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The Potential Role of Fintech and Digital Currency for Islamic Green Financing: Toward an Integrated Model

In: Green Digital Finance and Sustainable Development Goals

Author

Listed:
  • Mohamed Asmy Bin Mohd Thas Thaker

    (International Islamic University Malaysia)

  • Ahmad Bin Khaliq

    (International Islamic University Malaysia)

  • Hassanudin Bin Mohd Thas Thaker

    (UCSI University)

  • Md Fouad Bin Amin

    (King Saud University)

  • Anwar Bin Allah Pitchay

    (Universiti Sains Malaysia)

Abstract

The role of FinTech and digital currency on green financing has gained significant attention in recent years. With the assistance of FinTech and digital currency, investors are redirecting their investment portfolio into economic activities that bring good balance between economic, environmental, and social objectives. This is to promote the well-being of humans and to mitigate climate change, biodiversity loss, and inequality. Indeed, FinTech and digital currency are touted as game-changers that help to innovate new investment instruments related to green-based projects and close the financing gap. While progress has been made in green financing, the applications of FinTech and digital currency in the context of Islamic green financing are scarce. Currently, traditional methods are used to raise funds for green-based projects or activities, thus creating a financing gap between issuers and investors. Although many issuers promote and facilitate flexibility and financial innovation, many investors lack the depth of using the power of FinTech and digital currency to harness their potential. In fact, the literature remains silent on this important gap. There is an absence of an integrated model, which could enhance the role of FinTech and digital currency in Islamic green financing. The novelty of this study lies in setting a new research direction for integrated FinTech and digital currency models that can be instrumental in further enhancing and optimizing the efficiency of Islamic green financing.

Suggested Citation

  • Mohamed Asmy Bin Mohd Thas Thaker & Ahmad Bin Khaliq & Hassanudin Bin Mohd Thas Thaker & Md Fouad Bin Amin & Anwar Bin Allah Pitchay, 2022. "The Potential Role of Fintech and Digital Currency for Islamic Green Financing: Toward an Integrated Model," Economics, Law, and Institutions in Asia Pacific, in: Farhad Taghizadeh-Hesary & Suk Hyun (ed.), Green Digital Finance and Sustainable Development Goals, chapter 0, pages 287-308, Springer.
    • Handle: RePEc:spr:eclchp:978-981-19-2662-4_14
    DOI: 10.1007/978-981-19-2662-4_14
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