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Keywords = Islamic financial technology

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25 pages, 1016 KiB  
Article
Enhancing Sustainable Innovation Performance in the Banking Sector of Libya: The Impact of Artificial Intelligence Applications and Organizational Learning
by Fathi Abdulsalam Mohammed Alsoukini, Muri Wole Adedokun and Ayşen Berberoğlu
Sustainability 2025, 17(12), 5345; https://doi.org/10.3390/su17125345 - 10 Jun 2025
Viewed by 820
Abstract
The recent transformation in Libya’s banking industry, driven largely by the Central Bank of Libya, has led to increased financial inclusion, enhanced banking services, and the adoption of digital banking technologies. While most banks have rapidly transitioned from traditional data analysis methods to [...] Read more.
The recent transformation in Libya’s banking industry, driven largely by the Central Bank of Libya, has led to increased financial inclusion, enhanced banking services, and the adoption of digital banking technologies. While most banks have rapidly transitioned from traditional data analysis methods to using Artificial Intelligence (AI) for daily transaction analysis, the impact of AI on sustainable innovation performance and organizational learning remains underexplored. This study, grounded in dynamic capabilities theory, investigates the mediating role of organizational learning in the relationship between AI adoption in the banking sector and sustainable innovation performance. Data were collected from 401 employees across Libya’s conventional and Islamic banking sectors using a judgmental sampling technique. Partial Least Squares Structural Equation Modeling (PLS–SEM) was used to analyze the data and assess the relationships among the variables. The findings indicate that AI adoption significantly and positively influences sustainable innovation performance and organizational learning. Additionally, organizational learning was found to have a significant positive effect on sustainable innovation performance and to partially mediate the relationship between AI adoption and innovation performance. The study recommends that bank management teams implement training programs to enhance employees’ understanding of AI applications, sustainability objectives, and innovative financial services to improve overall efficiency. Full article
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21 pages, 781 KiB  
Article
FinTech Implementation Challenges in the Palestinian Banking Sector
by Jamal Hurani, Mohammed Kayed Abdel-Haq and Emir Camdzic
Int. J. Financial Stud. 2024, 12(4), 122; https://doi.org/10.3390/ijfs12040122 - 4 Dec 2024
Cited by 3 | Viewed by 2223
Abstract
This study addresses FinTech implementation challenges in the banking industry in Palestine. This was accomplished by adopting qualitative research methods. Semi-structured interviews were conducted with interviewees from the Palestinian Monetary Authority, banks, and FinTech companies. Thematic analysis was conducted using NVivo 12 software [...] Read more.
This study addresses FinTech implementation challenges in the banking industry in Palestine. This was accomplished by adopting qualitative research methods. Semi-structured interviews were conducted with interviewees from the Palestinian Monetary Authority, banks, and FinTech companies. Thematic analysis was conducted using NVivo 12 software to identify themes in the interview scripts. Research outcomes suggest that FinTech development in Palestine encounters a range of multifaceted challenges, which can be categorised using the TOE (technological, organisational, environmental) framework. On the technological front, issues such as underdeveloped IT and telecommunications infrastructure, restricted mobile frequencies due to Israeli occupation, limited IT expertise, cyber risks, low digital literacy, and minimal FinTech awareness hinder progress. Organizationally, resistance to change, inadequate agility, limited digital skills, and slow Sharia compliance updates in Islamic banking impede innovation. Environmentally, the absence of a dedicated FinTech framework, unclear regulatory guidance, limited market size, and strict AML/CFT regulations create uncertainties for non-bank entities and restrict investment opportunities. Addressing these interconnected barriers requires coordinated efforts across legal, financial, and technological sectors to foster FinTech integration and growth in Palestine. Full article
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23 pages, 1072 KiB  
Article
Evaluation of Total Risk-Weighted Assets in Islamic Banking through Fintech Innovations
by Asma S. Alzwi, Jamil J. Jaber, Hani Nuri Rohuma and Rania Al Omari
J. Risk Financial Manag. 2024, 17(7), 288; https://doi.org/10.3390/jrfm17070288 - 8 Jul 2024
Cited by 3 | Viewed by 2254
Abstract
The assessment of total risk-weighted assets (LTRWAs) in the banking sector is of the utmost importance. It serves as a critical component for regulatory compliance, risk management, and capital adequacy. By accurately assessing LTRWAs, banks can effectively meet regulatory requirements, efficiently allocate capital [...] Read more.
