KEPERLUAN PEMBANGUNAN SISTEM TERAS PERBANKAN BERASASKAN KONTRAK SYARIAH DI MALAYSIA: SUATU ULASAN LITERATUR
Requirements on the Development of Shariah Contract Based Core Banking System in Malaysia: A Literature Review
Keywords:
Core banking system; objective of Shariah; Islamic banking, Islamic Financial Service Act 2013; Shariah contractAbstract
This qualitative research analyses requirements on the development of Shariah contract based core banking system under Islamic finance legal framework in Malaysia. It is recorded not less than 500 initiatives to develop Islamic core banking system have been implemented globally. However, its development and previous studies related to it were focussed on operational requirements and system design. The attention on Shariah contract requirements which is the parameter in Islamic core banking system and its capability on achieving objectives of Shariah is still lacking. Apart from banking institutions’ reluctancy to try Islamic core banking system which its functionalities are yet to be proven, the studies on the development of core banking system under Malaysia’s Islamic finance legal framework is still limited that lead to Shariah compliance aspect being seen as irrelevant if it involves technology in nowadays digital banking era. Therefore, the objectives of this research are to identify suitable methodology for its development in Malaysia, to examine existing practices on its development, to analyses its capability in achieving objective of Shariah in Islamic banking, and to evaluate the prospect of its integration with Shariah contract requirements, blockchain technology and smart contract. The discussion in this article is fully based on library research and analysed via thematic content analysis. This article found that the previous studies have yet to examine methodology of its development under Islamic Financial Services Act 2013, current practices on its development, its capability as means to achieve objective of Shariah in Islamic banking, and its capability from Shariah compliance aspect aside from sustaining or enhancing its basic capability as one of the Islamic banking technologies in Malaysia.
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Senarai Statut
Akta Perkhidmatan Kewangan Islam 2013 (Akta 759).
