expiry of the testing period. The application should
state the additional time required and clearly explain the reasons for requiring the extension. The
Central Bank will not generally approve an extension of the testing period unless the solution has
tested positively and the participants can clearly demonstrate that extended testing is necessary to
respond to specific issues and risks identified during initial testing. At the end of the testing period,
the sandbox participant must exit the sandbox following an exit strategy agreed upon with the
regulator.
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All these regulations by BNM is adequate and details enough where it covers almost all
aspects of the regulation for the product introduction. These two frameworks clearly set out the ways
on how the risk should be managed, the customers aspects, specific regulations on the business
conducts, the compliance of product with Shariah principles, requirement of documentation and also
the reporting documentations. BNM explain in details on how all of these aspects must be taken care
of by the licensed persons. In practical, the regulations imposed by BNM is verys strong or impactful
which means failure in observing the rules will cost the licensed persons in certain ways including
license withdrawal.

Due to this, most of the companies will certainly follow and adhere to all the stipulated
regulations. We also believe that BNM as the highest authority play their role perfectly in ensuring the
regulations are practiced in a good manner with its continuous and consecutive inspections on the
companies or operators. The introduction of any fintech products without the approval of BNM
cannot able to be practiced well in the market since the inspections by BNM is surely thorough. In
relation to islamic practices, BNM also is very particular regarding the practicality. The approval will
not happen if the new product did not pass at the SAC level. BNM is much more stricter when it
comes to the Islamic products since it is important to preserve the validity of Islamic principles itself.
Any incompliance will result in non approval and further revisions. Of course the Central Bank will
stop any practicality that brought rise on shariah issues. This is proven as BNM always revise their
framework to ensure that they are up to date on the trending issue and demand of the current world.
Due to the efficiency of BNM, we believe there is no gap in terms of the actual practical and the
regulations in the industry. It is complies with each other because of the strong restrictions and
inspections by BNM.

Impact of Fintech
FinTech hold enormous potential benefits to all business and play crucial roles for economic
growth and jobs but some can face difficulty in securing the financing that they need to survive and
prosper. Some of the benefits of this new technology is improving the real-time data collection. Real-
time data collection is the ability to remotely evaluate insured property is especially useful to
companies and clients alike. Systems of sensors in connected homes, for example, can send detailed
coverage information, options and updates directly to a dedicated smartphone app, regardless of the
client’s location. This precise monitoring can ensure fair policy pricing and accurate claims.
Meanwhile, FinTech also provide better customer service. It can speed service and bolster security.
For example, a bank could install sensors onsite that connect with FinTech apps to authenticate
customers’ identity, while also seamlessly managing service request.
Fintech also have some shortcomings. Among the disadvantages of FinTech are lack of
security because it involves communication between connected devices with utilize unique software,
often with differing security levels. Hackers can capitalize on this lack of security system and
potentially put personal information stored across the entire network at risk. Lastly, there is no
uniform standard for fintech because the software is developed by various companies and programs
are not all mutually compatible. The way it was built and operating depend on how the companies
programmed it to be. Some devices may simply be incapable of communicating with specific apps of
programs, which can be a headache for customers.

Shariah issues in fintech

Islamic scholars are very careful and particular in addressing the Shariah issues in fintech
especially to make it complies with the digitalization of the world. The advancement in technology
nowadays somehow demanded the people in industry to formulate the situation in order to provide
better services that help gain better and improve the economy. However as Muslims, not everything
can be practiced without a proper revision. We must ensure that the practicality must not against the
Shariah, as how has been prescribed by Allah, the highest regulator of all. In regard to fintech, it
derived to a lot of shariah issues since it is a digital or smart contract which is quite complicated as
there are not specific detailed rules stated in Quran and Sunnah. The scholars also are very cautious in
deciding any rulings or ahkam since we are still in the infancy stage which resulting most of the
discussion are still in debate.
Norafni Farlina, Mohamed Hariri, and Siti Norbaya (2019) in their articles stated that the rules
for fintech are similar to Islamic finance rules. Just like Islamic banking, any invention of fintech or a
 12

