On Wednesday, 4th September 2024, the Department for Islamic Legal Studies at Al-Mahdi Institute (AMI) hosted a research seminar by Dr. Rafisah Mat Radzi (Universiti Sains Malaysia & AMI) on the topic of Islamic fintech innovations, focusing specifically on Shariah-compliant e-wallet transactions in Malaysia.
The seminar was a highly informative session, providing valuable insights into the future of Islamic fintech and the practical steps needed to ensure Shariah compliance in digital finance. Dr. Mat Radzi’s presentation delved into the rising prominence of e-wallets in Malaysia’s financial landscape and the need for clear Shariah guidelines within the Islamic finance industry to address this growing trend. Highlighting a gap in Shariah-compliant frameworks for e-wallets, she examined existing practices in both Indonesia and Malaysia, and proposed a framework grounded in Shariah principles that service providers and regulatory authorities alike could adopt.
Drawing from a wealth of primary research, including insights from Shariah advisors in the banking sector, Dr. Mat Radzi provided an in-depth analysis of the Shariah issues concerning e-money transactions. Her findings underscored the need for further alignment between fintech innovations and Islamic jurisprudence, ensuring that digital payment systems uphold the ethical and legal standards required by Shariah.
The seminar concluded with a dynamic discussion among attendees, who engaged Dr. Mat Radzi on the challenges and opportunities in establishing a compliant framework for e-wallets. Her research, backed by international and national funding, showcased her expertise in Islamic finance, particularly in areas such as sukuk, crowdfunding, and Shariah-compliant financial products.
Speaker Bio:
Dr Rafisah Mat Radzi is a senior lecturer at the School of Distance Education, Universiti Sains Malaysia. Currently, she is a Visiting Research Fellow in the Islamic Legal Studies Department at Al-Mahdi Institute, Birmingham. Her visiting fellowships have been held at UNSW Canberra, Australia, and UIN Sunan Ampel Surabaya, Indonesia. She obtained her PhD in Business and Management from the University of South Australia in 2012 and completed her post-doctoral program at UNSW Canberra, sponsored by the Ministry of Education Malaysia, in 2019. Over the last 10 years, her research projects have been funded by two international sponsors: The Sumitomo Foundation and the Chartered Institute of Management Accountants (CIMA) UK. Additionally, Rafisah has received two national research grants from the Ministry of Education Malaysia (Fundamental Research Grant Scheme) and two research grants from Universiti Sains Malaysia for short-term and industry and community network projects. Her research has covered a wide range of topics in capital markets, corporate finance, and Islamic finance, with a particular focus on sukuk (Islamic bonds), Islamic donation-based crowdfunding, and Shariah-compliant e-wallets.
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