The Impact of Financial Technology (Fintech) on the Financial and Banking Services Sector and Its Applications in the Islamic Financial Industry
This research paper focuses on the impact of financial technology (fintech) on the financial services and banking sector, with a particular emphasis on its application within the Islamic finance industry. The paper begins by discussing the definition of fintech and its importance in transforming the financial services sector. It also outlines the various ways in which fintech can be used to stimulate growth in the Islamic finance industry. The paper then provides an overview of current trends and developments in the use of fintech in the Islamic finance industry. This is followed by an examination of the potential challenges and opportunities that arise from the use of fintech in Islamic finance. The paper concludes by recommending strategies for developing effective fintech solutions for the Islamic finance industry. The findings of this research suggest that fintech has the potential to revolutionize the Islamic finance industry, providing a host of new opportunities for growth and development.This paper provides an overview of the various financial technology (fintech) applications that are being used in the Islamic financial industry. It examines the various types of fintech solutions, their benefits and challenges, and their implications for the Islamic financial industry. It also discusses the potential impact of these solutions on the industry in terms of efficiency, cost, transparency, and customer satisfaction. The paper further looks at the current regulatory environment in the industry and the need for an appropriate framework for the development and deployment of fintech applications. Finally, it provides some recommendations for the development of fintech solutions in the Islamic financial industry. The research concludes that fintech applications have the potential to revolutionize the Islamic financial industry, providing cost savings, greater efficiency and transparency, and improved customer satisfaction. However, their successful deployment and utilization will require appropriate frameworks and regulations
Year of publication: |
2023
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Authors: | Hasan, Mona |
Publisher: |
[S.l.] : SSRN |
Subject: | Finanzdienstleistung | Financial services | Finanztechnologie | Financial technology | Islamisches Finanzsystem | Islamic finance | Finanzsektor | Financial sector | Bankgeschäft | Banking services | Bank | Electronic Banking | Electronic banking |
Saved in:
freely available
Extent: | 1 Online-Ressource (14 p) |
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Type of publication: | Book / Working Paper |
Language: | English |
Notes: | Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments February 23, 2023 erstellt |
Other identifiers: | 10.2139/ssrn.4369683 [DOI] |
Classification: | f65 |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10014256899
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