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Islamic FinTech and Financial Inclusion

In: Islamic FinTech

Author

Listed:
  • Ahmed Tahiri Jouti

    (Al Maali Institute)

Abstract

Purpose―FinTech revolutionized financial services and created efficient solutions to target underserved people. This chapter aims at understanding the way Islamic FinTech can improve the Islamic finance industry in order to achieve economic inclusion. Design/methodology/approach―The chapter presents a conceptual framework based on case studies and literature review describing the way Islamic FinTech can serve to upgrade economic inclusion efforts. Findings―The chapter shows that Islamic FinTech can revolutionize the way Islamic financial services are provided and to ensure an integration between the Islamic social finance and the Islamic financial institutions. Research limitations/implications―The chapter focused only on the implemented solutions without giving an insight about how new technologies such as blockchain can enhance the efforts and the results. Practical implications―The chapter demonstrates that Islamic FinTech should be seen as a fundamental pillar of any financial inclusion policy. The latter should target economic inclusion. Social implications―In general, any financial inclusion policy drafted by Islamic financial institutions shall target economic inclusion and adopt Islamic FinTech. Originality/value―Financial inclusion literature focuses mainly on the access to financial services. This chapter upgrades the initiatives and efforts to achieve economic inclusion.

Suggested Citation

  • Ahmed Tahiri Jouti, 2021. "Islamic FinTech and Financial Inclusion," Springer Books, in: Mohd Ma’Sum Billah (ed.), Islamic FinTech, edition 1, chapter 0, pages 209-229, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-45827-0_12
    DOI: 10.1007/978-3-030-45827-0_12
    as

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