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Ways to support the Islamic financial industry through the adoption of FinTech

Author

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  • Habiba Moussouni

    (University Abu Baker Belkaid- Tlemcen, Algeria)

Abstract

Based on the role of Islamic financial technology in advancing the Islamic financial, this study came with the aim of addressing the issue of financial technology in Arab Islamic banks, as this sector has constituted, during the past few years, a revolution in the field of global and Arab financial systems. Using a descriptive and analytical study of a sample of Arab countries to show the reality of the Islamic banking sector in light of contemporary digital financial applications through numbers, it has been shown that Financial technology development has an impact on a wide range of financial services and helps drive the expansion of both conventional and Islamic finance, reaching $3.7 trillion by 2022 compared to $3.44 trillion in 2021 and $3.14 trillion in 2020 the size of assets compatible with Islamic Sharia. Regarding sukuk, it has experienced remarkable growth in recent years, particularly following the global financial crisis of 2008, reaching approximately $1.42 trillion by the end of 2020 before increasing to $1.6 trillion in 2021,considered the highest value of global sukuk issuances (IFSB. 2022).

Suggested Citation

  • Habiba Moussouni, 2024. "Ways to support the Islamic financial industry through the adoption of FinTech," Economics and Management, Faculty of Economics, SOUTH-WEST UNIVERSITY "NEOFIT RILSKI", BLAGOEVGRAD, vol. 21(1), pages 139-151.
    • Handle: RePEc:neo:journl:v:21:y:2024:i:1:p:139-151
    DOI: 10.37708/em.swu.v21i1.9
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    More about this item

    Keywords

    financial technology; Islamic financial; Islamic banks; Arab Islamic banks; Islamic Sharia;
    All these keywords.

    JEL classification:

    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development

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