Role of Regulatory Institutions and Standards-Setting Institutions In Managing Economic and Financial Crisis

This paper examines the role of regulatory and standard-setting institutions in managing financial crises within Islamic finance, highlighting lessons from recent crises such as COVID-19. It emphasizes key considerations including maqasid al-shariah, technology integration, and regulatory adaptation, while exploring the rise of fintech as a resilient solution. The discussion also draws on insights from the Global Islamic Bankers’ Survey (GIBS) 2021 to assess industry responses and future directions.