Impact Of Financial Technology Fintech On Islamic Finance And Financial Stability

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Impact of Financial Technology (FinTech) on Islamic Finance and Financial Stability

Naifar, Nader
Impact of Financial Technology FinTech on Islamic Finance and Financial Stability Book PDF

Author : Naifar, Nader
Publisher : IGI Global
Page : 312 pages
File Size : 43,6 Mb
Release : 2019-09-27
Category : Business & Economics
ISBN : 9781799800415

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Impact of Financial Technology (FinTech) on Islamic Finance and Financial Stability by Naifar, Nader Pdf

With advancing technologies like distributed ledgers, smart contracts, and digital payment platforms, financial services must be innovative in order to remain relevant in the modern era. The adoption of financial technology affects the whole Islamic financial industry as well as the economic stability of a globalized world. There is a need for research that seeks to understand financial technology and the regulatory technology necessary to ensure financial security and stability. Impact of Financial Technology (FinTech) on Islamic Finance and Financial Stability is an essential publication that examines both the theory and application of newly-available financial services and discusses the impact of FinTech on the Islamic financial service industry. Featuring research on topics such as cryptocurrency, peer-to-peer transferring, and digital wallets, this book is ideally designed for researchers, bank managers, economists, analysts, market professionals, managers, executives, computer scientists, business practitioners, academicians, and students seeking coverage on how the latest in artificial intelligence, machine learning, and blockchain technology will redesign Islamic finance.

Islamic Finance, FinTech, and the Road to Sustainability

Zul Hakim Jumat,Saqib Hafiz Khateeb,Syed Nazim Ali
Islamic Finance FinTech and the Road to Sustainability Book PDF

Author : Zul Hakim Jumat,Saqib Hafiz Khateeb,Syed Nazim Ali
Publisher : Springer Nature
Page : 380 pages
File Size : 46,9 Mb
Release : 2023-01-17
Category : Business & Economics
ISBN : 9783031133022

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Islamic Finance, FinTech, and the Road to Sustainability by Zul Hakim Jumat,Saqib Hafiz Khateeb,Syed Nazim Ali Pdf

The recent unprecedented economic downturn and global supply chain disruption by the COVID-19 pandemic is accelerating the urgency for sustainable financing infrastructure that is agile, adaptable, and transformable. Sustainability and the 4th Industrial Revolution are about more than just technology-driven change; it is an opportunity to help everyone, including leaders, policymakers and people from all income groups and nations, to navigate industry disruptions and transitioning to a new normal by harnessing converging technologies in order to create an inclusive, human-centered future. The edited volume provides critical discussions on reframing the Islamic finance approach to sustainability and socio-economic development in the post-pandemic era. It highlights how selected Islamic finance tools alongside FinTech can not only ensure financial sustainability but also promote socio-economic policies that will aid the much-desired value and impact creation in the economy. The book focuses its analysis on the following three areas: reframing Islamic finance sustainability and socio-economic development; innovative Islamic financial tools for sustainable and socio-economic impact; and the role of FinTech in the road to sustainability. The edited volume will be of interest to scholars, researchers, and students of Islamic finance, sustainability, and financial technology.

Fintech and Islamic Finance

Nafis Alam,Lokesh Gupta,Abdolhossein Zameni
Fintech and Islamic Finance Book PDF

Author : Nafis Alam,Lokesh Gupta,Abdolhossein Zameni
Publisher : Springer Nature
Page : 187 pages
File Size : 44,5 Mb
Release : 2019-10-02
Category : Business & Economics
ISBN : 9783030246662

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Fintech and Islamic Finance by Nafis Alam,Lokesh Gupta,Abdolhossein Zameni Pdf

Financial Technology (Fintech) has revolutionized the financial world as one of the fastest-growing segments in both the technology and financial sectors. With the usage of underlying principles of Blockchain technology, Fintech is bringing the financial community together and making financial services accessible to everyone. Fintech has far-reaching implications for Islamic finance such as banking, investment, insurance (takaful) and wealth management, which are benefitting from this usage. This book provides a comprehensive review of how Fintech is shaping the Islamic finance industry through three key aspects: Digitalization, Development and Disruption. The book will provide insight on the Shariahtech (Fintech in line with Shariah principle) and its application in the Islamic finance industry. The book also gives an overview of Blockchain and Fintech evolution and how they act as the building blocks of the digital financial landscape. Readers of the book will also get a detailed discernment on the Islamic viewpoint on cryptocurrency as well as the application of the smart contract in different Islamic financial services. The book provides students, academics and researchers with a detailed description of the Blockchain and Fintech application in Islamic finance.

