Description
Book SynopsisThe ongoing digital transformation is shaping the Islamic mode of financial intermediation and the impact on the faith-based financial mode has been multifaceted. This has raised a host of interesting questions: what is the degree of penetration of Islamic finance in the fintech industry? Are Islamic financial institutions (IFIs) or banks ready to embrace fintech? Is fintech an enabler or barrier to achieve the intended purpose of Islamic finance? Will technology narrow the division between Islamic and conventional finance in the future? These are existential questions for Islamic finance and the book endeavors to examine the impact of financial technology on the industry.
The book assesses various fintech business models and how they could be a threat or an opportunity. It also examines whether fintech provides IFIs an edge to serve clients following the Shariah norms and how the adoption of fintech in the Islamic mode is required for meeting the maqasid Al Shariah. The book
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‘The book can be considered a guiding companion for those who are concerned about fintech.’
Dr Mohd Daud Bakar, Founder of Amanie Group & International Islamic Finance Advisor
‘The book provides students, academics, scholars, and practitioners with a detailed description of theoretical and philosophical speculations on digital transformation in Islamic finance.’
Abu Umar Faruq Ahmad, Chair, Shariah Governance Curriculum Review Committee, AAOIFI
‘The book offers an important insight as to how technology is going to shape the future of finance.’
Professor Dr Mohammad Hashim Kamali, Founding CEO, International Institute of Advanced Islamic Studies (IAIS), Malaysia
Table of ContentsIntroduction Part I Theoretical and Philosophical Speculations on Digital Transformation in Islamic Finance 1. Digital Transformation in Islamic Finance: A Critique of Perfectionist’s Views on Islamic Fintech 2. A Typology of Financial Business Models on Digital Transformation: Expected Impacts on Commercial Banks 3. Fintech, Technomania and Persistent Socio-Civilizational Challenges Part II Empirical Studies 4. Business Risk Mitigation through "Value-Chain Integrated" Financing in Islamic Peer to Peer Lending in Indonesia: PT Qazwa Mitra Hasanah’s Experience 5. Prospects and Opportunities of Islamic Crowdfunding in Bangladesh Anik 6. Empirical Assessment on Digital Transformation in Islamic Banking 7. Fintech in Islamic Banking in Bangladesh: Opportunities and Threats 8. Islamic digital banking in the Netherlands – Challenges and Opportunities 9. Can Islamic FinTech Best Serve the Migrants’ Interest in Remittance Services? The South and South-East Asian Perspective 10. The impact of central bank digital currency (CBDC) on the operations of Islamic Banks 11. Takafultech Reflects the Maqasid al-Shariah Ethos in Takaful 12. Digital Transformation and Accounting Issues in Takaful: The Case of Indonesia 13. Dilemma and Challenges for fintech application in Waqf Administration / Regulation in contemporary Muslim majority countries: A Case of Bangladesh 14. Breaking the barriers of Zakat Management System through Islamic Fintech: The Case of Bangladesh 15. An inquiry into the application of Artificial Intelligence on Fatwa. Conclusion.
