The Potential Opportunities with Fintech for Islamic Banking

Islamic Economics Project

Salman Ahmed Shaikh

Islamic finance can help in enabling access to financial services for people who want Islamic financial services. The key question is that can Islamic finance also provide access to financial services to the bottom of the pyramid population. Financial inclusion of the poor requires a different approach in product design, pricing and delivery. This requires innovation, flexibility, efficiency and committed leadership.

Islamic microfinance is yet to take big strides even though Islamic finance gives due emphasis to egalitarian financial structures and products in the Islamic economics and finance literature. Fintech offers an opportunity for Islamic financial institutions to efficiently reach the potential clients. Fintech can help in increasing Islamic finance outreach in regions where brick-and-mortar model of delivery will not be financially sustainable.

In the product structures, Fintech can assist in organizing completion of different steps involved in a typical Islamic finance transaction. A key issue is…

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