FinTech in Islamic Financial Institutions

M. Kabir Hassan,Mustafa Raza Rabbani,Mamunur Rashid
FinTech in Islamic Financial Institutions Book PDF

Author : M. Kabir Hassan,Mustafa Raza Rabbani,Mamunur Rashid
Publisher : Springer Nature
Page : 381 pages
File Size : 43,7 Mb
Release : 2022-11-30
Category : Business & Economics
ISBN : 9783031149412

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FinTech in Islamic Financial Institutions by M. Kabir Hassan,Mustafa Raza Rabbani,Mamunur Rashid Pdf

This book explores several challenges facing FinTech in Islamic financial institutions. Firstly, large banks and financial institutions in countries with updated and innovative technological channels will earn the technology arbitrage from FinTech. This ‘size’ puzzle may create a challenge for Islamic financial institutions that are of smaller size and from technologically less-developed countries. Secondly, while access to FinTech is getting broader day by day, usage of FinTech is still limited due to personal and governance-related limitations. Moreover, the level of awareness of the emerging FinTech services (i.e., bitcoin, blockchain, etc.) remains extremely poor even among the residents of technologically-advanced countries. Thirdly, use of FinTech by Islamic financial institutions is limited to Islamic banking, to users from developed countries, among young customers, and for a limited number of traditional banking services such as the deposits and payment services. Also, banks hope to use FinTech to increase the size of a new breed of technology-savvy depositors and loan customers to achieve economies of scale, which may help stabilize the banking sector. Automation in Islamic banks and the participation of Islamic financial institutions in blockchain and bitcoin domains require extensive research from Shariah-compliance as well as market and consumer-related grounds. With all the opportunities and challenges of FinTech—promoting inclusion, easier loan monitoring, and risk of Shariah non-compliance—this book explores the implications for Islamic financial institutions and will be of interest to scholars, researchers, and students of Islamic finance and financial technology.

Blockchain, Fintech, and Islamic Finance

Hazik Mohamed,Hassnian Ali
Blockchain Fintech and Islamic Finance Book PDF

Author : Hazik Mohamed,Hassnian Ali
Publisher : Walter de Gruyter GmbH & Co KG
Page : 278 pages
File Size : 51,5 Mb
Release : 2022-09-05
Category : Business & Economics
ISBN : 9783110745016

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Blockchain, Fintech, and Islamic Finance by Hazik Mohamed,Hassnian Ali Pdf

Following the success of the first edition that brought attention to the digital revolution in Islamic financial services, comes this revised and updated second edition of Blockchain, Fintech and Islamic Finance. The authors reiterate the potential of digital disruption to shrink the role and relevance of today’s banks, while simultaneously creating better, faster, cheaper services that will be an essential part of everyday life. Digital transformation will also offer the ability to create new ways to better comply to Islamic values in order to rebuild trust and confidence in the current financial system. In this new edition, they explore current concepts of decentralized finance (DeFi), distributed intelligence, stablecoins, and the integration of AI, blockchain, data analytics and IoT devices for a holistic solution to ensure technology adoption in a prudent and sustainable manner. The book discusses crucial innovation, structural and institutional developments for financial technologies including two fast-growing trends that merge and complement each other: tokenization, where all illiquid assets in the world, from private equity to real estate and luxury goods, become liquid and can be traded more efficiently, and second, the rise of a new tokenized economy where inevitably new rules and ways to enforce them will develop to fully unleash their capabilities. These complementary and oft-correlated trends will complete the decentralization of finance and will influence the way future financial services will be implemented. This book provides insights into the shift in processes, as well as the challenges that need to be overcome for practical applications for AI and blockchain and how to approach such innovations. It also covers new technological risks that are the consequence of utilizing frontier technologies such as AI, blockchain and IoT. Industry leaders, Islamic finance professionals, along with students and academics in the fields of Islamic finance and economics will benefit immensely from this book.

