Shariah Risk Management In Islamic Digital Banking In Malaysia: A Study At KAF Investment Bank
Pengurusan Risiko Syariah Dalam Perbankan Digital Islam Di Malaysia: Kajian Di KAF Investment Bank
Keywords:
Shariah, Risks, Management, Digital, BankingAbstract
In this era of digitization, KAF Investment Bhd is one of the consortiums that have obtained a license from Bank Negara Malaysia to implement Islamic digital banking in Malaysia. Section 28 (1) of the Islamic Financial Services Act 2013 states that an institution must ensure that all its business activities comply with Shariah. However, three problems can cause Islamic digital banking activities not to comply with Shariah. The problems define as a Shariah risk under the risk of banking operations. Among the Shariah risks that can occur in Islamic digital banking is the first lack of knowledge and talent about Shariah. Secondly, cybercrime in Islamic digital banking. Third, the use of smart contracts in Islamic digital banking. Therefore, this study aims to create recommendations on Shariah risk management in Islamic digital banking. Document analysis and questionnaires have been done to obtain comprehensive data. Then, analyze the data using qualitative methods such as inductive and deductive to achieve the objectives. The study found three recommendations for Shariah risk management in Islamic digital banking. Firstly, attending courses, training, and taking tests on Shariah management. Secondly, follow the guidelines issued by cyber security. Thirdly, choose the best technology operation regulator to avoid Shariah risks.
Abstrak
Pada era digitalisasi ini, KAF Investment Berhad merupakan salah satu konsurtium yang telah mendapat lesen daripada Bank Negara Malaysia untuk melaksanakan perbankan digital Islam di Malaysia. Menurut Seksyen 28 (1), Islamic Financial Services Act 2013 menyatakan bahawa sesebuah institusi itu perlu memastikan segala aktiviti perniagannya mematuhi Syariah pada setiap masa. Namun, terdapat tiga masalah yang timbul yang boleh menyebabkan aktiviti perbankan digital Islam tidak mematuhi Syariah. Masalah tersebut dikategorikan sebagai risiko Syariah dibawah risiko operasi perbankan. Antara risiko Syariah yang boleh berlaku dalam perbankan digital Islam ialah pertama kurangnya pengetahuan dan bakat mengenai Syariah. Kedua, jenayah siber dalam perbankan digital Islam. Ketiga, penggunaan kontrak pintar dalam perbankan digital Islam. Oleh itu, kajian ini bertujuan untuk mewujudkan cadangan mengenai pengurusan risiko Syariah khususnya kepada perbankan digital Islam. Analisis dokumen dan soal selidik telah dilakukan bagi mendapatkan data yang komprehensif. Kemudian, menganalisis data tersebut dengan menggunakan kaedah kualitatif iaitu kaedah induktif dan deduktif bagi mencapai objektif kajian. Kajian mendapati tiga cadangan pengurusan risiko Syariah dalam perbankan digital Islam telah dihasilkan iaitu pertama menghadiri kursus, latihan dan mengambil ujian mengenai pengurusan Syariah. Kedua, mengikuti garis panduan yang telah ditetapkan oleh keselamatan siber. Ketiga, memilih pengawal seliaan operasi teknologi yang terbaik untuk mengelakkan risiko Syariah berlaku.
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