The assessment of total risk-weighted assets (LTRWAs) in the banking sector is of the utmost importance. It serves as a critical component for regulatory compliance, risk management, and capital adequacy. By accurately assessing LTRWAs, banks can effectively meet regulatory requirements, efficiently allocate capital resources, and proactively manage risks. Moreover, the accurate assessment of LTRWAs supports performance evaluation and fosters investor confidence in the financial stability of banks. This study presents statistical analyses and machine learning methods to identify factors influencing LTRWAs. Data from Bahrain, Jordan, Qatar, the United Arab Emirates, and Yemen, spanning from 2010 to 2021, was utilized. Various statistical tests and models, including ordinary least squares, fixed effect, random effect, correlation, variance inflation factor, tolerance tests, and fintech models, were conducted. The results indicated significant impacts of the unemployment rate, inflation rate, natural logarithm of the loan-to-asset ratio, and natural logarithm of total assets on LTRWAs in regression models. The dataset was divided into a training group (90% of the data) and a testing group (10% of the data) to evaluate the predictive capabilities of various fintech models, including an adaptive network-based fuzzy inference system (ANFIS), a hybrid neural fuzzy inference system (HyFIS), a fuzzy system with the heuristic gradient descent (FS.HGD), and fuzzy inference rules with the descent method (FIR.DM) models. The selection of the optimal model is contingent upon assessing its performance according to specific error criteria. The HyFIS model outperformed others with lower errors in predicting LTRWAs. Independent t-tests confirmed statistically significant differences between original and predicted LTRWA for all models, with HyFIS showing closer predictions. This study provides valuable insights into LTRWA prediction using advanced statistical and machine learning techniques, based on a dataset from multiple countries and years. Full article
(This article belongs to the Special Issue Emerging Issues in Economics, Finance and Business)
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15 pages, 891 KiB  
Article
Risk Management in Islamic Banking: The Impact of Financial Technologies through Empirical Insights from the UAE
by Mohamed Al Hammadi, Juan Antonio Jimber-Del Río, María Salomé Ochoa-Rico, Orlando Arencibia Montero and Arnaldo Vergara-Romero
Risks 2024, 12(2), 17; https://doi.org/10.3390/risks12020017 - 23 Jan 2024
Cited by 4 | Viewed by 8042
Abstract
Financial technology (fintech) innovations are transforming banking globally. Their adoption poses new opportunities and risks for Islamic banks with unique requirements. This study examines fintech’s implications for risk management effectiveness in United Arab Emirates Islamic banks. A conceptual model incorporates factors like fintech [...] Read more.
Financial technology (fintech) innovations are transforming banking globally. Their adoption poses new opportunities and risks for Islamic banks with unique requirements. This study examines fintech’s implications for risk management effectiveness in United Arab Emirates Islamic banks. A conceptual model incorporates factors like fintech adoption, emerging capabilities, digital maturity, and IT security influencing outcomes. Primary data were collected via survey from nine UAE Islamic banks and analyzed using PLS-SEM. Results show that fintech adoption and capabilities positively impacted effectiveness, while digital transformation alone did not. The findings also show that the regulatory environment did not moderate relationships as hypothesized. The findings provide empirical evidence on optimizing risk management through responsible fintech enablement and oversight alignment in the UAE context. Full article
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29 pages, 3170 KiB  
Review
Islamic Finance in the Era of Financial Technology: A Bibliometric Review of Future Trends
by Hanan Qudah, Sari Malahim, Rula Airout, Mohammad Alomari, Aiman Abu Hamour and Mohammad Alqudah
Int. J. Financial Stud. 2023, 11(2), 76; https://doi.org/10.3390/ijfs11020076 - 9 Jun 2023
Cited by 72 | Viewed by 21775
Abstract
This study focused on a current study on Islamic finance and financial technology as well as prospective topics for future research. As a bibliometric and visualization tool for the Web of Science core collection database and viewer-based literature, 918 papers dealing with Islamic [...] Read more.
