Strategic Assessment of Islamic Fintech in GCC Countries
Recent innovations that the Banking sector has witnessed are in the areas of Financial Technologies, Cryptocurrencies and Blockchain. The real investment opportunity for GCC countries is in the underlying innovative applications of Blockchain. The coming
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Fintech, Digital Currency and the Future of Islamic Finance Strategic, Regulatory and Adoption Issues in the Gulf Cooperation Council
Fintech, Digital Currency and the Future of Islamic Finance
Nafis Alam • Syed Nazim Ali Editors
Fintech, Digital Currency and the Future of Islamic Finance Strategic, Regulatory and Adoption Issues in the Gulf Cooperation Council
Editors Nafis Alam School of Accounting and Finance Asia Pacific University of Technology and Innovation (APU) Kuala Lumpur, Malaysia
Syed Nazim Ali College of Islamic Studies Hamad Bin Khalifa University Doha, Qatar
ISBN 978-3-030-49247-2 ISBN 978-3-030-49248-9 (eBook) https://doi.org/10.1007/978-3-030-49248-9 © Gulf Research Centre Cambridge 2021 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG. The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Foreword
FinTech has garnered an increasing amount of interest in recent years. Banks and financial institutions are taking steps to catch up with the digital and FinTech wave. At the outset, the new trends that are emerging in financial communities, such as digital banking, have been challenging the hegemony of the incumbent banks whose business model has remained constant over several years despite the changing industry landscape. Simultaneously, AI (Artificial Intelligence) is key to the future of digital banking, and more importantly, ethics in AI application is a recurring theme in the literature. Likewise, microfinancing, through the use of FinTech technologies, has opened up the banking sector to an entirely neglected part of the business sector. Recently due to the COVID-19 pandemic, digital finance has garnered much support from the users in GCC and beyond and FinTech will further dr
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