Fintech, Digitalization, and Blockchain in Islamic Finance: Retrospective Investigation

Abstract

The increasing interest in Fintech, Blockchain, and Digitalization in Islamic Finance created a new area in the literature, requiring a systematic review of these academic publications. The scope of the analysis is limited to journal articles to understand the trends in the indexed journals. Results are categorized into three sections, Islamic banks’ digitalization, Blockchain and Crypto Assets research, and Islamic non-bank financial institutions’ digitalization. Islamic fintech has great potential mainly because of the overlapping norms of Shariah and fintech, making it easier to implement technological disruption into Islamic finance. Moreover, the trust shift to Islamic finance could be merged with the opportunities of fintech and increase the potential of Islamic fintech even more.

Firm Size and Financing Behavior during the COVID-19 Pandemic: Evidence from SMEs in Istanbul

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Fintech in islamic finance literature: A review

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“…However, Shari'ah compliance is one of the major challenges for the growth of Islamic fintech (Unal, 2021). In addition, Islamic fintech might pose challenges for Islamic Financial Institutions (IFIs) in terms of operational efficiency, customer retention, transparency, and accountability (Unal, 2022). The major challenge toward successful integration of Fintech in Islamic Finance is the view of several Shari'ah scholars that Fintech is not compliant with Islamic principles .…”

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