Islamic financial technology - main driver for the development of Islamic finance

Abstract

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.