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Fintech Innovation and Its Application in Islamic Banking from Pakistan

In: FinTech in Islamic Financial Institutions

Author

Listed:
  • Sitara Karim

    (University of Nottingham Malaysia Campus)

  • Mustafa Raza Rabbani

    (University of Bahrain)

  • Abu Bashar

    (IMS Unison University)

  • Ahmed Imran Hunjra

    (Ghazi University)

Abstract

The emergence of financial technology in several business areas has spurred the need to analyze its impact and implementation in the Islamic banking industry. This study is one of the unique studies to investigate the application of Fintech innovations in the Islamic banks of Pakistan. The study employed content analysis on the annual reports of Pakistani Islamic Banks to extract the required information and further estimations were conducted using dynamic estimator—Generalized Method of Moments. The findings suggest that Pakistani Islamic banks have incorporated financial technologies significantly during 2006–2020. The main developed innovations include digital wallets, biometrics, and smart contracts whereas distributed ledger and machine learning are evolving financial technology innovations in the Islamic banks of Pakistan. The findings have significant implications for regulatory bodies, Islamic banks, and policymakers to adopt the financial innovations in their organizations.

Suggested Citation

  • Sitara Karim & Mustafa Raza Rabbani & Abu Bashar & Ahmed Imran Hunjra, 2022. "Fintech Innovation and Its Application in Islamic Banking from Pakistan," Springer Books, in: M. Kabir Hassan & Mustafa Raza Rabbani & Mamunur Rashid (ed.), FinTech in Islamic Financial Institutions, pages 157-174, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-14941-2_8
    DOI: 10.1007/978-3-031-14941-2_8
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    Cited by:

    1. Wenxiang Zhang & Saeed Siyal & Samina Riaz & Riaz Ahmad & Mohd Faiz Hilmi & Zhi Li, 2023. "Data Security, Customer Trust and Intention for Adoption of Fintech Services: An Empirical Analysis From Commercial Bank Users in Pakistan," SAGE Open, , vol. 13(3), pages 21582440231, July.

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