The aim of this paper is to examine the Islamic Banking and Finance (IBF) industry in Singapore. Singapore is known to be a global financial hub with a resilient economy for capital flow. As a Muslim minority country, the Islamic finance industry in Singapore is established and fairly stable. This study analyses Singapore’s legal and regulatory framework of IBF to review the legal and regulatory framework which promotes the development of Islamic finance in Singapore. IBF in Singapore has been treated equally as the conventional banking under the same regulatory framework, with little guidelines on Shariah governance in the country. This paper concludes that the Singaporean government adopts a flexible approach in regulating IBF in Singapore, with little interventions on Shariah matters.
The aim of this study is to compare takaful governance in Malaysia and Brunei since both countries known for their strong support of takaful. This is to highlight the impact of respective governance on the overall takaful industry in each country. Moreover, the objective of this study is to gain a comprehensive understanding of the governance practices of takaful operators in Malaysia and Brunei. The study will examine a number of important governance mechanisms in both countries and draw comparisons between the governance practices of takaful operators in Malaysia and Brunei. This study use qualitative and descriptive research method to examine and identify similarities and differences in takaful governance between Malaysia and Brunei Darussalam. This is to provide better understanding on how corporate governance for takaful operators influence the takaful operations in both countries. This paper will also emphasized on the key mechanisms of takaful governance and highlighting their duties and responsibilities. This study finds that Malaysia's guide to corporate governance for takaful operators is more fully developed due to its longer-established market. However, corporate governance for takaful operators in both countries is largely similar. Some aspects of Brunei's corporate governance were found to mirror Malaysia's practices
Indonesia is currently experiencing a demographic dividend, where the total population of productive age is higher than the total of un-productive age. The most numerous groups in this productive age group are the millennials aged 20 to 40 years, which required them to have sufficient knowledge of Islamic financial literacy. Therefore, this study aims to measure the level of Islamic financial literacy of millennials in Aceh, Indonesia and to investigate its effects on managing cash and debt. The influence of demographic factors is also examined in this study namely gender, age, educational background, and income level. By using multiple linear regression analysis, the result shows that the level of Islamic financial literacy, educational background, and income level significantly affects cash and debt management. The results of this study can be references for the Islamic financial industry in Aceh and for its government. The millennial seems to be ready for the new provisions that will be implemented in relation to the Islamic financial industry in Aceh.
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