PELUANG DAN CABARAN SISTEM TEKNOLOGI MAKLUMAT ( IT ) KEWANGAN ISLAM DI MALAYSIA (OPPORTUNITIES AND CHALLENGES OF INFORMATION TECHNOLOGY SYSTEM (IT) IN ISLAMIC FINANCE IN MALAYSIA)

Abstract

Information technology (IT) system or more to the software is a vital key component in Islamic finance. However, it is seen to be left far behind as compared to conventional system. This has been led to constraints as well as differences of opinion the existence of the Islamic financial product. Studies has been conducted to assess the opportunities and challenges that exist in information technology systems for Islamic finance in Malaysia in order to make Malaysia as one of World Islamic Finance real hubs. Hence, the demand for Islamic financial information technology systems increases alongside with the development of Islamic finance products in the market. Moreover the existing vendor of the conventional banking information technology system has modified the existing system to fulfil current market demand. So, a research has been a study is conducted to evaluate existing vendors based on the current system to satisfy Islamic finance market demand. The researcher should assess the disadvantages and the advantages of a system which has been developed by the Islamic finance or conventional vendor. The purpose of the study is to evaluate opportunity and challenge the system which met the demands of Islamic banks in order to make their operating system more efficient to compete with conventional bank system as well. A system is also evaluated based on international standards such as Accounting and Auditing Organization for Islamic Financial Institutions (AAOFI) and Islamic Financial Services Board (IFSB).