Digital Transformation In Islamic Finance
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Digital Transformation in Islamic Finance
The ongoing digital transformation is shaping the Islamic mode of financial intermediation and the impact on the faith-based financial mode has been multifaceted. This has raised a host of interesting questions: what is the degree of penetration of Islamic finance in the fintech industry? Are Islamic financial institutions (IFIs) or banks ready to embrace fintech? Is fintech an enabler or barrier to achieve the intended purpose of Islamic finance? Will technology narrow the division between Islamic and conventional finance in the future? These are existential questions for Islamic finance and the book endeavors to examine the impact of financial technology on the industry. The book assesses various fintech business models and how they could be a threat or an opportunity. It also examines whether fintech provides IFIs an edge to serve clients following the Shariah norms and how the adoption of fintech in the Islamic mode is required for meeting the maqasid Al Shariah. The book discusses applicability of fintech like blockchain, digital currency, big data, and AI to different branches of Islamic finance. This book will interest students, analysts, policymakers, and regulators who are working on Islamic finance, financial economics, Islamic economics, and development finance.
Digitalization of Islamic Finance
Author: Ab. Aziz, Muhammad Ridhwan
language: en
Publisher: IGI Global
Release Date: 2024-11-29
The integration of technology into Islamic finance is a topic of growing interest, with a focus on promoting inclusive and progressive financial systems. The use of technology, such as blockchain, is being considered to enhance the inclusivity and progressiveness of Islamic finance. However, the transition from conventional to Islamic banking systems presents operational challenges, and the industry is still working on standardizing Islamic financial instruments. Despite the rapid expansion of Islamic finance, there are ongoing debates about its efficiency and the need for further progress in all areas of Islamic finance. Digitalization of Islamic Finance provides theoretical frameworks and the latest empirical research findings in the area of Islamic finance to promote inclusive and sustainable financial systems aligned with Islamic principles and to support the achievement of the Sustainable Development Goals (SDGs). This involves enhancing the efficiency, accessibility, and impact of Islamic finance through the integration of technology, standardizing Islamic financial instruments, and increasing awareness among various stakeholders. Covering topics such as blockchain technology, financial technologies (FinTech), and public perceptions, this book is an excellent resource for professionals, researchers, practitioners, academicians, businessmen, entrepreneurs, policymakers, and graduate and postgraduate students.
Beyond Fintech
Beyond Fintech: Technology Applications for the Islamic Economy is a follow-up to the first-ever Islamic Fintech book by the author (published in 2018) that provided linkages between Islamic Finance and disruptive technologies like the blockchain. In the wake of fintech as a new trend in financial markets, the ground-breaking book stressed the relevance of Islamic finance and its implications, when enabled by fintech, towards the development of the Islamic digital economy. While the earlier work discussed the crucial innovation, structural, and institutional development for financial technologies in Islamic Finance, this new research explores the multiple applications possible in the various sectors of the economy, within and beyond finance, that can be significantly transformed. These revolutionary applications involve the integration of AI, blockchain, data analytics, and Internet-of-Things (IoT) devices for a holistic solution to tackle the bottlenecks and other issues in existing processes of traditional systems. The principles of accountability, duty, justice, and transparency are the foundation of shaping the framework in achieving good governance in all institutions - public or private, Islamic or otherwise. Technologies like AI, blockchain, and IoT devices can operationalize the transparency and accountability that is required to eradicate poverty, distribute wealth, enhance micro-, small- and large-scale initiatives for social and economic development, and thus share prosperity for a moral system that enables a more secure and sustainable economy.