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Islamic Fintech and Bahrain: An Opportunity for Global Financial Services

In: FinTech in Islamic Financial Institutions

Author

Listed:
  • M. Kabir Hassan

    (University of New)

  • Ammar Jreisat

    (University of Bahrain)

  • Mustafa Raza Rabbani

    (University of Bahrain)

  • Somar Al-Mohamed

    (American University of the Middle East)

Abstract

In this chapter, we attempt to take a deeper look into financial technologyFinancial technology (Fintech) as a financial innovation and its applications in the Islamic finance industryIndustry, with a focus on Bahrain. Fintech has disrupted the financial services industryIndustry like nothing before and has become the most exciting innovation of the twenty-first century. Throughout the chapter, the author attempts to define Fintech in a proper context as it pertains to Islamic Finance as well as giving a brief overview of how Fintech is set to transform the Islamic Finance industryIndustry in the Kingdom of Bahrain. This study reviews the latest literature in Fintech and Islamic finance through a qualitative approach and reaches a conclusion. Fintech-based innovative financial services will play a crucial role in reshaping the Islamic finance industryIndustry, and the chapter is expected to assist researchers and academic practitioners in understanding the concept. The study concludes that Fintech has potential impacts on Islamic finance and banking’s future in terms of bringing new and innovative financial services with increased efficiency and at a reduced cost. Initially, Islamic finance institutions showed reluctance to adopt Fintech. Instead of seeing Fintech as an ally or a competitor, they viewed it as a competitor. Consequently, Islamic finance must now recognize the value of responsiveness, competitiveness, and aggressiveness. In the study, many points were raised that highlight the need for Islamic finance to be agile and to implement Fintech as partners.

Suggested Citation

  • M. Kabir Hassan & Ammar Jreisat & Mustafa Raza Rabbani & Somar Al-Mohamed, 2022. "Islamic Fintech and Bahrain: An Opportunity for Global Financial Services," Springer Books, in: M. Kabir Hassan & Mustafa Raza Rabbani & Mamunur Rashid (ed.), FinTech in Islamic Financial Institutions, pages 65-87, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-14941-2_4
    DOI: 10.1007/978-3-031-14941-2_4
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