Fintech in Islamic finance
DOI link for Fintech in Islamic finance
Fintech in Islamic finance book
This chapter analyses several fundamental aspects of fintech solutions in Islamic finance. It discusses the new collaborative economy and the sociological elements behind this new form of collective economic relationships. The chapter explores collaborative fintech and new forms of technology-driven financial intermediation solutions being launched in the market between capital holders and capital seekers. It explains the opportunities and challenges for Islamic finance. The Islamic financial industry is young, highly technological and with the excess liquidity required to finance innovation. The Islamic finance industry has reacted more quickly than its conventional counterparts, in two fundamental areas; developing innovation in its own capacity and partnering with new Shari‘ah-compliant fintech ventures. Fintech offers a way whereby new technologies can help channel Islamic principles to create a new generation of financial products that can satisfy the demands of future generations. Fintech is revolutionising the financial world through automated complex reasoning mechanisms and new technologies able to make more efficient decision-making procedures.