Islamic Fintech

This entry examines the evolution and implementation of the Islamic Fintech applications and practices. An extensive review of the literature allows observers to identify Sharia compliance as one of the major challenges for the growth of Islamic Fintech. In addition, it could be concluded that Islamic Fintech might pose challenges for Islamic financial institutions in terms of operational efficiency, customer retention, transparency, and accountability. However, it is also possible to draw optimistic conclusions that the development of Islamic Fintech applications and practices in compatibility with the Sharia principles may very likely contribute to the expansion and diversification of the Islamic business activities and transactions.