Overview

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.

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9781032200934

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Reviews

'The book can be considered a guiding companion for those who are concerned about fintech.' Dr Mohd Daud Bakar, Founder of Amanie Group & International Islamic Finance Advisor 'The book provides students, academics, scholars, and practitioners with a detailed description of theoretical and philosophical speculations on digital transformation in Islamic finance.' Abu Umar Faruq Ahmad, Chair, Shariah Governance Curriculum Review Committee, AAOIFI 'The book offers an important insight as to how technology is going to shape the future of finance.' Professor Dr Mohammad Hashim Kamali, Founding CEO, International Institute of Advanced Islamic Studies (IAIS), Malaysia

Author Information

Yasushi Suzuki is a Professor at Ritsumeikan Asia Pacific University, Japan. Mohammad Dulal Miah is an Associate Professor at the University of Nizwa, Oman.

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