Islamic finance is becoming an effective tool around the world, and gaining popularity in non-Muslim countries. However, in the current era of digitalization, Islamic finance can not keep up with the revolution in financial technology. Financial Technology (FinTech) is one of the latest innovations in financial services. At the same time, financial technologies are developing rapidly thanks to advances in information technology and favorable regulation. By using technology to provide Sharia-compliant financial services, Islamic FinTech will become a key driver of financial integration and digitization of Islamic finance in the coming decades.The article discusses the use of financial technologies to improve operational efficiency and quality of customer service in the field of Islamic financial services. In addition, there are identified and analyzed the problems and prospects of fintech in Islamic finance. Thus, the aim of the article is to define FinTech research, their application in Islamic financial sector and their relationship. There are also considered types of financial technologies used today. In conclusion, there are considered main reasons for the emergence and rapid development of FinTech are outlined, the state and problems of financial technologies in Kazakhstan.
The article considers the prospects for the development of Islamic finance in Kazakhstan by opening «Islamic windows». The world practice of introducing Islamic windows in traditional institutions (banks) in such countries as Indonesia, Malaysia, Qatar, Germany, the United Kingdom, Algeria was also considered. This study aims to compare Islamic institutions and Islamic windows of traditional institutions(banks) in terms of their advantages and disadvantages. The purpose of this article is to investigate the prospects of the implementation of Islamic windows in the Republic of Kazakhstan. The article used empirical research methods (comparison). And strengths, weaknesses, opportunities, and threats (SWOT-analysis) of the application of Islamic windows in traditional institutions (banks) in the Republic of Kazakhstan were analyzed. The analysis carried out in this study shows that in the world practice the opening of Islamic banking departments in traditional banks, which is called «Islamic windows» was the beginning of the development of Islamic finance in the same countries. It was also found that the effectiveness of Islamic windows of conventional banks was much higher compared with the Islamic bank. Thus, opening Islamic windows in the second-tier banks and traditional financial institutions of the Republic of Kazakhstan can be an effective mechanism for the development of the Islamic finance market and accelerate the process of implementation of Islamic financial instruments.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.
hi@scite.ai
10624 S. Eastern Ave., Ste. A-614
Henderson, NV 89052, USA
Copyright © 2024 scite LLC. All rights reserved.
Made with 💙 for researchers
Part of the Research Solutions Family.