The Evolution of Regulatory Landscape of Islamic Finance in Negara Brunei Darussalam: Issues and Challenges

Hakimah Yaacob

2017

Abstract

Islamic Banking was first introduced in Brunei Darussalam in the early 1990s and according to ICD Thomson Reuters Islamic Finance Development Indicator 2014, Brunei Darussalam ranked 10th out of 92 countries that practise Islamic Finance. This makes Brunei Darussalam a well-placed to grow an international role in investment management of Islamic products, and in the provision of takaful. The purpose of this paper is to review the history of Islamic banking in Brunei from 1578 until today, including issues and challenges to the growing market in Islamic regulatory framework of Islamic finance in Brunei. The study analysed data from Brunei History Centre for chronological synchronisation. The findings shows that despite of being a small country, Brunei embraces a solid growth. Based on an extensive literature review and case study, this paper aims to highlight future improvement in shariah governance, regulatory, judiciary and Shariah standards. Finally, greater attention should be given to the fundamental principles of Islamic finance in order to ensure the expansion as intended by the Financial Blueprint as a hub for Islamic Finance is materialised.

Paper Citation

in Harvard Style

Yaacob H. (2017). The Evolution of Regulatory Landscape of Islamic Finance in Negara Brunei Darussalam: Issues and Challenges.In 1st International Conference on Islamic Economics, Business, and Philanthropy - Volume 1: ICIEBP, ISBN 978-989-758-315-5, pages 100-105. DOI: 10.5220/0007077601000105

in Bibtex Style

@conference{iciebp17,
author={Hakimah Yaacob},
title={The Evolution of Regulatory Landscape of Islamic Finance in Negara Brunei Darussalam: Issues and Challenges},
booktitle={1st International Conference on Islamic Economics, Business, and Philanthropy - Volume 1: ICIEBP,},
year={2017},
pages={100-105},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0007077601000105},
isbn={978-989-758-315-5},
}

in EndNote Style

TY - CONF

JO - 1st International Conference on Islamic Economics, Business, and Philanthropy - Volume 1: ICIEBP,
TI - The Evolution of Regulatory Landscape of Islamic Finance in Negara Brunei Darussalam: Issues and Challenges
SN - 978-989-758-315-5
AU - Yaacob H.
PY - 2017
SP - 100
EP - 105
DO - 10.5220/0007077601000105