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What is MIB

Chapter 10

Economics, Business, and Islamic Finance in ASEAN Economics Community

MIB ( Melayu Islam Beraja ) or Malay Muslim Monarchy is Brunei national ideology that fuses Islamic values and Brunei Malay culture.

Published in Chapter:

Strengthening Islamic Finance in South-East Asia Through Innovation of Islamic FinTech in Brunei Darussalam

Abdurrahman Raden Aji Haqqi (Universiti Islam Sultan Sharif Ali (UNISSA), Brunei)

Source Title: Economics, Business, and Islamic Finance in ASEAN Economics Community

DOI: 10.4018/978-1-7998-2257-8.ch010

Abstract

Fintech solutions can revolutionize Islamic financial services and leverage on the so-called ‘Fourth Industrial Revolution' which is the movement towards combining everyday aspects of our lives, such as finance, into the digital realm that will help increase speed, efficiency, and convenience. The most significant challenge for all countries pursuing Fintech is regulating the industry. Following the issuance of the Financial Sector Blueprint, the Fintech Unit was established under Autoriti Monitori Brunei Darussalam (AMBD). AMBD envisions a vibrant economy powered by ICT through ICT-Smart Citizens as well as being a connected and efficient nation. This chapter discusses the application of Fintech specifically in Islamic finance sector based on the descriptive method of research by concentrating on its regulations. At the end, the research found that though Fintech in Islamic finance sector has been done since it's emerging through Guidelines Fintech Regulatory Sandbox Guidelines Islamic financial Fintech will be strengthened and developed and more diversified.