Muhammad Nazibur Rahman
Financial Technology Law: A Critical Study of Cryptoassets and Other Financial Products and Services in International Finance from Shariáh Law Perspective.
Summary of research
This thesis examines fintech products and services from shari’ah law perspective. The problem with the Islamic financial world is that the new financial instruments are not readily accepted here; they are always gauged against their compliance with shari’ah principles. The Islamic financial market, which follows Shari’ah law, is one of the fastest-growing financial sectors of the world; It accounts for 1% to 2% of global investments with an annual growth of approximately 18%. As the evolving and disruptive financial technologies have sought to readdress the conventional financial norms, there is a pressing need that their compatibility, from Shari’ah law perspective, should be extensively examined, to evaluate their potentials in Islamic Financial world. The particular question which the research addresses is whether the Shari’ah law sufficiently flexible to encompass the new cryptographically secured digital assets (also known as cryptoassets) and services. To answer that question this research further explores the status of cryptoassets, cryptocurrencies, digital information, data and smart contracts under the Shari’ah law. To address these questions, this research will Identify, present, and study the frameworks, advantages and disadvantages of new fintech products, services, and relevant Shari’ah principles. Based on those findings this research will further evaluate fintech products and services in light of Shari’ah principles, which have been developed by Muslim jurists, both in the classic and modern time. This is the most appropriate methods because an in-depth analysis and evaluation of the frameworks of fintech product, services and Shari’ah principles are necessary before gauged the compliance of fintech products and services with Shari’ah principles. A particular focus of this research will be to not only see the compatibly of fintech products and services but also to explore to what extent those can contribute or hinder the advancement of the financial objectives of shari’ah such as social justice, decentralisation of wealth.
Muhammad Nazibur Rahman is a PhD student at CCLS, Queen Mary University of London and a practicing barrister specialises in international law with a particular focus on Islamic Finance and South East Asian Law.
Muhammad is an international lawyer having practised in Bangladesh prior to becoming a member of the Bar of England and Wales. He worked as a case manager with the defence at the International Crimes Tribunal, Bangladesh.
Muhammad has a diverse academic and legal background. After completing an MA in Islamic Jurisprudence from Bangladesh, he further studied in Saudi Arabia and the UK. He also obtained specialisation in Islamic Banking and Finance from AAOIFI, Bahrain.
After completing his Bar Vocational Course at City University in London, he worked as an associate of the Law Counsel in Dhaka, Bangladesh. He offered a record of achievement in the areas of Islamic finance and International crimes.
Muhammad also worked as a part time lecturer at the International Islamic University in Chittagong, Bangladesh and has a number of academic publications.
In 2019 Muhammad Completed an LLM in Banking and Finance Law with distinction from CCLS at Queen Mary University.
- The Concept of Cryptocurrencies from an Islamic Law Perspective - BJIBFL of LexisNexis, UK, October 2018.
- Failure of Hudud Law Related to Rape in Pakistan: A Critical Analysis - Published in June 2015 at Law & Policy Journal of Asia Pacific University, Dhaka