chapter  8
15 Pages

Islamic FinTech and the paradigm shift in the financial landscape

ByFatima Z. Bensar, Gonzalo Rodríguez

This chapter deals with the latest developments of the FinTech (Financial Technology) ecosystem within Islamic finance and with their social impact. It frames these advances in the era of the digital revolution and the paradigm shift that has experienced the financial system through FinTech. In particular, it refers to relevant experiences in the fields of Islamic crowdfunding and the sharing economy; online zakat and waqf; Islamic wealth management; and blockchain technology applications (such as smart contracts, identity authentication and cryptocurrencies). Conclusive reflections also consider the persistence of open issues in the Islamic finance market for the full realization of the potential of Islamic FinTech.