Shariah Governance and Court Jurisdiction through Spectacles of Islamic Fintech in Malaysia

The landscape of Islamic Banking and Finance Industry in Malaysia is dramatically being altered and transformed through the advent and development of Islamic Financial Technology (Fintech). This leads to the unavoidable question as to whether the laws in Malaysia are sufficiently developed to assist the courts in hearing disputes concerning Islamic Financial Technology. Therefore, this paper seeks to study the specific areas pertinent to the power and capacity of the judiciary in hearing and settling Islamic Fintech disputes. Focus is made on the aspects of Shariah Governance and Procedural Laws including jurisdiction of the courts and evidence law. It is found that existing laws are mainly enacted for the purpose of conventional Islamic banking and finance and such laws still have lacunae. In relation to this, the shortcomings and the inadequacy of the laws are highlighted in this paper with the view to make proposals to mitigate the weaknesses in these laws.