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The REGTECH Book
book

The REGTECH Book

by Janos Barberis, Douglas W. Arner, Ross P. Buckley
August 2019
Intermediate to advanced content levelIntermediate to advanced
392 pages
14h 11m
English
Wiley
Content preview from The REGTECH Book

Islamic RegTech

By Niclas Nilson1 and Inga Jovanovic2

1Founder and CEO, Capnovum

2Managing Director, Capnovum

RegTech is battling large volumes of structured and unstructured information from dispersed regulators and supervisors. Frequently revised regulatory frameworks and compliance milestones add further complexity to already overlapping and sometimes contradicting requirements.

The volume of regulations and regulatory change already exceeds what can reasonably be processed without cognitive solutions. Reacting late results in duplication of effort, further cost, compliance risk, and ultimately sanctions. The rising cost of doing business has driven demand for advanced RegTech solutions that deal independently with discovery, understanding, and monitoring of regulations and obligations.

The similarities to the challenges faced by Islamic financial institutions are striking. Islamic finance has struggled with intersecting and often conflicting regulations and religious rulings since long before regulators went into overdrive in the wake of the financial crisis. RegTech solutions developed to meet global regulatory requirements therefore come with distinct benefits to Islamic financial institutions.

RegTech and artificial intelligence offer synergies for Islamic institutions by bringing together religious rulings with conventional regulatory frameworks, identifying associated obligations across regulations and jurisdictions. The additional transparency contributes to economies ...

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Publisher Resources

ISBN: 9781119362142Purchase book