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The Expansion of Islamic Fintech: The Digital Transformation of Financial Services in the World and Turkey

The Expansion of Islamic Fintech: The Digital Transformation of Financial Services in the World and Turkey
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Author(s): Burak Aktürk (Marmara University, Turkey), Yunus Emre Gürbüz (Istanbul University, Turkey)and Yusuf Sait Turkan (Istanbul University-Cerrahpasa, Turkey)
Copyright: 2025
Pages: 32
Source title: Implications of ICT for Islamic Finance and Economics
Source Author(s)/Editor(s): Yilmaz Bayar (Bandırma Onyedi Eylül University, Turkey)and Mohamed Sadok Gassouma (University Ez-Zitouna, Tunisia)
DOI: 10.4018/979-8-3693-8079-6.ch006

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Abstract

Fintech is a concept that encompasses new technologies and financial innovations with the objective of optimizing the delivery and utilization of financial services. The term “Islamic fintech” is employed to describe the transformation of financial services and processes through the integration of technological innovations, including blockchain, artificial intelligence, and big data, with the principles of Islamic finance. The advent of Islamic fintech has precipitated a notable surge in demand for Islamic financial products across regions such as the Middle East, Southeast Asia, and Africa. This study assesses the compatibility of fintech with the ethical and operational framework of Islamic finance, with particular emphasis on interest-free banking, risk sharing, and transparency. Furthermore, the study evaluates the potential benefits and obstacles associated with the digitization of the Islamic finance sector, including the sustainable growth and the advancement of innovative solutions. Additionally, the study assesses the impact of regulations and policies in this context.

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