Emerging trends in Fintech and Islamic finance: acomprehensive review

Abstract

Purpose This study aims to analyse the growing domain of Islamic Fintech through a methodical review of literature, to demarcate its present scope and identify prospective avenues for further investigation.

Design/methodology/approach Following preferred reporting items for systematic review and meta-analysis guidelines, the authors meticulously analysed 17 pivotal sources, illuminating the Islamic Fintech landscape’s inherent operational, regulatory and market challenges.

Findings The findings outline five thematic clusters derived from existing literature: cryptocurrency adoption, financial inclusion, consumer behaviour and compliance, technology innovation and crisis management. This review underscores a prevalent emphasis on regulatory and Shariah compliance issues, highlighting the need for more research on innovation.

Research limitations/implications Despite the thorough approach taken, the study’s findings are inevitably influenced by the relative novelty of Islamic Fintech and the limited literature available. Nonetheless, this research is expected to contribute substantially to the field’s theoretical foundations.

Practical implications In terms of practical implications, this research offers insights to practitioners and policymakers in Islamic finance, illuminating uncharted territories ripe for future development.

Originality/value The paper’s original value lies in the proposed conceptual model derived from the literature, paving the way for future academic discourse and research in Islamic Fintech.

Keywords:Financial technology, Islamic finance, Sharia compliance, Financial inclusion, Cryptocurrency