This critical narrative appraises the Islamic Theory of Financial Regulation by dissertating the elements thereof. It reviews different aspects of regulation and compares them with the objectives of financial market regulation. These elements of regulation surround constructs such as liquidity authority, market failure, monitoring and evaluation, asset safety and market imperfection. Furthermore, a discussion on objectives of financial market regulation towards outreach of benefits derived out of public and private utilities, preservation and maintenance of social values, promotion of Islamic moral values in the market, preservation and enhancement of socio-economic stability, promotion and support of public and private sector is done by keeping in view the elements of Islamic financial regulation theory. A conclusion is drawn at the end with a way forward in this area of research. Keywords: Islamic Theory of Regulation, Central Banking, Financial Market Regulation.

Islamic finance is a unique segment of the global financial system. It is inspired by the teachings of Islam, and differs a lot from other forms of financial markets in the aspects of regulations and practices. Modern Islamic finance is based on two principles: first is the overall criticism on all kinds of (Riba) interest; second is the galvanic focus on the concept of 'profit and loss sharing'. Islamic financial system took on a good risk-resistant capability during the global financial crisis in 2008. Hence, it attracted the attentions of many scholars all over the world. This paper is a brief summary as well as a comment on the study of Islamic finance system in China. It covers the studies on the background, development, main characteristics, opportunities, and challenges of the Islamic finance system with special reference to China.

Keywords: Islamic Finance, China

Fintech is the compound of two independent words i.e. finance and technology. It can be defined as "Computer programs and advanced technologies used to support or enable banking and financial services". Fintech has become one of the most dynamic and energetic segments of the financial services marketplace around the globe. Islamic Fintech is in its infancy stage as compared to the global Fintech industry. However, it is also growing exponentially. New Islamic fintech platforms have been established in various countries i.e. Malaysia, Bahrain, Brunei, Saudi Arabia, and the UAE. Islamic robo advisors have been introduced and the blockchain technology is also being deployed by some Islamic Fintechs. There is a lack of literature on Islamic Fintech and the present paper is an attempt to fill this gap using scientific methodology. This paper gives an overview of the Islamic Fintech industry and its global landscape. The major objectives of this paper are to understand and interpret a new phenomenon (Islamic Fintech industry), and to study the challenges and propose recommendations. The study uses the qualitative research method with the inductive approach in creating an overview of the phenomena that has not been researched enough so far. Findings show that the Islamic Fintech has the potential to revolutionize the whole Islamic financial industry by using the advanced technologies. The Islamic Fintechs have the potential to reshape Islamic finance by improving the efficiency of Islamic financial services and to deal with the existing challenges.

Keywords: Islamic Fintech, Blockchain, Islamic Finance, Opportunities, Challenges

Islamic Banking (IB) is one of the growing constituents of banking sector. This research article aims to evaluate and rank Islamic banks in Pakistan using CAMELS model in combination with Grey Relational Analysis (GRA) to examine the efficiency and soundness of banks. Overall design of the study is comprised of review of literature, data collection and analysis. Using archival research strategy, cross-sectional secondary data for the year 2017 has been obtained from official websites of banks, Pakistan Banks' Association (PBA) and State Bank of Pakistan (SBP). This study follows the philosophy of realism and uses unique mathematical methodology model and assigns a distinct consolidated rank to every Islamic bank. To investigate the issue, the study has employed CAMELS rating system theory, grey system theory and GRA. The results of the empirical analyses show that MCB Islamic Bank Limited (MCB-IBL) occupies first position in terms of efficiency and soundness whereas Bank Islami Limited (BIL), Meezan Bank Limited (MBL), Dubai Islamic Bank Limited (DIBL) and Bank Albaraka Limited (BAL) are second, third, fourth and fifth respectively. Plethora of published research is available on measuring and comparing the performance of Islamic and conventional (i.e. traditional) banks but hardly any research is found that ranks the Islamic banks. The findings reveal significant implications for the management of banks, regulators and customers, as it provides clear understanding of banks' efficiency and soundness

Keywords: Pakistani Islamic Banks, Soundness, Efficiency, SBP, CAMELS and GRA.

Possession is an important condition of the Islamic law of contract. Today, numerous banks are operating under Islamic banking principles. Therefore, it is an important requirement of the Islamic financial institutions to carry out transactions in accordance with the rules of Sharia. According to Sharia, any transaction without possession is considered void. On the other hand, possession is an important condition in all the modes of the Islamic finance, especially in a Murabaha contract. The concept of possession is simple; however, its implementation is difficult. This paper aims to discuss the practical issues of possession in execution of Murabaha Financing.

Keywords: Possession, Islamic Banking, Law of Contract, Murabaha