This study focused on a current study on Islamic finance and financial technology as well as prospective topics for future research. As a bibliometric and visualization tool for the Web of Science core collection database and viewer-based literature, 918 papers dealing with Islamic finance and financial technology authored between 1999 and 2022 were analyzed. Cluster analysis, all-keyword co-occurrence analysis, and bibliographic coupling mapping are all investigated in the study. This research enables us to propose future research paths that may be useful in reflecting on the significant impact that technology will have on the growth of Islamic finance and financial technology. The survey discovered four main research trends: the first trend shown is “Financial Inclusion and Corporate Governance in Islamic Fintech”. The second trend focuses on “information technology and future financial Islamic services”. The third trend is “The Transformation of Islamic Finance: How Fintech is Changing the Game”. The fourth trend is related to “Islamic Finance: A Growing Force in the Digital Age”. This study provides a comprehensive analysis of research trends at the intersection of Islamic finance and financial technology, identifying future research directions. Full article
(This article belongs to the Special Issue Literature Reviews in Finance)
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15 pages, 7767 KiB  
Article
Constructing a Shariah Document Screening Prototype Based on Serverless Architecture
by Marhanum Che Mohd Salleh, Rizal Mohd Nor, Faizal Yusof and Md Amiruzzaman
Computers 2023, 12(3), 50; https://doi.org/10.3390/computers12030050 - 24 Feb 2023
Viewed by 3137
Abstract
The aim of this research is to discuss the groundwork of building an Islamic Banking Document Screening Prototype based on a serverless architecture framework. This research first forms an algorithm for document matching based Vector Space Model (VCM) and adopts Levenshtein Distance for [...] Read more.
The aim of this research is to discuss the groundwork of building an Islamic Banking Document Screening Prototype based on a serverless architecture framework. This research first forms an algorithm for document matching based Vector Space Model (VCM) and adopts Levenshtein Distance for similarity setting. Product proposals will become a query, and policy documents by the central bank will be a corpus or database for document matching. Both the query and corpus went through preprocessing stage prior to similarity analysis. One set of queries with two sets of corpora is tested in this research to compare similarity values. Finally, a prototype of Shariah Document Screening is built based on a serverless architecture framework and ReactJS interface. This research is the first attempt to introduce a Shariah document screening prototype based on a serverless architecture technology that would be useful to the Islamic financial industry towards achieving a Shariah-compliant business. Given the development of Fintech, the output of this research study would be a complement to the existing Fintech applications, which focus on ensuring the Islamic nature of the businesses. Full article
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12 pages, 566 KiB  
Article
What Influences Older Urban Poor’s Attitude towards Online Job Search? Implications for Smart Cities Development
by Chonticha Asavanirandorn, Watchara Pechdin, Ritthikiat Ngamsomsak and Ruttiya Bhula-Or
Smart Cities 2023, 6(1), 614-625; https://doi.org/10.3390/smartcities6010028 - 13 Feb 2023
Cited by 7 | Viewed by 3132
Abstract
There is an increasing number of older adults being encouraged to come back to the workforce in search of better financial security in their later years. At the same time, the job market nowadays has increasingly depended on technology to recruit new workers, [...] Read more.
There is an increasing number of older adults being encouraged to come back to the workforce in search of better financial security in their later years. At the same time, the job market nowadays has increasingly depended on technology to recruit new workers, especially in Smart Cities, a concept that has been recently introduced to developing countries. As a result, the use of the Internet for job searches has become increasingly important for older adults living in urban environments, especially those with limited resources. However, there has not been an in-depth paper exploring the various factors that may affect the older population’s ability to use this new development to their advantage. This study offered a closer look at the social and economic factors that influence acceptance of using the Internet to look for a job among older urban poor in Thailand. By understanding the influences that shape their attitudes and behaviors towards online job searches, it is then possible to guide the development of Smart Cities and offer better assistance to older adults who wish to use the Internet for employment opportunities. We applied a logit regression model on data collected from individuals aged pre-retirement and retirement (n = 1505) in two Thai cities with significantly different economic development levels. The results showed that gender, religion, family arrangement, and income had a significant impact on older adults’ online job search activities, especially when it came to women, people of the Islamic faith, people living with partners, and high-income individuals. Urban planners are recommended to take these aforementioned factors into account while formulating the Smart Cities development plan. Full article
(This article belongs to the Section Applied Science and Humanities for Smart Cities)
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15 pages, 896 KiB  
Article
Investigating the Determinants of Islamic Mobile FinTech Service Acceptance: A Modified UTAUT2 Approach
by Md. Sharif Hassan, Md. Aminul Islam, Mohd Faizal bin Yusof, Hussen Nasir and Nasrin Huda
Risks 2023, 11(2), 40; https://doi.org/10.3390/risks11020040 - 9 Feb 2023
Cited by 14 | Viewed by 5254
Abstract
Financial technology (FinTech) is leading a worldwide revolution to increase financial access. Bangladesh’s financial sector is entering a new era of innovation due to the country’s rapid embrace of financial technology. Mobile FinTech service (MFS) providers achieve unattainable economic peaks every year. The [...] Read more.