Beyond Fintech: Technology Applications For The Islamic Economy

Hazik Mohamed
Beyond Fintech Technology Applications For The Islamic Economy Book PDF

Author : Hazik Mohamed
Publisher : World Scientific
Page : 265 pages
File Size : 55,8 Mb
Release : 2020-11-25
Category : Business & Economics
ISBN : 9789811222320

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Beyond Fintech: Technology Applications For The Islamic Economy by Hazik Mohamed Pdf

Beyond Fintech: Technology Applications for the Islamic Economy is a follow-up to the first-ever Islamic Fintech book by the author (published in 2018) that provided linkages between Islamic Finance and disruptive technologies like the blockchain. In the wake of fintech as a new trend in financial markets, the ground-breaking book stressed the relevance of Islamic finance and its implications, when enabled by fintech, towards the development of the Islamic digital economy. While the earlier work discussed the crucial innovation, structural, and institutional development for financial technologies in Islamic Finance, this new research explores the multiple applications possible in the various sectors of the economy, within and beyond finance, that can be significantly transformed. These revolutionary applications involve the integration of AI, blockchain, data analytics, and Internet-of-Things (IoT) devices for a holistic solution to tackle the bottlenecks and other issues in existing processes of traditional systems. The principles of accountability, duty, justice, and transparency are the foundation of shaping the framework in achieving good governance in all institutions — public or private, Islamic or otherwise. Technologies like AI, blockchain, and IoT devices can operationalize the transparency and accountability that is required to eradicate poverty, distribute wealth, enhance micro-, small- and large-scale initiatives for social and economic development, and thus share prosperity for a moral system that enables a more secure and sustainable economy.

The Stability of Islamic Finance

Hossein Askari,Zamir Iqbal,Noureddine Krichenne,Abbas Mirakhor
The Stability of Islamic Finance Book PDF

Author : Hossein Askari,Zamir Iqbal,Noureddine Krichenne,Abbas Mirakhor
Publisher : John Wiley & Sons
Page : 249 pages
File Size : 50,8 Mb
Release : 2011-11-09
Category : Business & Economics
ISBN : 9781118178935

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The Stability of Islamic Finance by Hossein Askari,Zamir Iqbal,Noureddine Krichenne,Abbas Mirakhor Pdf

The Stability of Islamic Finance main focus is on the question of the sources of financial instability which seems inherent in the conventional system. As a core component of this focus, the book will consider episodes of turbulence and instability in a historical context recalling the occurrence of such events from mid-19th century to the present. It will present various theoretical explanations along with solutions and alternative financial systems that avoid instability provided by various scholars dating back to mid-19th century to present. The book then will present and discuss the architecture of an Islamic financial system and show that at its core, this system shares many characteristics of an stable financial system proposed by Western scholars throughout history to avoid the inherent instability of the present dominant system. Particular emphasis will be placed on the present financial crisis and its causes as well the financial crisis of the 1997 in Southeast Asia, Russia, and Latin America relating these episodes to the fundamental features of the dominant system. The debt crisis of the low income countries will also be part of this discussion. It will then argue that these crises could be mitigated under an Islamic system or any other system with similar architecture.

Fintech in Islamic Finance

Umar A. Oseni,S. Nazim Ali
Fintech in Islamic Finance Book PDF

Author : Umar A. Oseni,S. Nazim Ali
Publisher : Routledge
Page : 292 pages
File Size : 44,5 Mb
Release : 2019-06-07
Category : Business & Economics
ISBN : 9781351025560

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Fintech in Islamic Finance by Umar A. Oseni,S. Nazim Ali Pdf

Featuring high-level analysis of Islamic law, this book examines fintech in Islamic finance from both theoretical and empirical perspectives. Whilst building on existing approaches, it also discusses the current application of fintech in promoting financial inclusion through innovative solutions in Muslim-majority countries, identifying future directions for policy-makers. With original chapters written by prominent academics, senior lawyers and practitioners in the global Islamic finance industry, this book serves as the first standalone pioneering reference work on fintech in Islamic finance. It also, for the first time, examines the position of Islamic law on cryptocurrencies, such as bitcoin. Besides the conceptual analysis of the Sharīʿah and legal aspects of fintech in Islamic finance, this book provides relevant case studies showing current and potential developments in the application of fintech in various sectors ranging from crowdfunding and smart contracts, to Online Dispute Resolution, Investment Account Platform and identity verification in the KYC process. Setting the agenda for researchers in the field, Fintech in Islamic Finance will be useful to students and scholars of Islamic finance and financial technology.

