Fintech and Its Potential Impact on Islamic Banking and Finance Industry: A Case Study of Brunei Darussalam and Malaysia

Fintech is growing at an exponential rate which leads to the emergence of innovative business models. Advanced technologies like Blockchain, internet of things (IoT’s), artificial intelligence (AI), and robotics have become mature enough to create disruption in banking and finance industry both conventional and Islamic finance industry. Brunei Darussalam and Malaysia, both, offer wide range of Shari'a compliant services. The main purpose of this study is to investigate the potential impact of Fintech on the Islamic banking and finance industry in Brunei and Malaysia. Accordingly, this research deals with the qualitative method to accomplish and fulfill the research objectives. Content analysis and Semi-structured interview approach were employed throughout the research. The results clearly show that Fintech has  great potential impact on both conventional and Islamic finance industry. This potential impact is in both ways i.e. positive and negative. And, the response and reaction of Islamic finance industry towards the emergence of Fintech and its potential impact seems very slow as compared to their conventional counterparts. This study has indicated important points which include the necessity for the Islamic financial institution to cope with the growth of Fintech

PEMERKASAAN KEPIMPINAN AKADEMIK DALAM KALANGAN STAF AKADEMIK DI UTEM: SATU TINJAUAN

(Empowering Academic Leadership among UTeM’s Lectures: A Review)ABSTRAK Kepimpinan akademik telah menjadi tumpuan di peringkat kebangsaan, serantau dan global apabila wujudnya ranking yang mengukur tahap kesarjanaan sesebuah universiti. Kehadiran institusi yang mengukur ranking ini telah memberi tekanan kepada agensi dan insitusi pengajian tinggi untuk mengambil langkah yang lebih bersasar untuk meningkatkan kualiti kepimpinan akademik. Pengkaji-pengkaji telah memberi maksud konsep memperkasa kepimpinan akademik dalam pelbagai cara dengan matlamat memenuhi keperluan pemegang taruh dan kaedah pengurusan yang kompleks. Antara maksud kepimpinan akademik yang telah diperolehi ialah membangunkan keupayaan, kecerdasan emosi dan kepimpinan tulen, komunikasi dan pemikiran sistemik. Dalam konteks institusi pengajian tinggi di Malaysia, terdapat empat jenis kepimpinan utama iaitu kepimpinan pengajaran, kepimpinan penyelidikan, kepimpinan awam dan kepimpinan pengurusan. Kata Kunci: kepimpinan akademik, pengurusan, penyelidikan, pengajaran ABSTRACT With the prevalence of ranking system in higher education institutions academic leadership has become a significant issue at national, regional and global level. The pressure created by the presence of ranking bodies have urged higher education institutions to have targeted efforts in raising the standards of academic leadership. Researchers have defined academic leadership empowerment in various ways with the main objectives to fulfill the needs of stakeholders and complex management methods. Among the factors of academic leadership that have been acquired are capacity development, emotional intelligence and true leadership, and systematic communication and thinking skills. In the context of higher education institutions in Malaysia, there are four main types of leadership which are teaching leadership, research leadership, public leadership and management leadership Keywords: academic leadership, management, research, teachin

The effects of conventional and microwave heating techniques on extraction yield of orthosiphon stamineus leaves

The heating technique in a solid-liquid extraction system plays a significant role in the design and economic potential for the extraction of active components from herbs. This paper focused on the effects of extraction parameters such as ratio of sample to solvent, temperature and time of processing on the extraction yield of Orthosiphon stamineus leaves in conventional and microwave heating extraction techniques. The extracts were concentrated and dried using a rotary evaporator and freeze dryer in order to relate the yield to the processing parameters quantitatively in both heating techniques. The analysis results revealed that the processing parameters; ratio of sample to solvent, temperature and time of extraction had essential effects on the extraction yield of Orthosiphon stamineus leaves. Microwave heating extraction produced a comparable yield to conventional heating extraction with a relatively small deviation of approximately 2.8 % in average. Furthermore, microwave heating extraction reduced processing time, where this technique required about 25 % of the conventional heating time in heating up the extraction mixture to set-point temperature (60 ºC). This study concludes that microwave heating extraction, which is a green technology, has great potential in reducing the carbon foot print due to a shorter processing time and reduced energy consumption (~77 % less) compared to conventional heating extraction

An Analysis of the Management of Zakat Allocation and Distribution in Brunei Darussalam

The role of the state is not limited to only collecting Zakat but it must also distribute Zakat effectively. The correct practice of Zakat distribution is necessary to ensure the Zakat fund is utilised effectively and that it has the maximum impact on recipients especially in countries which do not enforce Zakat payment. In Brunei, the collection and distribution of Zakat is managed by the Division of Zakat Collection and Distribution Brunei (DZCDB). Based on the findings of this study some positive and negative issues are raised concerning the practice of Zakat distribution adopted by DZCDB. The findings show that DZCDB adopted a comprehensive priority assessment system which indicates a positive approach: in the earlier stage of assessment those who were more financially in need were more likely to be granted Zakat cash, while in distributing the amount of Zakat cash those who were more vulnerable and financially disadvantaged were more likely to receive a higher amount of Zakat cash assistance. Similar practice was also seen in distributing most of the non-cash assistance provided by DZCDB where the majority of recipients were those who were more financially disadvantaged. There were also a high number of cases where assistance was granted to non-applicants showing the inclusiveness of the assessment system. The amount of Zakat cash given to the recipients was found to have a very significant positive impact but the impact is not strong enough to create the right impact by enriching the recipients. The majority of the poor receiving Zakat remain below the Zakat poverty line despite receiving Zakat cash, and a similar situation was also observed among the needy recipients where there were substantial cases of income remaining below the Zakat poverty line. DZCDB has to be careful in granting assistance to non-applicants, especially on granting debt-relief, and has to make sure the granted assistance is necessary. The analysis of the characteristics of Zakat applicants indicates the severity of the poverty level and unemployment among the applicants which indicates the necessity for DZCDB to collaborate intensively with pertaining agencies not only to deal with the poverty and unemployment issues but also to help DZCDB to tailor its assistance