How Malaysia’s governance model is offering a blueprint to regulate Islamic fintech
While the Islamic fintech ecosystem in Malaysia thrives on innovation backed by a consumer-centric vision, its landscape overseen by an institutional framework where responsibilities are clearly outlined has emerged as a winning strategy.
Bank Negara Malaysia (BNM) oversees Islamic banking and sets standards for Shariah compliance across financial institutions, while the Securities Commission Malaysia (SC) regulates capital markets, digital asset exchanges and peer-to-peer (P2P) financing platforms.
The SC’s Shariah Advisory Council provides an additional layer of formal oversight, ensuring that innovation remains tied to recognised jurisprudence.
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Omar Ahmed