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Do regulatory sandboxes help achieve the goals (maqasid) of al-Shariah better? Case of the Islamic fintech sector

In: Islamic Finance in the Digital Age

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  • Mohammed Obaidullah

Abstract

With innovation occurring at an unprecedented pace in the financial services sector, regulatory agencies must comprehend the benefits and risks associated with this innovation, while developing suitable policies, guidance, and/or regulations to harness these benefits, protect consumers, and secure the financial system. A fintech regulatory sandbox is a legal framework that establishes an environment in which participating businesses are exempt from stringent regulations-typically for a limited duration. This period allows regulators sufficient time to determine the appropriate and, potentially, a reduced set of regulations for the sector. The current study aims to re-examine the rule-making process in Shariah to explore the feasibility of adopting a sandbox approach in establishing rules for the sector. In this context, the objectives (maqasid) of al-Shariah (MaS) drive the formulation of regulations and the rules governing the behavior of individuals and firms.

Suggested Citation

  • Mohammed Obaidullah, 2024. "Do regulatory sandboxes help achieve the goals (maqasid) of al-Shariah better? Case of the Islamic fintech sector," Chapters, in: Syed Nazim Ali & Zul H. Jumat (ed.), Islamic Finance in the Digital Age, chapter 7, pages 125-132, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:22863_7
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    File URL: https://www.elgaronline.com/doi/10.4337/9781035322954.00016
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    Keywords

    Economics and Finance;

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