FinTech in Islamic financial institutions : scope, challenges, and implications in Islamic finance / edited by M. Kabir Hassan, Mustafa Raza Rabbani, Mamunur Rashid.
Hassan, Kabir, editor.; Rabbani, Mustafa Raza, editor.; Rashid, Mamunur (Assistant Professor in Finance), editor.
2022
HG187.4 .F56 2022eb
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Title
FinTech in Islamic financial institutions : scope, challenges, and implications in Islamic finance / edited by M. Kabir Hassan, Mustafa Raza Rabbani, Mamunur Rashid.
ISBN
9783031149412 (electronic bk.)
3031149416 (electronic bk.)
3031149408
9783031149405
DOI
https://doi.org/10.1007/978-3-031-14941-2
Published
Cham : Palgrave Macmillan, 2022.
Copyright
©2022
Language
English
Description
1 online resource (xxx, 359 pages : illustrations (black and white, and color))
Item Number
10.1007/978-3-031-14941-2 doi
Call Number
HG187.4 .F56 2022eb
Dewey Decimal Classification
332.091767
Summary
This book explores several challenges facing FinTech in Islamic financial institutions. Firstly, large banks and financial institutions in countries with updated and innovative technological channels will earn the technology arbitrage from FinTech. This size puzzle may create a challenge for Islamic financial institutions that are of smaller size and from technologically less-developed countries. Secondly, while access to FinTech is getting broader day by day, usage of FinTech is still limited due to personal and governance-related limitations. Moreover, the level of awareness of the emerging FinTech services (i.e., bitcoin, blockchain, etc.) remains extremely poor even among the residents of technologically-advanced countries. Thirdly, use of FinTech by Islamic financial institutions is limited to Islamic banking, to users from developed countries, among young customers, and for a limited number of traditional banking services such as the deposits and payment services. Also, banks hope to use FinTech to increase the size of a new breed of technology-savvy depositors and loan customers to achieve economies of scale, which may help stabilize the banking sector. Automation in Islamic banks and the participation of Islamic financial institutions in blockchain and bitcoin domains require extensive research from Shariah-compliance as well as market and consumer-related grounds. With all the opportunities and challenges of FinTechpromoting inclusion, easier loan monitoring, and risk of Shariah non-compliancethis book explores the implications for Islamic financial institutions and will be of interest to scholars, researchers, and students of Islamic finance and financial technology. M. Kabir Hassan is a Professor of Finance in the Department of Economics and Finance in the University of New Orleans, USA. He currently holds two endowed ChairsHibernia Professor of Economics and Finance, and Bank One Professor in Business. He is the winner of the 2016 Islamic Development Bank (IDB) Prize in Islamic Banking and Finance. Mustafa Raza Rabbani is an Assistant Professor in the Department of Economics and Finance at the University of Bahrain and holds a PhD in Banking and Financial Services from Jamia Millia Islamia University, India. Mamunur Rashid is a Senior Lecturer in Finance at the Christ Church Business School, Canterbury Christ Church University, UK. Prior to joining CCCU, he taught Finance at University Brunei Darussalam, the University of Nottingham, and East West University for more than 17 years. .
Note
1. Introduction to Islamic Fintech: a challenge or an opportunity.- 2. Fintech and the art of disruption.- 3. An artificial intelligence based Islamic Fintech model of Zakat.- 4. Islamic Fintech and Bahrain: An opportunity for global financial services.- 5. The future of finance and Fintech: Visualising the opportunities for Fintech in the MENA region.- 6. Fintech Trends: Industry 4.0, Islamic Fintech, and its Digital Transformation.- 7. An insight into the Fintech and Islamic finance literature: A bibliometric and visual analysis.- 8. Fintech Innovation and its Application in Islamic Banking from Pakistan.- 9. Fintech in the Islamic Banking Sector and Its Impact on the Stakeholders in the wake of COVID-19.- 10. Fintech and Islamic financial institutions: Applications and challenges.- 11. An Assessment of Level of Adoption of Fintech in Islamic Banks in the MENA Region.- 12. Fintech, Pandemic, and the Islamic Financial System: Innovative financial services and its Shariah compliance.- 13. An Islamic Finance Perspective of Crowdfunding and Peer to Peer (P2P) Lending.- 14. Islamic Finance and Cryptocurrency: A Systematic Review.- 15. Islamic Fintech, Blockchain and Crowdfunding: current landscape and path forward.- 16. COVID-19 Challenges and the role of Islamic Fintech.
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Added Author
Hassan, Kabir, editor.
Rabbani, Mustafa Raza, editor.
Rashid, Mamunur (Assistant Professor in Finance), editor.
Available in Other Form
Print version : 9783031149405
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Intro
Foreword
Preface
Introduction
This Issue
Summary and Way Forward
Contents
Notes on Contributors
List of Figures
List of Tables
Introduction to Islamic Fintech: A Challenge or an Opportunity?
1 Introduction
Islamic Finance
Fintech and Its Theoretical Basis
Growth of Fintech
Fintech Entrepreneurship: Benefits and Challenges
2 Islamic Finance
Prohibitions
Promotion
3 Point of Convergence Between Fintech and Islamic Finance
Major Attractions of Fintech
Islamic Finance and Fintech
4 Challenges
Shariah Non-Compliance

Public Perception of Islamic Finance
Talent Gap
Unfavorable Regulatory Environment
Cyber Security
Competing Against Modern Innovations and Technological Advancement
5 Opportunities
New Startup
Financial Inclusion
Financial Fraud Detection and Security
Diversity
Partnership and Collaborations
6 Conclusion
References
Fintech and the Art of Disruption
1 Introduction
History of Fintech
Fintech 1.0 (1866-1967)
Fintech 2.0 (1967-2008)
Fintech 3.0 (2008-present)
Definition of Fintech and Financial Disruption

Payment Apps, Lending Platforms, and Investment Apps
Popular Types of Fintech Used By Consumers
Mobile Payment Services
Lending Platforms
Lending Tree
Better
Investment Apps
2 Cryptocurrency
3 Benefits and Risks to Consumers
Benefits
Low Cost
Improved Compliance and Security
High Speed and Convenience
Stimulus Payments to Consumers
Direct Cash Payments
Helping Small and Medium Enterprises (SMEs)
Financing Became More Obtainable
4 Regulation
5 Conclusion
References
A Fintech-Based Zakat Model Using Artificial Intelligence

1 Introduction
2 Poverty and COVID-19
3 Impact of COVID-19 on Poor and Vulnerable Section of the Society
Impact on Wage Income
Impact on Consumption
Disruption in Services
4 Maqasid Al-Sharia and the Economic Potential of Zakat in Helping the Poor During Pandemic
5 AI Based Islamic Fintech Model for Zakat
6 Conclusion
References
Islamic Fintech and Bahrain: An Opportunity for Global Financial Services
1 Introduction
2 Gaps and Opportunities in Global Islamic Fintech
3 New Regulations by Bahrain's Central Bank

4 Emerging Technologies in the Kingdom of Bahrain
Forms of Emerging Technologies in Bahrain
Developing Bahrain's Tech Ecosystem
Technology in the Financial Sector (Fintech)
Accelerator for Startups
Open Banking
In the Era of IoT (Internet of Things)
Technology Based on Blockchains
Analytical Techniques
Suggest a Data Set
Cloud Computing
Innovation Center at the University of Bahrain
Pay with an eWallet
Know Your Customer (KYC) Electronically
Machine Learning, or Artificial Intelligence (AI)
Introducing Robotics
Oil & Gas 4th Industrial Revolution

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