iEco | Islamic Economics Journal

Legal Issues In Distributed Ledger Technology (DLT) & Blockchain In Brunei Darussalam

Hakimah Yaacob — 2021-01-01

Blockchain and Distributed Ledger Technology (DLT) have changed the regulatory landscape globally. Regulators are working hard to create conducive environment for the deployment of DLT and the blockchain. However, robust growth of technology does not come with speedy regulatory changes. This includes reviewing and adapting regulatory requirements or procedures that may unintentionally inhibit innovation or render them non-viable due to lacuna in law. This article is an attempt to analyse the DLT and blockchain from legal perspectives in Brunei. The issues raised in the article warrant considerable merits of law makers’ attention. The article concludes with several suggestions and recommendations.
The paper employs library research with main references to the policy papers, Act and legislations. Where necessary, the paper makes reference to other countries for comparative purposes. The paper includes several suggestions and recommendations for authority’s consideration. The findings suggest that despite of the existing enabling provisions in Brunei, there is a need to have a
comprehensive regulations for blockchain and DLT due to excessive big data and other liabilities issues involves.

Digital Economy Transition: Brunei Vision 2035 Manifestation

Abdul Nasir bin Haji Abdul Rani — 2021-01-01

The objective of this article is to look at the challenges and the extent to which the potential of technology (digital economy) can accelerate the country's dynamic and resilient economic growth as incorporated in the Brunei’s third Vision 2035. This article consists of a few subtopics which begins with an introduction; a brief overview on Brunei’s economic development, followed by discussions on the development of the technological knowledge, the development and impact of technology, and the transition to the era of the Industrial Revolution 4.0, all of which were discussed from the Islamic perspective, especially Brunei as an Islamic country that adheres to the philosophy of Malay Islamic Monarch (MIB). The next sub-topic will provide a review on the challenges faced in realizing the third goal of Brunei’s Vision 2035 and its potential to use the digital economy as a solution. The author has used relevant data such as world reports, government reports, His Majesty’s Titah, and etc. to support his argument. This article finds that Brunei has a great opportunity to tap into the potential of the digital economy and apply it to all aspects of the economy. However, technological advances are still at a minimum that calls for more efforts by the relevant parties to ensure the country’s vision is realized.

Nature And Scale Of Conversion From Conventional Banking To Islamic Banking In Selected ASEAN Countries: Recent Conversion Models & Major Challenges

Makhtar bin Abdullah — 2021-01-01

Based on an extensive literature review and discussion with professionals and experts in the field of knowledge, this paper (a portion from the wider coverage thesis) will highlight some challenges faced by the industry players – approaching conversion – focusing on ASEAN countries namely Malaysia, Brunei, Indonesia, Thailand and Philippines, from Shari’ah, regulatory, and corporate perspectives. Conversion from conventional banking to Islamic operation is one of the approaches taken in financial industries in Middle East, South Asia and Asia Pacific since 1990s. Malaysia, Brunei, Indonesia, Thailand and Philippines are among ASEAN countries adopting the same approach. Financial institutions approach conversion in different ways based on their priorities, ecosystem and reasons. This article will cover conversion from regulatory perspectives, Fiqh perspectives and several reported conversion cases in ASEAN. Since there is no “absolute and correct” way of conversion, the industry players, the regulators and academicians will have to appreciate the uniqueness of each conversion exercise from conventional into Islamic operations. The demand for more Islamic financial institutions will provide better services and offer wider coverage based on
technology advancement towards digital banking era. Conventional financial institutions focuses on Environmental Sustainable and Governance (ESG) products while Islamic financial institutions highlights the embedded MaqÉÎid al-SharÊ‘ah
in Islamic Mu‘ÉmalÉt long before United Nation declaration.

The Pandemic Covid-19 And How It Impact The Islamic Finance Industry In Brunei Darussalam: An Overview

Zulkhairi bin Awg Hj Mohd Noor — 2021-01-01

Brunei Darussalam is one of the countries affected by the Coronavirus Covid-19 which has also affected most countries around the world. The effect of the Pandemic has disrupted and affected the economy around the world and have infected and caused the death of millions of people. This paper aims to discuss the policies implemented by the Government of Brunei to curtail the spread of Covid-
19 and measures to revive the economy including the Islamic finance Institutions which are comprised of the Islamic Bank, Takāful, Islamic Capital Market, Islamic Finance Companies and other licence Moneychanger and Money Remittances Companies. This paper will discuss on the current immediate impact of the pandemic and due to uncertainty suggest future actions for improvement.

الوعد وأثره في المعاملات المالية: المشاركة المتناقصة نموذجا

Cecep Soleh Kurniawan — 2021-01-01

الوعد عبارة عن الإخبار بإيصال الخير في المستقبل . وتبرز أهمية الوفاء بالوعد والالتزام به في هذا
العصر الذي شهد ولادة ألوان وأشكال كثيرة من المعاملات المالية القائمة على أساس الوعد كالمشاركة
المتناقصة التي تختص بوجود وعد من الطرفين: وعد من أحد الشريكين بأن يبيع حصته لشريكه، ووعد
من الشريك الآخر بشراء حصة شريكه كلها أو بعضها في عقود متلاحقة أو متتابعة وفق الشروط التي
يتفقان عليها. ويهدف هذا البحث إلى إبراز حكم الوفاء بالوعد وأثره في المشاركة المتناقصة وبيان
إشكالات الواردة فيها. والباحثان سيعتمدان في دراستهما على المنهج الوصفي التحليلي للخروج من خلاله بأهم النتائج والتوصيات. وقد خلص البحث إلى جواز اقتران صيغة المشاركة المتناقصة بالوعد، فمن حق المتعاقدين أن يتواعدا، كما من حقهما أن يضعا شروطا تناسب العقد، وتلائم مقصوده، ولاتصادم نص كتاب أو سنة أو قياسا أو عرفا معتبرا.

الكلمات المفتاحية: الوعد، أثر، المعاملات المالية، المشاركة المتناقصة