Financial technology (FinTech) is leading a worldwide revolution to increase financial access. Bangladesh’s financial sector is entering a new era of innovation due to the country’s rapid embrace of financial technology. Mobile FinTech service (MFS) providers achieve unattainable economic peaks every year. The growth of conventional banks’ MFS is significant. However, Islamic banks have a good market share but cannot attract more customers to use the Islamic MFS. This study aimed to determine the factors influencing Islamic bank customers to accept the Islamic MFS. This study utilized a modified UTAUT2 model. Data were collected from 310 Islamic bank customers by using online Google Forms. Structural equation modeling was employed to analyze the data by SMART PLS 3.2.9. The results revealed that social influence, facilitating conditions, price, and perceived credibility have a significant positive effect on Islamic MFS acceptance. However, performance expectancy and effort expectancy showed no impact on Islamic MFS acceptance. This research framework is helpful for academicians and researchers to investigate FinTech acceptance in developing countries. Moreover, the study results are beneficial for MFS providers and FinTech firms. Full article
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11 pages, 792 KiB  
Systematic Review
Fintech, Digitalization, and Blockchain in Islamic Finance: Retrospective Investigation
by Ibrahim Musa Unal and Ahmet Faruk Aysan
FinTech 2022, 1(4), 388-398; https://doi.org/10.3390/fintech1040029 - 17 Nov 2022
Cited by 23 | Viewed by 16702
Abstract
The increasing interest in Fintech, Blockchain, and Digitalization in Islamic Finance created a new area in the literature, requiring a systematic review of these academic publications. The scope of the analysis is limited to journal articles to understand the trends in the indexed [...] Read more.
The increasing interest in Fintech, Blockchain, and Digitalization in Islamic Finance created a new area in the literature, requiring a systematic review of these academic publications. The scope of the analysis is limited to journal articles to understand the trends in the indexed journals. Results are categorized into three sections, Islamic banks’ digitalization, Blockchain and Crypto Assets research, and Islamic non-bank financial institutions’ digitalization. Islamic fintech has great potential mainly because of the overlapping norms of Shariah and fintech, making it easier to implement technological disruption into Islamic finance. Moreover, the trust shift to Islamic finance could be merged with the opportunities of fintech and increase the potential of Islamic fintech even more. Full article
(This article belongs to the Special Issue Fintech and Sustainable Finance)
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10 pages, 502 KiB  
Article
Fintech Strategies of Islamic Banks: A Global Empirical Analysis
by Ahmet Faruk Aysan, Abdelilah Belatik, Ibrahim Musa Unal and Rachid Ettaai
FinTech 2022, 1(2), 206-215; https://doi.org/10.3390/fintech1020016 - 7 Jun 2022
Cited by 22 | Viewed by 8858
Abstract
As new digitalization strategies storm the banking industry, banks which are behind the technological curve may struggle to keep pace. This is a well-known challenge in the Islamic banking sector in particular; however, this research shows that little is being done in order [...] Read more.
As new digitalization strategies storm the banking industry, banks which are behind the technological curve may struggle to keep pace. This is a well-known challenge in the Islamic banking sector in particular; however, this research shows that little is being done in order to achieve unified digitalization in operations. The 2020 Global Islamic Bankers Survey (GIBS) from CIBAFI sought opinions and data from 101 Islamic banks, which outlined both their institutions’ adoption of financial technology and their awareness of existing technologies. In addition, several technology trends—such as AI, machine learning, DLTs, and P2P lending—were analyzed separately in order to understand how they may be implemented within Islamic banking. This paper performed different statistical procedures to answer these research questions via correlation analysis and one-way ANOVA. The data were compiled and analyzed using SPSS software. In doing so, this study clarified the perspective of Islamic banks on digital transformation and answered whether Islamic banks are taking the right direction in terms of their digitalization strategies. Interestingly, most newly developing technologies have a low implementation level in Islamic banking operations globally, with the exception of mobile banking, which already has a vast global infrastructure. The results may serve as a warning to Islamic banks to invest more capital and energy in the developing fields of financial technologies in order to keep abreast of their conventional banking counterparts. Full article
(This article belongs to the Special Issue Fintech and Sustainable Finance)
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13 pages, 1546 KiB  
Article
Determinants of Behavioral Intentions to Use Islamic Financial Technology: An Empirical Assessment
by Mohammad Shahfaraz Khan, Mustafa Raza Rabbani, Iqbal Thonse Hawaldar and Abu Bashar
Risks 2022, 10(6), 114; https://doi.org/10.3390/risks10060114 - 30 May 2022
Cited by 42 | Viewed by 7148
Abstract
This study examines the antecedents/determinants of behavioral intentions toward the utilization of Islamic financial technology for Middle Eastern customers. The study applied structural equation modeling (PLS-SEM). After robust research efforts were invested in the identification of factors, they and were converted into measures, [...] Read more.
