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Author: Hakimah Yaacob

Affiliation: Faculty of Islamic Economy and Finance, University Islam of Sultan Sharif Ali (UNISSA) and Brunei Darussalam, Brunei Darussalam

Keyword(s): Negara Brunei Darussalam, Regulatory Framework, evolution, Islamic finance, issues and challenges, Islamic Finance in Brunei.

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 giv en 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. (More)

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Paper citation in several formats:
Yaacob, H. (2018). 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 - ICIEBP; ISBN 978-989-758-315-5; ISSN 2184-2736, SciTePress, pages 100-105. DOI: 10.5220/0007077601000105

@conference{iciebp18,
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 - ICIEBP},
year={2018},
pages={100-105},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0007077601000105},
isbn={978-989-758-315-5},
issn={2184-2736},
}

TY - CONF

JO - 1st International Conference on Islamic Economics, Business, and Philanthropy - ICIEBP
TI - The Evolution of Regulatory Landscape of Islamic Finance in Negara Brunei Darussalam: Issues and Challenges
SN - 978-989-758-315-5
IS - 2184-2736
AU - Yaacob, H.
PY - 2018
SP - 100
EP - 105
DO - 10.5220/0007077601000105
PB - SciTePress