The roles of cybersecurity on benefits in Islamic finance

Abdul Hamid, Muhammad Shazmi (2024) The roles of cybersecurity on benefits in Islamic finance. Project Report. Universiti Teknikal Malaysia Melaka, Melaka, Malaysia. (Submitted)

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Abstract

This research examines the diverse roles that cybersecurity has played in forming and strengthening various facets of Islamic finance. In accordance with Islamic values, it clarifies how strong cybersecurity measures support the security architecture and guarantee the secrecy and integrity of financial transactions. The study also looks at cybersecurity's critical role in supporting ongoing digitalization of Islamic assets and enabling Shariah compliant banking procedures. In the study, researcher has used quantitative method where researcher has carried out research’s survey, questionnaire, population and sample, as well as pilot testing. A quantitative method is employed in the process of gathering data. Stakeholders in the Islamic finance sector receive surveys. The methods used to gather data on gender, age, status, occupation, monthly income, and awareness of cybersecurity in Islamic finance as well as familiarity with Islamic financing. 246 respondents out of a sample of 384 respondents have been gathered. There are 142 responses, most of them are between the ages of 17 and 25. Out of 246 responders, 144 are single, which is a higher percentage than the other status. Out of all the responders, 128 are still students, making up the majority of their occupation. No monthly income was reported by 124 respondents. 228 respondents are aware of cybersecurity in Islamic finance, and all 246 respondents have experience in the field. For the location, this study has done in Melaka. Statistical techniques such as regression analysis and correlation were used to study the relationships between the functions of cybersecurity and the advantages in Islamic banking. The study's findings demonstrate the benefits of cybersecurity for the Islamic finance sector. Cybersecurity plays crucial roles in the following areas: digitization, smart contracts, Shariah banking, and security. The research also highlights how important it is to support progress and growth in the Islamic financial industry through stakeholder involvement, legal compliance, and the creation of a strong company culture. The study's findings offer helpful guidance to the Islamic financial sector on how to leverage cybersecurity to enhance its operational efficacy, competitive advantage, and environmental performance.

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