Fintech in islamic finance literature: A review

Muneer M Alshater; Irum Saba; Indri Supriani; Mustafa Raza Rabbani

doi:10.1016/j.heliyon.2022.e10385

Fintech in islamic finance literature: A review

Heliyon. 2022 Aug 28;8(9):e10385. doi: 10.1016/j.heliyon.2022.e10385. eCollection 2022 Sep.

Authors

Muneer M Alshater¹, Irum Saba², Indri Supriani³, Mustafa Raza Rabbani⁴

Affiliations

¹ Faculty of Business, Philadelphia University, Amman, Jordan.
² Institute of Business Administration, Karachi, Pakistan.
³ Department of Economics, Faculty of Economics and Business, Universitas Brawijaya, Indonesia.
⁴ Department of Economic and Finance, College of Business Administration, University of Bahrain, Zallaq, Bahrain.

Abstract

This study reviews Islamic FinTech research development from 2017 to 2022. The study adopts a hybrid approach combining bibliometric and content analysis to reveal the current research trend of Islamic FinTech research. Using the Scopus database, we retrieve 85 documents and analyze them using RStudio and VOSviewer. The content analysis categorizes the research output in Islamic FinTech into four distinct streams. The study finds potential for cointegrating FinTech into Islamic finance to benefit the unbanked and small-medium-size businesses, the adoption of FinTech in Islamic finance will also help the government improve financial inclusion, conquer financial crises, such as COVID-19, and achieve SDGs for a sustainable nation. However, the lack of legal regulation and the lower financial literacy becomes the primary obstacle to the development of FinTech in Islamic finance.

Keywords: Blockchain; Crowdfunding; Cryptocurrency; Islamic FinTech; P2P lending; Payments.

Publication types

Review