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Emergence of Islamic Finance in the Fourth Industrial Revolution and COVID-19 Post-Pandemic Era

In: Islamic Finance, FinTech, and the Road to Sustainability

Author

Listed:
  • Mohammad Sahabuddin

    (Universiti Malaysia Perlis
    University of Science and Technology Chittagong (USTC))

  • Abu Umar Faruq Ahmad

    (Guidance College
    United International University)

  • Md. Aminul Islam

    (University Malaysia Perlis)

Abstract

The aim of the Fourth Industrial Revolution is to reshape people’s daily lives, social structures, political phenomena, the business world, and industrial production with the belief of revolutionary changes in digital innovation and transformation. In addition, the ongoing COVID-19 pandemic has also devastated the developed and emerging economies. This chapter seeks to explore the impact of the fourth industrial revolution and the COVID-19 pandemic on technological advancement in the Islamic finance industry. The relevant published reports and literature are reviewed to identify the research gap and expected findings. The results of the literature review and subsequent discussions show that there is a scarcity of conceptual and empirical studies on the fourth industrial revolution and the COVID-19 pandemic from Islamic finance perspectives. The chapter also concludes that technological advancements would ensure progress in relevant industry products and services, as well as Islamic finance businesses, for the betterment of the world’s inhabitants. In the era of post-COVID-19, FinTech may play a winning role in increasing streamlining process, standardization, ensuring transparency, and reducing the costs that can make Islamic finance instruments more competitive than conventional forms.

Suggested Citation

  • Mohammad Sahabuddin & Abu Umar Faruq Ahmad & Md. Aminul Islam, 2023. "Emergence of Islamic Finance in the Fourth Industrial Revolution and COVID-19 Post-Pandemic Era," Palgrave CIBFR Studies in Islamic Finance, in: Zul Hakim Jumat & Saqib Hafiz Khateeb & Syed Nazim Ali (ed.), Islamic Finance, FinTech, and the Road to Sustainability, pages 123-141, Palgrave Macmillan.
    • Handle: RePEc:pal:pcichp:978-3-031-13302-2_6
    DOI: 10.1007/978-3-031-13302-2_6
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