Fintech innovations, scope, challenges, and implications in Islamic Finance:A systematic analysis

Abstract

The present study provides asystematic review of the major topics related to Fintech and Islamic finance that are associated with Fintech and Islamic finance since their inception post financial crisis of 2008 and even before. Fintech is a phenomenon; a disruption and it provides an opportunity to the Islamic finance to show its full potential and provide a true sustainable, ethical, and alternative financial system to the world. The study identifies and systematically examines the relevant literature on innovative financial services engineered by Fintech, scope of the Fintech based innovations, challenges, and implications of Fintech for the Islamic finance industry.The study aims to (1) examine the state of art in the Fintech based innovations and its implications in the Islamic finance industry; (2) identify the gaps in the Islamic Fintech research and make suggestions for the further scope of the study; (3) provide a detailed overview of the Fintech based financial services and related unique issues and challenges related to itsimplications in Islamic finance industry. The novel proposition in this study includes enriching the Islamic fintech literature. The result of the study provides a theoretical foundation for future research in Islamic Fintech including the development of innovative financial services and its sharia compliance.