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FinTech-Based Islamic Social Financing Products: A Critical Evaluation

FinTech-Based Islamic Social Financing Products: A Critical Evaluation
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Author(s): Abu Umar Faruq Ahmad (King Abdulaziz University, Saudi Arabia) and Farrukh Habib (Alif Technologies, UAE)
Copyright: 2021
Pages: 16
Source title: Innovative Strategies for Implementing FinTech in Banking
Source Author(s)/Editor(s): Yousif Abdullatif Albastaki (Ahlia University, Bahrain), Anjum Razzaque (Ahlia University, Bahrain) and Adel M. Sarea (Ahlia University, Bahrain)
DOI: 10.4018/978-1-7998-3257-7.ch004


View FinTech-Based Islamic Social Financing Products: A Critical Evaluation on the publisher's website for pricing and purchasing information.


Although the blockchain is still at its infancy stage, experts have already regarded its impact and effect as the beginning of a new technological revolution, particularly relevant to the financial services sector. There are various institutions offered by Shari`ah, like zakah, waqf, sadaqah, and qard hasan, which exist and are already established, not only in the Islamic juristic literature but also in the Muslim world. However, the role of such institutions has been marginalized due to various factors; hence, they fail to create a big impact at macro level. This chapter will critically analyse the role of fintech in rejuvenating the Islamic social financing products with the main focus on blockchain and smart contracts. It will explore the application and usage of blockchain and smart contracts in the context of zakah, waqf, and qard hasan. It will also serve the purpose of a comprehensive and crucial reference-point for the role of fintech, blockchain and smart contracts vis-à-vis Islamic social financing products.

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