The Emergence of Islamic Fintech and Bahrain: Prospect for Global Financial Sectors

It is an exciting to study the future prospects of financial technology in Islamic Finance. Technology and automation have moved to many sectors including the finance sector. In Islamic finance sector it is still developing, and the future of Islamic finance industry looks promising with this innovation. “Artificial intelligence, machine learning, robotic process automation, the Internet of Things, cloud computing, big data, and blockchain” are a few of the technologies employed in the banking industry. in addition to financial results FinTech apps are being used in Islamic finance to offer financial goods and services such as lending, investing, invoicing, risk evaluation, data analytics, and fund management to increase the sustainability and productivity of the sector and society. The Kingdom of Bahrain, is the hoariest and most recognized financial center in GCC, has used its extensive banking expertise to grow a modern fintech ecosystem and promote fintech success, both in the GCC and around the globe. This chapter attempt to highlight new challenges and prospects for Islamic fintech such as offering innovative goods and services, greater regulatory compliance, improved client accessibility, and considerable cost reductions are some of the important areas that Islamic fintech must focus on in order to remain sustainable. These obstacles include integrating Fintech and overcoming them. In the digital age clients demand services in digital mode particularly in the banking sector and fintech has been filling up the gaps. Islamic fintech cannot elude the fintech revolt in the digital age. According to the study's findings, fintech could have an impact on the future of Islamic banking and finance by delivering new and creative financial services that are more effective and less expensive.