The Impact of Financial Technology (Fintech) on the Financial and Banking Services Sector and Its Applications in the Islamic Financial Industry

Hasan, Mona

doi:10.2139/ssrn.4369683

Cited by 4 publications

(1 citation statement)

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“…Fintech's benefits include a cost economy, increased efficiency, greater transparency, increased consumer satisfaction, improvement of infrastructure components, and easier access to the financial system. Additionally, Fintech may have negative consequences related to cyber security, for example, and it requires the creation of an appropriate legislative framework (Hasan 2023;Moosa 2022). To increase the competitiveness of the EU's financial sector, in September 2020, the European Commission adopted a document that includes a legislative and financial strategy to ensure that European citizens have access to innovative financial products, as well as financial protection and stability, based on the premise that digital financial services contribute to the modernisation of the European economy and will transform it "into a global digital player" (European Commission 2023).…”

Section: Introductionmentioning

confidence: 99%

Buy Now Pay Later—A Fad or a Reality? A Perspective on Electronic Commerce

Lupșa-Tătaru,

Nichifor,

Dovleac

et al. 2023

Economies

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The Millennials and Generation Z use online shopping for a holistic experience and buy more expensive or better-quality products with buy now pay later payment methods for their highly demanding needs. The authors aimed to deepen understanding of this phenomenon by finding related knowledge fields and discovering the type of economy that will represent an increasing market share for the method of domestic e-commerce payments. The methodology used combined computer-assisted review, descriptive statistics, and linear regression to explain the market share of 23 economies worldwide. Student credit card use, myopic consumer law, buying tendencies. and dark financial triangles were identified as related topics. Logistics performance, ease of doing business, and postal development were found to be significant factors. Finally, economies with medium ranks are inclined to adopt this kind of payment easily. Hence, major implications, both managerial and academic, must be addressed. High responsibility should be borne by industry associations, which should run information campaigns by collaborating with public institutions. From the point of view of theoretical implications, studying the buy now and pay later concept and its outcomes might deepen understanding of consumer behaviour, decision-making processes, risk perception mitigation, debt behaviours, and credit adoption.

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Section: Introductionmentioning

confidence: 99%

Buy Now Pay Later—A Fad or a Reality? A Perspective on Electronic Commerce

Lupșa-Tătaru,

Nichifor,

Dovleac

et al. 2023

Economies

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The Role of Culture on Islamic Finance: A Comparative Analysis from Islamic Finance Permitting Countries

AL-Hersh,

Masron

2023

J Knowl Econ

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Empowering Communities

Mushtaq,

Idrees,

Manzoor

et al. 2024

Financial Inclusion, Sustainability, and the Influence of Religion and Technology

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This chapter offers a comprehensive examination of the intersection of Islamic finance and financial inclusion, shedding light on how Islamic financial principles can contribute to expanding financial access and promoting economic inclusivity. Examining the fundamental principles of Islamic finance reveals the inclusive foundations upon which this financial system is constructed. It has also examined the case studies and real-world examples to illustrate the tangible effects of Islamic finance on marginalised populations and economies. This chapter investigates the impact of financial technology (Fintech) and Islamic microfinance institutions on the availability of Islamic financial products. The chapter discussed the limitations of Islamic finance, which include a prohibition on interest, restrictions on loans and investments, and sector limits. Innovative products provide financing alternatives. In addition, the chapter discuss how the challenges of standardisation, regulatory compliance, and consumer awareness impede the widespread adoption of Islamic finance in practise. For Islamic financial services to contribute more effectively to financial inclusion, addressing these issues requires industry cooperation, regulatory support, and consumer education.

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The Impact of Financial Technology (Fintech) on the Financial and Banking Services Sector and Its Applications in the Islamic Financial Industry

Cited by 4 publications

References 0 publications

Buy Now Pay Later—A Fad or a Reality? A Perspective on Electronic Commerce

Buy Now Pay Later—A Fad or a Reality? A Perspective on Electronic Commerce

The Role of Culture on Islamic Finance: A Comparative Analysis from Islamic Finance Permitting Countries

Empowering Communities

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