Islamic Finance, Risk-Sharing and Macroeconomic Stability

Muhamed Zulkhibri,Turkhan Ali Abdul Manap
Islamic Finance Risk Sharing and Macroeconomic Stability Book PDF

Author : Muhamed Zulkhibri,Turkhan Ali Abdul Manap
Publisher : Springer
Page : 268 pages
File Size : 42,6 Mb
Release : 2019-02-20
Category : Business & Economics
ISBN : 9783030052256

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Islamic Finance, Risk-Sharing and Macroeconomic Stability by Muhamed Zulkhibri,Turkhan Ali Abdul Manap Pdf

The concept of risk-sharing in financial and social contracts is one of the unique features of Islamic finance. Many theoretical studies generally claim superiority of an Islamic financial system based on pure equity and participatory modes of financing, while empirical studies provide mixed results. Studies and discussions are needed to fully understand how Islamic finance could contribute to the ongoing discussion of financial stability. Against this background, this book addresses various aspects of Islamic finance and the risk-sharing mechanism contributions to the overall macroeconomic and financial stability. Undoubtedly, the findings and recommendation from this book should be of great interest not only to future academic researchers in the field of macroeconomic stability and Islamic finance, but also to policy makers and regulators who are keen on drawing lessons from Islamic finance experiences to prevent similar crisis in the future.

Islamic FinTech

Mohd Ma'Sum Billah
Islamic FinTech Book PDF

Author : Mohd Ma'Sum Billah
Publisher : Springer Nature
Page : 490 pages
File Size : 51,9 Mb
Release : 2021-01-27
Category : Business & Economics
ISBN : 9783030458270

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Islamic FinTech by Mohd Ma'Sum Billah Pdf

This timely book addresses the effects and implications of rapid technological changes within the financial services industry on Islamic finance and Islamic banks. Exploring current challenges, opportunities and threats, the authors provide an overview of how FinTech can operate within an Islamic context, under the Shari’ah principles or the Halal framework, for example. Examining the potential opportunities of Islamic FinTech from a socio-economic perspective, this edited collection will be of use to anyone researching FinTech or Islamic Finance as well as practitioners and policy-makers involved in banking and financial services.

Fintech, Digital Currency and the Future of Islamic Finance

Nafis Alam,Syed Nazim Ali
Fintech Digital Currency and the Future of Islamic Finance Book PDF

Author : Nafis Alam,Syed Nazim Ali
Publisher : Springer Nature
Page : 257 pages
File Size : 44,7 Mb
Release : 2020-11-28
Category : Business & Economics
ISBN : 9783030492489

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Fintech, Digital Currency and the Future of Islamic Finance by Nafis Alam,Syed Nazim Ali Pdf

The banking and financial landscape has been inundated with technology over the last decade, with FinTech, InsurTech and RegTech being just some of the new applications within finance. In the Gulf Cooperation Council (GCC), FinTech is yet to find its feet despite several digital transformation drives initiated by the regional governments in the UAE and Bahrain. In comparison to conventional finance, the use of FinTech within Islamic financial institutions (IFIs) in GCC countries is still in its very early stages. However, the potential disruption that technology may cause for the Islamic finance sector within this region cannot be underestimated. Aiming to highlight, examine and address key strategic, operational and regulatory issues facing IFIs as they make an effort to keep up with the FinTech revolution, this book explores the market positioning, product structure and placement, delivery channels and customer requirements within the GCC market. The authors evaluate the current situation and look forward to future regulation surrounding technology and financial institutions within the GCC. Scholars and students researching Islamic finance and financial technology will find this book an insightful and valuable read, as well as those interested in international finance more generally.

Malaysia

International Monetary Fund. Asia and Pacific Dept
Malaysia Book PDF

Author : International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 21 pages
File Size : 41,7 Mb
Release : 2020-02-28
Category : Business & Economics
ISBN : 9781513531960

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Malaysia by International Monetary Fund. Asia and Pacific Dept Pdf

This Selected Issues paper investigates impact of financial technology (FinTech) on Malaysia’s financial sector. Malaysia is digitally enabled to seize the opportunities brought by FinTech. Malaysian banks continue to dominate in deposits, lending and capital raising, but they have been gradually reducing their emphasis on physical distribution networks. The top five Malaysian banks have increased their technology-related spending over the past three years. Regulators have been mindful of developments outside of the traditional regulatory perimeter that could pose financial stability risks. Rapidly evolving technology is likely to bring multiple challenges to the financial sector. Regulatory requirements are an important component of operating in the FinTech space. Regulators must strike a balance between ensuring financial stability and consumer protection, while promoting innovation and competition. In order to address the lack of regulatory acumen among FinTech industry players, Bank Negara Malaysia has spearheaded various initiatives. A key challenge for Malaysian regulators is to strike a balance between reaping the benefits of FinTech and mitigating potential downside risks in both conventional and Islamic finance. Frequent refinements to regulations and supervision are required to keep pace with the highly dynamic nature of FinTech to balance benefits and risks.

