Blockchain, Fintech, and Islamic Finance: Building the Future in the New Islamic Digital Economy

The digital revolution in financial services is under way, and digital disruption has the potential to shrink the role and relevance of today’s banks, while simultaneously creating better, faster, cheaper services that will be an essential part of everyday life. This forward-looking book discusses the crucial innovation, structural and institutional development for financial technologies (fintech) in Islamic Finance. Fintech has inadvertently created new forms of financial standards by virtue of its products and services, and in doing so, offers the ability to create new ways to fully enable compliance with Islamic values in order to rebuild trust and confidence in the financial system. The potential to enhance the existing economic systems and banking products with better products that serve all customers throughout the world equally is crucial to flourish and sustain the Islamic economy. This book discusses the need to develop new strategies for all readers, including consumers, government agencies and financial institutions, to cope with the digital economic evolution. The authors explain concepts in fintech and blockchain technology and follow through with their applications, challenges and evolving nature. The book provides insights into the disruptive technology which can also enhance prescribed Islamic behaviors in modern economic transactions. Case studies highlight how to cope with modern transactional behavior with the advent of global online/mobile markets, shorter attention spans, and impersonal trade exchange.