This study examines the antecedents/determinants of behavioral intentions toward the utilization of Islamic financial technology for Middle Eastern customers. The study applied structural equation modeling (PLS-SEM). After robust research efforts were invested in the identification of factors, they and were converted into measures, and the results were analyzed. The results demonstrate that the independent variables shown in the UTAUT model have a significant impact on the behavior to adopt Islamic financial technology, which implies that the people are ready to use Islamic financial technology while making online transactions. The work in this study adds to the knowledge regarding the factors affecting behavioral intention to use Islamic fintech, as there is scarcity of studies in this domain, especially in the context of Middle Eastern online customers. Moreover, this study also considers the major categories of online payments. Full article
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16 pages, 1529 KiB  
Article
Assessment of the Competitiveness of Islamic Fintech Implementation: A Composite Indicator for Cross-Country Analysis
by Sofya Glavina, Irina Aidrus and Anna Trusova
J. Risk Financial Manag. 2021, 14(12), 602; https://doi.org/10.3390/jrfm14120602 - 13 Dec 2021
Cited by 15 | Viewed by 5747
Abstract
Islamic fintech is growing fast, especially in the Organisation of Islamic Cooperation (OOIC) member countries. In recent years, it has become one of the driving forces for the Islamic financial industry. Though the pandemic negatively affected global financial business, including conventional and Islamic [...] Read more.
Islamic fintech is growing fast, especially in the Organisation of Islamic Cooperation (OOIC) member countries. In recent years, it has become one of the driving forces for the Islamic financial industry. Though the pandemic negatively affected global financial business, including conventional and Islamic segments, Islamic fintech has continued its steady development. i-Fintech increases access to Islamic financial services and financial inclusion in general to provide ESG-rich investment opportunities. The rise of Islamic fintech can help countries become financial hubs and promote sustainable development goals. This paper is aimed at designing an original composite indicator of the competitiveness of Islamic fintech adoption in order to perform a comprehensive assessment of the competitive advantages that are being used across various countries. The research methodology includes data for 65 countries where Islamic fintech companies are represented. We analysed 31 variables describing the development of Islamic financial technologies in each country and combined them into five categories included in the composite indicator. Key factors that determine the development of Islamic financial technologies in different countries around the globe are singled out. The economies with the highest scores are analysed to define their strengths and weaknesses. The practices of the leading countries that address identified vulnerabilities are described. Full article
(This article belongs to the Special Issue Financial Technology (Fintech) and Sustainable Financing)
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20 pages, 486 KiB  
Article
Promoting Customer Loyalty and Satisfaction in Financial Institutions through Technology Integration: The Roles of Service Quality, Awareness, and Perceptions
by Kamran Iqbal, Hafiz Suliman Munawar, Hina Inam and Siddra Qayyum
Sustainability 2021, 13(23), 12951; https://doi.org/10.3390/su132312951 - 23 Nov 2021
Cited by 17 | Viewed by 5595
Abstract
This study examines the effects of quality of service, product awareness, and perceptions among customers of Islamic financial institutions (IFIs) on customer loyalty through technology integration using customer satisfaction as a mediator. A well-structured, comprehensive questionnaire was developed and data were collected from [...] Read more.
