Fintech and Islamic financial institutions: Applications and challenges

Book chapter

Abdeljawad, I., Hashem, S, Q. and Rashid, M. 2022. Fintech and Islamic financial institutions: Applications and challenges. in: Hassan, M. K., Rabbani, M. R. and Rashid, M. (ed.) FinTech in Islamic Financial Institutions Scope, Challenges, and Implications in Islamic Finance Cham Palgrave Macmillan. pp. 193-222
AuthorsAbdeljawad, I., Hashem, S, Q. and Rashid, M.
EditorsHassan, M. K., Rabbani, M. R. and Rashid, M.
Abstract

Fintech is revolutionizing the way consumers react to financial services offered, the channels of service delivery by financial institutions, and the process of regulating a series of emerging technologies by the regulators. Large, generally conventional, banks are believed to have strong technology infrastructure to support such a massive change, while Islamic financial institutions, with relatively smaller size and clustered operation, may find Fintech as a new challenge. Despite numerous published sources on Islamic banks’ exposure to Fintech, resources on the broader domain of Islamic financial institutions are relatively smaller. This chapter emphasizes this gap and points out how Islamic banks and their allied siblings are exposed to Fintech. We discuss points of convergence between Fintech and Islamic finance by taking examples from applications currently in existence. We also discuss relevant challenges.

KeywordsFinTech; Islamic financial instutions; Islamic banking
Page range193-222
Year2022
Book titleFinTech in Islamic Financial Institutions Scope, Challenges, and Implications in Islamic Finance
PublisherPalgrave Macmillan
Output statusPublished
Place of publicationCham
ISBN9783031149412
9783031149405
Publication dates
Online30 Nov 2022
Print01 Dec 2022
Publication process dates
Deposited23 May 2023
Digital Object Identifier (DOI)https://doi.org/10.1007/978-3-031-14941-2_10
Official URLhttps://link.springer.com/chapter/10.1007/978-3-031-14941-2_10
Related URLhttps://doi.org/10.1007/978-3-031-14941-2
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