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Islamic Fintech Landscape

In: Research on Islamic Business Concepts

Author

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  • El Mehdi Kail

    (Mohammed V University of Rabat)

Abstract

The Islamic finance industry holds a lot of promise, with assets expected to achieve $3.9 trillion by 2023 according to Thomson Reuters. Regardless, the Islamic financial services industry has shown remarkable growth in recent decades, with reported growth rates of 15–20% per annum. This level of growth is expected to continue for the coming years and by far exceeds the anticipated rate of growth in conventional finance. And due to the rapid growth of Fintechs and the way these companies (either startups or internet giants entering the financial services era) are reshaping financial services, the time has come to define Fintech as a banking evolution. Interest in Fintech areas such as blockchain, cryptocurrencies, crowdfunding, and rob-advice is growing fast, and with it interest in Fintech’s impact on Islamic financial services. This article introduces a historical view of Fintech and discusses the ecosystem of the Islamic Fintech sector. We will then discuss various Islamic Fintech business models and investment types. Therefore, this paper reviews the current state of research in Islamic Fintech that deals with these novel and innovative business functions. Moreover, it provides an outlook on potential future research directions.

Suggested Citation

  • El Mehdi Kail, 2023. "Islamic Fintech Landscape," Springer Proceedings in Business and Economics, in: Veland Ramadani & Baker Ahmad Alserhan & Leo Paul Dana & Jusuf Zeqiri & Hasan Terzi & Mehmet Bayirli (ed.), Research on Islamic Business Concepts, pages 89-101, Springer.
    • Handle: RePEc:spr:prbchp:978-3-031-18663-9_6
    DOI: 10.1007/978-3-031-18663-9_6
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