ABSTRACT
This chapter shows that there is a gap in the literature that has evaluated fintech in Islamic finance relative to maqasid al-Shari‘ah. It discusses the potential of fintech, which includes its brief history, definitions and growth. The chapter examines the fintech ecosystem, business models and applications and focuses on the development of fintech in Islamic finance. It also discusses maqasid al-Shari‘ah and fintech and provides a maqasid theoretical framework necessary for developing the dimensions and elements for measuring the fintech solutions in Islamic finance. The chapter explores the various dimensions of the essential of mal in the literature, which can be categorised into three: Shari‘ah value proposition, development of mal and socio-economic welfare. It demonstrates that it is possible to develop a framework based on maqasid al-Shari‘ah for measuring the fintech business activities in Islamic finance.