Digital Transformation in Islamic Finance

Yasushi Suzuki,Mohammad Dulal Miah
Digital Transformation in Islamic Finance Book PDF

Author : Yasushi Suzuki,Mohammad Dulal Miah
Publisher : Taylor & Francis
Page : 301 pages
File Size : 41,7 Mb
Release : 2022-12-30
Category : Business & Economics
ISBN : 9781000827279

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Digital Transformation in Islamic Finance by Yasushi Suzuki,Mohammad Dulal Miah Pdf

The ongoing digital transformation is shaping the Islamic mode of financial intermediation and the impact on the faith-based financial mode has been multifaceted. This has raised a host of interesting questions: what is the degree of penetration of Islamic finance in the fintech industry? Are Islamic financial institutions (IFIs) or banks ready to embrace fintech? Is fintech an enabler or barrier to achieve the intended purpose of Islamic finance? Will technology narrow the division between Islamic and conventional finance in the future? These are existential questions for Islamic finance and the book endeavors to examine the impact of financial technology on the industry. The book assesses various fintech business models and how they could be a threat or an opportunity. It also examines whether fintech provides IFIs an edge to serve clients following the Shariah norms and how the adoption of fintech in the Islamic mode is required for meeting the maqasid Al Shariah. The book discusses applicability of fintech like blockchain, digital currency, big data, and AI to different branches of Islamic finance. This book will interest students, analysts, policymakers, and regulators who are working on Islamic finance, financial economics, Islamic economics, and development finance.

Macroprudential Regulation and Policy for the Islamic Financial Industry

Muhamed Zulkhibri,Abdul Ghafar Ismail,Sutan Emir Hidayat
Macroprudential Regulation and Policy for the Islamic Financial Industry Book PDF

Author : Muhamed Zulkhibri,Abdul Ghafar Ismail,Sutan Emir Hidayat
Publisher : Springer
Page : 272 pages
File Size : 40,8 Mb
Release : 2016-05-25
Category : Business & Economics
ISBN : 9783319304458

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Macroprudential Regulation and Policy for the Islamic Financial Industry by Muhamed Zulkhibri,Abdul Ghafar Ismail,Sutan Emir Hidayat Pdf

This volume aims to discuss the current research, theory, methodology and applications of macropreudential regulation and policy for the Islamic financial industry. Published in cooperation with the Islamic Research and Training Institute (IRTI), this book features contributions from a workshop presented in collaboration with the University College of Bahrain (UCB) in Manama, Bahrain, aimed to bring together experts in Islamic banking and regulation and financial economics. This resulting book sheds light on how macroprudential policy may be implemented in the Islamic financial system, and indicates current challenges and their effects on economic growth, financial stability and monetary regulation. Macroprudential policy is increasingly seen as a way of dealing with the different dimensions of systemic risk. But many central banks, bank supervisors and regulators have limited experience with macroprudential tools, particularly in the Islamic financial industry. Given the complementarities between monetary policy and financial stability, it appears that central banks would always play an important role in macroprudential policy. But how should macroprudential policy best interact with monetary policy? It is becoming more pressing for the central banks to conduct monetary policy in which its conventional banking system operates side by side with Islamic banking system. This question has received increasing attention in the research literature but there is much we still need to learn. This is why new insights from research on macroprudential policy – which has gained important impetus in recent years – are so valuable. Featuring contributions on topics such as macroprudential regulation, policy, tools and instruments; governance, systematic risk, monetary policy, and bank leverage, the editors provide a collection of comprehensive research covering the most important issues on macroprudential policy and regulation for the Islamic financial industry. This volume is expected to be a significant contribution to the literature in the field of Islamic finance and evaluation of public policies to promote the development for Islamic financial industry. It is also served as a key text for students, academics, researchers, policy-makers in the field of Islamic finance.

Multi-Country Report

International Monetary Fund. Middle East and Central Asia Dept.
Multi Country Report Book PDF

Author : International Monetary Fund. Middle East and Central Asia Dept.
Publisher : International Monetary Fund
Page : 102 pages
File Size : 48,7 Mb
Release : 2017-06-20
Category : Business & Economics
ISBN : 9781484302996

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Multi-Country Report by International Monetary Fund. Middle East and Central Asia Dept. Pdf

This paper presents country experiences with reforms to strengthen regulatory oversight of the Islamic banking sector. Based on the selected country experiences, a number of important lessons and policy options can be drawn that have implications for the stable and sound development of Islamic banking. An enabling regulatory and institutional framework and a level playing field for conventional and Islamic banks is critical for the sound and stable growth of the Islamic banking industry. The country experiences also underscore the importance of providing an enabling framework while letting market forces determine the size of the industry.