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Books > Business & Economics > Economics > International economics > International finance
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FinTech in Islamic Financial Institutions - Scope, Challenges, and Implications in Islamic Finance (Hardcover, 1st ed. 2022)
Loot Price: R4,933
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FinTech in Islamic Financial Institutions - Scope, Challenges, and Implications in Islamic Finance (Hardcover, 1st ed. 2022)
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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 FinTech-promoting inclusion, easier
loan monitoring, and risk of Shariah non-compliance-this book
explores the implications for Islamic financial institutions and
will be of interest to scholars, researchers, and students of
Islamic finance and financial technology.
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