Development and importance of the Islamic fintech sector

The purpose of this article is to discuss the concept of Islamic Fintech, the importance of Islamic Fintech in the banking sector, and analyze the development of Islamic Fintech in the world.

Materials and methods. The theoretical and methodological basis of the study is the scientific works of domestic and foreign scientists and statistical reports of the Global Islamic Finance report. The article used methods of analysis, induction and deduction, comparative analysis.

The scientific value of this study lies in a comprehensive analysis of the content of Islamic Fintech, its role in the banking and financial sector, correlating it with modern technological trends. The article scientifically substantiated the possibilities of digital transformation of the Islamic financial industry in compliance with the requirements of Sharia and systematically assessed the dynamics of the development of Islamic Fintech on the basis of global statistical data. The study identified the advantages and limitations of Islamic fintech through a comparative analysis and clarified the main areas in which financial innovations affect Islamic financial institutions.

Research results. This study examined the Islamic fintech market and key features. Estimates were made on the development and current state of the Islamic fintech market in the world. In addition, the advantages and difficulties that the Islamic fintech industry must overcome were discuss.

1. Van der Cruijsen, C., de Haan, J., Roerink, R. Trust in financial institutions: A survey //Journal of economic surveys. – 2023. – Vol. 37. – №. 4. – P. 1214-1254.

2. Alshater, M.M., Othman, A.H.A. Financial Technology Developments and their Effect on Islamic Finance Education //Journal of King Abdulaziz University: Islamic Economics. – 2020. – Vol. 33. – №. 3. – P. 161-187.

3. Thakor, A.V. Fintech and banking: What do we know? //Journal of financial intermediation. – 2020. – Vol. 41. – P. 100-133.

4. Financial Stability Board, 2019. FSB Financial Statements. [Электронды ресурс]: https://www.fsb.org/wp-content/uploads/R240820.pdf. (қарау күні: 05.09.2024)

5. Renduchintala, T. et al. A survey of blockchain applications in the fintech sector //Journal of Open Innovation: Technology, Market, and Complexity. – 2022. – Vol. 8. – №. 4. – P.2-44.

6. Sup, D. F.A. The Concept of Islamic Fintech Lending in the Perspective of Regulation and Fatwa in Indonesia.” //Islamic Fintech (Present and Future). – 2022. – P. 187-208.

7. Alshater, M.M. et al. Fintech in islamic finance literature: A review //Heliyon. – 2022. – Vol. 8. – №. 9.P.1-24.

8. Rabbani, M.R., Khan, S., Thalassinos, E.I. FinTech, blockchain and Islamic finance: An extensive literature review. – 2020. – P. 70-84.

9. Global Islamic Finance Report (2023). [Электронды ресурс]: https://gifr.cambridge-ifa.net/order (қарау күні: 05.09.2024)

10. Hasan, R., Hassan, M.K., Aliyu, S. Fintech and Islamic finance: Literature review and research agenda //International Journal of Islamic Economics and Finance (IJIEF). – 2020. – Vol. 3. – №. 1. – P. 75-94.

11. Rabbani, M.R., Hassan, M.K., Rashid, M. Introduction to Islamic fintech: a challenge or an opportunity? //FinTech in Islamic Financial Institutions: Scope, Challenges, and Implications in Islamic Finance. – Cham: Springer International Publishing, 2022. – P. 1-27.

12. Ali, H. et al. Global landscape of the Islamic Fintech: opportunities, challenges and future ahead // COMSATS Journal of Islamic Finance. – 2019. – Vol. 4. – №. 2. – P. 1-15.