Fintech, Digital Currency and the Future of Islamic Finance
Description
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 thecurrent 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.
Reviews / Votes
"FinTech is a great testimony of the power of entrepreneurship and technology when combined. It is no longer a disruption to the financial system but rather an accelerator of better customer service in a more affordable and compliant manner; the sooner the global and regional financial institutions realise this, the sooner they will gain from the phenomena. Islamic finance is no exception to such change. With comprehensive and in-depth coverage of FinTech, cryptos, and Islamic legal perspectives and regulations, this book is a must-read for any modern regulator, banker and researcher."
- Abdulaziz Al Khalifa , CEO of Qatar Development Bank and Chairman of Qatar FinTech Task Force
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Nafis Alam is Professor of Finance and Head of the School of Accounting and Finance at the Asia Pacific University of Technology and Innovation (APU), Malaysia. His research focuses on FinTech, banking regulation, corporate finance, and Islamic banking and finance. He is a research affiliate of the Cambridge Centre for Alternative Finance (CCAF) at Judge Business School, University of Cambridge, UK, and contributes regularly to a global industry report on FinTech and financial regulation. Nafis previously studied Banking and Finance at Monash University, Australia.
Syed Nazim Ali is Professor and Director of the Center for Islamic Economics and Finance in the College of Islamic Studies (CIS) at Hamad Bin Khalifa University, which is part of the Qatar Foundation. He has spent the last 30 years spearheading interdisciplinary research in Islamic and faith-based initiatives in finance as well as community development. Syed has been the Founding Director of the Islamic Finance Project (IFP) at Harvard Law School, Harvard University, USA, since 1995.