smart contract must be free from the three prohibited elements in Islam. The elements are
maysir(gambling), gharar (uncertainty) and riba’ (interest). In a quick glance, we would think that
smart contract would not have these three elements such as gambling like in casino. But in Islamic
perspective, maysir prohibition here means the contracts should be free from betting, speculation and
derivatives such as forwards, options and so on. It also must be free from gharar (uncertainty) which
means dubious contracts, vague contracts and questionable buying and selling. Similar to this, it is
also must be free from riba’ that is the vital components of conventional banking.
In Islam, any product offerings must have valid contract which will go through tight process
and valuation procedure to truly preserve the validity. So, the same thing applicable to smart contract.
The disruption of fintech is not for the purpose to divert the rulings but its extend the choices to do
transactions for customers and of course going online is much more convenient. According to Laldin
(n.d.) as cited in the same article, smart contract in Fintech is considered Maslahah (public interest)
since it helps facilitating the humankind. This means that the contract in fintech must abides the basic
rules of muamalat such as promoting justice, avoiding tadlis (cheating) and ikrah (coercion)
in which the contracts cannot have deceptive contracts or advertisement, and adhere to
other guidelines stipulated in financial transaction.
The complexities of the discussion in regards to shariah issues in Fintech has made the
framework of smart contract in Fintech to be Shariah-compliant is still in debate (Djafri, 2017). For
example, the discussion of cryptocurrency or blockchain as the ideal platform for smart contract due
to its security and immutability is still ongoing because of certain issues in cryptocurrency that cannot
give yet any solution (Shariyah Review Bureau, 2018). In addition, scholars are very careful since this
is still a new thing to us and the amount of studies are actually very limited. The cryptocurrency
roundtable discussion organized by the International Research Centre of Islamic Economics
and Finance (IRCIEF) Islamic University College of Selangor (KUIS) has debate on the digital
contract that mostly related with blockchain and cryptocurrency has find resolution that the use of
cryptocurrency as settlement and remittance medium is fall under Shariah legal maxim :
“All things are originally permissible and the willingness of the sides in implementing the contract
(IRCIEF,2018). However, Djafri(2017) mentioned that cryptocurrency have no intrinsic value and the
result of this discussion is similar as in result of discussion by IRCIEF (2018) which also debating the
intrinsic value and the rawaj (circulation) of cryptocurrency and blockchain.
Smart contract in fintech also may have slight contradiction in terms of shariah principles and
practicality of execution (Islamic Finance & Business, 2017). The contract supposedly to be very
details and transparent to preserve the faith of the contract. However as example given in the article,
some contract like solar energy purchase where the transaction volume and future prices are unknown
may withdraw some potential buyer which makes the contract itself not self-executed. This is
against the idea of smart-contract where the smart contract supposed to be self-executed. This
has raised the debate on how ‘smart’ the contract under Shariah legislation actually is.
Despite all the issues, we can see that our scholars are striving very hard in ensuring the
fintech industry is compliant with the Shariah principles. Prove on this can be seen through the efforts
of Malaysian Digital Economy Corp (MDEC) where they are launching Islamic Digital Framework
that was formulated by Department of Islamic Development Malaysia (JAKIM) and Amanie Advisors
Sdn Bhd, which was lead by the prominent scholars of Islamic finance,Datuk Dr Daud Bakar who is
also the president of IIUM currently ( Norafni & Mohamed & Siti, 2019) . This is because they can
see the huge potential of fintech in improving the Islamic Finance industry and the name of Islam
itself. Even we as the users of fintech, cannot deny that fintech and digitalizations are the future of
banking and the economy wholly.
 13

Findings

According to Fintech Malaysia Report 2019 written by Vincent Fong, there are several factors how
Fintech can have a quick growth in Malaysia. From the illustration above, we can see that there is
penetration of Smartphone users about 75.9% which show that more than half Malaysian population
used Smartphone in their daily life. Fintech grab this opportunity by introducing online banking
through smartphone and e-payment where you can pay using your smartphone. Anyone who has
Smartphones can use this free Fintech services provided, which lead to the increase of Fintech users.
That is why, this year online banking able to penetrate 95.2% which has a high increase compared
from last year which is 85.1%. In this illustrations also show that only 4.6 ATMS available per 10,
000 adults. Online banking and e-payment ease people's life as well as save people time because they
do not have to go for a long queue anymore just to bring out some cash.

Payments Statistics Malaysia

Based on the statistics from Bank Negara Malaysia, it is clear that online banking is still the most
preferred channel for Malaysians to perform transaction, with 2.1 billion transaction compared to
ATM withdrawal which is 790.7 million transaction. From the illustration, we can see that people
prefer using online transactions compared to physical transactions. Moreover, even though both
mobile banking and e-money have smaller value in transaction but they show a larger volume in the
transaction. This indicates that mobile payments whether in terms of digital wallets or mobile banking
is the preferred platform to do micropayments.
 14

Breakdown
Fintech Players In Malaysia

According to Fintech Malaysia Report shows that the FinTech companies are divided into several
segments. Based on the illustrations, we can see that the largest services provided by Fintech is
Payments and Wallet which both covers 19% of the whole segment. There are several FinTech
services applications in the market that can help aid ease daily business operations such as insurtech
for insurance or takaful services, lending for loans or financing services, remittance for money
transfers services and Islamic Fintech for halal financial services.

Table 2. shows that Fintech companies are mainly focusing on lending and payment, but their interest
in the insurance, investment, and real estate is also rise quickly. Unicorns is companies valued at or
more than one billion dollars while semi-unicorns is fintech companies which are valued at more than
500 million dollars. Most insurance and takaful companies are now in the process of applying Fintech
in their daily operations.
 15

Conclusion

To recapitulate, we need to agree on the importance of fintech to takaful industry or the

Islamic finance itself as a whole. We believe that Fintech can help accelerate the digital economy of
our country due to its various advantages. The government of Malaysia also realized about this and
thus provided allocation to improve fintech industry in recent Budget 2020. We can see the efforts of
Malaysia to further extend the fintech map by continuous efforts not only from the government side
but also with the contribution of our Muslims scholars. The advancement in technology today can be
seen through the emergence of many technology-based companies and products.
However, all of these must not be taken lightly and easily since we need to preserve the
Shariah if we want to create a faith-based technology. The introduction of new technological products
can be said as easy entry, but to preserve the validity of the Shariah principles is the hard one. This is
why it is important for us to tackle carefully any Shariah issues derived or that may derived in the
future. As similar to the opinion of the scholars, we agree that fintech should be embraced and further
studied as a maslahah to the Ummah and this is in accordance with Maqasid Shariah too. Therefore,
there is a suggestion for the supervisory and regulatory authorities to encourage more studies so that it
can help provide more answers to tackle those mentioned issues and challenges. This must be done in
order to support the development of a strong and sustainable Islamic financial system and the digital
economy in our country.
 16

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