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The worldwide trend of Financial Technology (Fintech) reached the Malaysian shores in the past few years, making the observations and analysis of this subject more critical than ever. Furthermore, Fintech has developed to be an unavoidable area in the Islamic finance industry. Therefore, this chapter seeks to analyse the development of Fintech in the Islamic finance industry and its connection to Islamic economics, as well as the impact towards existing regulatory mechanisms. While the scarcity of studies on this area is apparent, the authors have identified the undebatable need to regulate the development of the Fintech industry and its effects while analysing the drawbacks and positive effects of Fintech towards parties involved in the Islamic finance industry. This chapter objectively studies the phenomenon of Islamic Fintech globally with emphasis on Malaysia through analytical research methods by utilising existing facts and findings on Fintech to make proposals for possible issues identified. Existing legal frameworks are studied and scrutinised to determine whether they can accommodate the rapidly evolving Fintech. The new Regulatory Sandbox by Malaysia’s central bank and existing laws are also examined. It is found that there is a room for improvement to the current regulatory framework.

This chapter is intended to elaborate on the existing academic literature addressing the migration of constitutional ideas. Through an examination of ongoing efforts to enshrine “defamation of religion” as a violation of international human rights, the author confirms that the phenomenon of migration is not restricted to positive constitutional norms, but rather also encompasses negative ideas that ultimately may serve to undermine international and domestic constitutionalism. More specifically, the case study demonstrates that the movement of anti-constitutional ideas is not restricted to the domain of “international security” law, and further, that the vertical axis linking international and domestic law is in fact a two-way channel that permits the transmission of domestic anti-constitutional ideas up to the international level.

In reaching the findings presented herein, the chapter also adds to the universalism–relativism debate by demonstrating that allowances for “plurality consciousness” on the international level may in certain instances undermine fundamental norms previously negotiated and accepted as authoritative by the international community. From this perspective, the movement in favor of prohibiting “defamation of religion” is not merely a case study that helps to expand our understanding of how anti-constitutional ideas migrate, but also indicative of a reenergized campaign to challenge the status, content, and stability of universal human rights norms.

This study examines the legal codification of nascent markets, specifically, the process of defining and incorporating Islamic banking and organic agriculture within the legal system in Turkey. I find that actors’ priorities differ significantly with respect to formal codification and that the existing legal order and socio-political and economic contexts shape how state and non-state actors influence legislative and regulative action. This study contributes to our understanding of how actors and their ideological commitments and relational concerns affect the legal formulation of new industries.

For over 2000 years, Iran was dominated by different religions, and hence, religious texts constructed identity, status, and rights for women. After the Islamic Revolution in 1979, Islamists attacked “Iranian identity,” and tried to replace it with the “Islamic identity,” fearing that Iranians could undermine the legitimacy of their Islamic identity. The purpose of this discursive psychological research is to find out the level of faith development and religious identity among a sample of Iranian women. Due to the Iranian distinct politics and its young population, the Iranian women’s movement is one of the most important movements in the Muslim world. Findings of my inquiry indicate that a contradiction has been imposed on Iranian women since the revolution. Religious beliefs and practices based on Islamic laws and identities that are enforced by the government generate a traditional atmosphere in the society. Consequently, some Iranian women believe in inevitable destiny and admit that anything that happens is God’s will. They believe that an ideal woman must act according to the cultural and religious norms and traditions. Such women strongly internalize these values and have become a source of control and restriction over the activities of other women. On the other hand, many women attempts to become Westernized (modern) women, far from religious beliefs. This qualitative research provides us with rich detailed data and information about a sample of participants, so any generalizations made from the findings must be applied cautiously.

The global Islamic financial landscape is changing with rapid advances in technology. The increasingly tech-savvy demography is presenting both opportunities and challenges to the industry. With the advances in e-finance and mobile technologies, financial technology (Fintech) innovations emerged by combining the e-finance, Internet, social networking services, social media, artificial intelligence (AI) and big data analytics. Fintech promises to reshape the Islamic financial landscape by improving processes’ efficiencies, cost-effectiveness, increased distribution, Sharīʿah compliance and financial inclusion. As far as the Islamic fund management industry is concerned, AI seems to be the keyword. Islamic fund managers have recently started to incorporate AI and big data analytics into their strategy in the process of making accurate decisions based on facts and figures, which eliminates any biases and personal intuition. This disruption in status quo is raising new issues, new concerns and new exciting opportunities. While disruption may carry negative connotations, the industry players have been embracing the innovation and potential revolution the technology could offer. Thus, the objective of this chapter is to discuss legal aspects of Fintech and its impact on the Islamic fund management industry in Malaysia. This chapter introduces a historical overview of Fintech and its evolution in the Islamic fund management industry. This chapter further provides an overview of the legal and regulatory aspects of Fintech with regards to the industry. Finally, legal issues and challenges are identified and discussed. Being a legal research, this chapter adopts a qualitative method by analysing the relevant literatures on the subject. This chapter is expected to provide an insight into the application of Fintech and its impact on the Islamic fund management industry in Malaysia.

This study investigates an approach for business management based on social rationality, which is attained through a proper balance between profits from economic exchange and benefits from social exchange.

First, this study examines the economic rationalization process developed by the business corporation, which is a great innovation in the modern West, but criticized for dominating people through overwhelming capital and power. Second, social rationality is explained by focusing on the balance between economic exchange and social exchange. Third, the ethics and practices of traditional Japanese and Islamic business management are examined including their underlying social rationality in business and shared commonalities in business practices that circulate economic gains in their societies.

By encapsulating all the relevant elements drawn from traditional Japanese and Islamic business, four conditions were found which successfully establish socially rational management based on sharing and reciprocity: an appropriately life-sized economy; relation-oriented management; a market in which a profit-seeking exchange economy and a profit-cyclical gift economy coexist; autonomous associations that are independent from the control of both state and business corporations.

This research reevaluates the rationality of management complying with business ethics, which has been kept in traditional and non-Western business practices. These management styles are considered to be incongruous with modern management philosophies that solely rely on economic gain, resulting in the neglect of significant cultural principles in modern management.

This chapter suggests a way to circulate the profits among people through sharing and reciprocity for the public to diminish external diseconomies and solve social problems such as poverty, pollution, war, and alienation through business.

This study presents a method of shifting the paradigm from economically rational to socially rational management, which is urgently required in current business practices worldwide.

The purpose of this chapter is to examine how the broader characteristics of Pakistan’s public policies reflect Islamic law, how the financial crime rate has been affected by policy rules, and if the policies do indeed reflect Islamic law, how do they help the process?

It is a qualitative exploratory study where structured interviews have been conducted with experts and practitioners in Islamic Ideological Council and Parliament.

The findings constitute a threadbare discussion of financial crimes which policy takes into account under Islamic law; along with the relevant ramifications and recommendations.

It is suggested that the laws of Pakistan be studied taking Shariah density into consideration. Future research can focus on implementation of laws and policies as a factor improving governance.

This study is pertinent because financial crimes in light of Islamic law and public policy are not discussed in detail in previous research.

To establish these definitions we revisit expression (5.3) of Chapter 5. Since this expression describes a phenomenological model of knowledge transmission from its epistemic origin to the world-system by learning processes, therefore, we first summarize the arguments on what can be the nature of (Ω,S) in this expression. Our arguments were centered on the contrasting nature of moral absolutism and the ethical meaning so derived. This axiomatic core of the arguments stood up against moral relativism of both the rationalist and religious types on which is premised a different meaning of ethics.