This study examines the effects of quality of service, product awareness, and perceptions among customers of Islamic financial institutions (IFIs) on customer loyalty through technology integration using customer satisfaction as a mediator. A well-structured, comprehensive questionnaire was developed and data were collected from 203 respondents who were customers of six IFIs in Pakistan and had at least 2 years of experience in dealing confiorm this is correct with these IFIs. A total of 171 accurate responses were received from the respondents. Ten hypotheses were developed and statistically verified using regression and correlation analytical techniques. The results reveal that the quality of customer services and awareness of IFIs had a direct and positive relationship with customer loyalty, which in turn was mediated by customer satisfaction. Perceptions about IFIs had a direct positive relation with customer satisfaction. However, the relation of perceptions and quality of service with customer loyalty and satisfaction in financial institutions through technology integration was found to be insignificant, even in the presence of customer satisfaction as a mediator. Full article
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17 pages, 600 KiB  
Article
Development of Social Cost and Benefit Analysis (SCBA) in the Maqāṣid Shariah Framework: Narratives on the Use of Drones for Takaful Operators
by Amirul Afif Muhamat, Ahmad Farouk Zulkifli, Suzana Sulaiman, Geetha Subramaniam and Saadiah Mohamad
J. Risk Financial Manag. 2021, 14(8), 387; https://doi.org/10.3390/jrfm14080387 - 19 Aug 2021
Cited by 5 | Viewed by 5383
Abstract
Takaful operators are part of the Islamic financial institutions that are expected to achieve the commercial and social objectives by their stakeholders particularly the takaful participants (policyholders). First, this study aims to postulate a new framework to measure cost effectiveness by including the [...] Read more.
Takaful operators are part of the Islamic financial institutions that are expected to achieve the commercial and social objectives by their stakeholders particularly the takaful participants (policyholders). First, this study aims to postulate a new framework to measure cost effectiveness by including the social and economic benefits of drone-assisted technology in the context of maqāṣid Shariah. Second, the study intends to investigate how the takaful industry can benefit from the drone-assisted technology, particularly in terms of cost reduction. This paper presents an early finding that forms part of a bigger research project which is focusing on the use of drone for disaster victim identification (DVI). This study employs thematic analysis of qualitative research method by engaging key informants who are Shariah expert, drone practitioner and accounting expert. In the context of emerging economies like Malaysia, the adoption of drone is sporadic when some industries such as military and agriculture are quite experienced with it; but for the takaful sector is almost none. This study provides preliminary findings that suggests there is potential of cost effectiveness for drone usage from the perspectives of SCBA in the maqāṣid Shariah framework. The main contributions from this paper are: (1) the new SCBA framework derived from the maqāṣid Shariah perspective and, (2) the application of this framework in examining the cost effectiveness on the use of drones by the takaful operators especially during disaster. Full article
(This article belongs to the Special Issue Islamic Banking and Shari`ah Governance)
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19 pages, 2726 KiB  
Article
Exploring the Role of Islamic Fintech in Combating the Aftershocks of COVID-19: The Open Social Innovation of the Islamic Financial System
by Mustafa Raza Rabbani, Abu Bashar, Nishad Nawaz, Sitara Karim, Mahmood Asad Mohd. Ali, Habeeb Ur Rahiman and Md. Shabbir Alam
J. Open Innov. Technol. Mark. Complex. 2021, 7(2), 136; https://doi.org/10.3390/joitmc7020136 - 17 May 2021
Cited by 65 | Viewed by 11630
Abstract
The purpose of the current study is to investigate the role of the Islamic financial system in recovery post-COVID-19 and the way Fintech can be utilized to combat the economic reverberations created by COVID-19. The global financial crisis of 2008 has established the [...] Read more.
The purpose of the current study is to investigate the role of the Islamic financial system in recovery post-COVID-19 and the way Fintech can be utilized to combat the economic reverberations created by COVID-19. The global financial crisis of 2008 has established the credentials of the Islamic financial system as a sustainable financial system which can save the long run interests of the average citizens around the world while adding value to the real economy. The basic ethical tenets available in the Islamic financial system make it more suited and readymade to fight the economic aftershocks of a pandemic like COVID-19. The basic principles of ethical Islamic finance have solid connections to financial stability and corporate social responsibility within the wide-reaching business context. With the emergence of Financial technology (Fintech) it has provided a missing impetus to the Islamic financial system to compete on equal ground with its conventional counterpart and prove its mettle. The study uses discourse analysis along with the content analysis to extract content and draw a conclusion. The findings of the study indicate that COVID-19 pandemic has provided the opportunity for the social and open innovation to grow and finance world have turned to open innovation to provide a speedy, timely, reliable, and sustainable solution to the world. The findings of the study provide significant implications for governments and policy makers in efficient application of Fintech and innovative Islamic financial services to fight the economic consequences of the COVID-19 pandemic. Full article
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