Fintech and Islamic Finance-challenges and Opportunities

Irum Saba · Rehana Kouser · Imran Sharif Chaudhry

66 citations0/0 files storedReview of Economics and Development Studies

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Islamic Finance and Banking Studies FinTech, Crowdfunding, Digital Finance Digital Transformation in Financial Services

Abstract

Fintech is the merger of two terms: finance and technology. Islamic finance provides financial services to the customers in accordance to the rules and regulations prescribed by Shariah. As Islamic finance is growing by leaps and bounds since the last two decades, and so is FinTech, in the last decade. The main objective of Islamic finance is to enhance the economic growth in the society with the use of Shariah compliant financial solutions. Likewise, FinTech provides cost effective solutions for the companies and especially startups that help in the reduction of their costs and improvement in business processes. Financial industry is a very elusive yet important sector in the society, and hence heavily regulated by the regulators. The introduction of FinTech in countries, especially developing countries like Pakistan can help to boost economic growth but this will increase the workload of regulators as they must ensure stability of the financial system and to protect it from frauds/crises. Hence, proper monitoring by the regulatory authorities is crucial to avoid cyber-attack, data leakages and data theft as it can lead to misuse of the information. For the good results of FinTech, not only the users but the regulators have to be aware with the structure and functioning of the system and the regulations should be in place proactively. This paper focuses on the three main aspects namely: explaining the FinTech, opportunities for Islamic financial institutions and the challenges/issues faced by the institutions in implementing FinTech solutions. The paper also provides the current status of FinTech application globally and the potential in it to serve the poorer segments of society. The review of literature approach is used for the paper.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 66 citations exist upstream.

References

2017Fintech: Ecosystem, business models, investment decisions, and challenges 2016Taming the Beast: A Scientific Definition of Fintech 2018Fintech and Banking. Friends or Foes?2015THE FINTECH REVOLUTION 2016The Emergence of Regtech 2.0: From Know Your Customer to Know Your Data

Cited by

2023Fintech innovations, scope, challenges, and implications in Islamic Finance: A systematic analysis 2023A Systematic Literature Review of the Risk Landscape in Fintech 2020Opportunities of Islamic FinTech: The Case of Bangladesh and Turkey 2022Exploring the Essential Factors on Digital Islamic Banking Adoption in Indonesia: A Literature Review 2024RETRACTED: Exploring the moderating role of religious orientation on Islamic Fintech adoption 2024Mapping of FinTech Ecosystem to Sustainable Development Goals (SDGs): Saudi Arabia’s Landscape 2024Exploring trust determinants influencing the intention to use fintech via SEM approach: Evidence from Pakistan 2022Mapping Research on Islamic Fintech Using Biblioshiny-R

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.