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Another research by Baber (2020b) found that integrating FinTech, particularly crowdfunding, into
the Islamic banking system will escalate the business cycle of social entrepreneurship and micro-
finance and build a firm platform for the global Islamic philanthropy system. Islamic banking
Customer satisfaction Customer loyalty Moosa, R. Islamic banks are also more likely to employ a
Big Four audit firm, suggesting higher quality of financial information. In Figure 12.4, we note that
Islamic banks account for a small share of total bank assets globally—less than 3 percent of total
banking sector assets in 2014—but, in Figure 12.5, we see the share has been increasing. The most
frequently used keywords in the red cluster are FinTech, Islamic finance, Islamic bank, financial
inclusion, riba, and customer retention. Besides, from the business owner's perspective, by involving
in an online crowdfunding platform, the possibility of their business ideas will be copied higher.
Banks are financial institutions that act as safe deposits of people’s savings without which they will
have no place to save and will also face the risk of keeping all money at home. Another fruitful
avenue of future research could be to assess the extent to which Islamic banks contribute to project
financing. They show that, during the crisis, Islamic banks had a higher rate of failure, and therefore
shorter survival times, than conventional banks, contradicting Pappas et al. ( 2017 ). Regarding
resilience, the IFSI Stability Report 2018 (IFSB, 2018, p. 4) indicates that: “Global Islamic banking
has sustained its resilience, and most of its stability indicators are in comfortable compliance with
the minimum international regulatory requirements. Specifically, Kirchner (2021) ascertained that the
shariah compliances of cryptocurrency still become a debate amongst the shariah scholars. The first
step of collecting the data is the identification of keywords for the data curation process. The action
you just performed triggered the security solution. The Islamic finance and banking sector faces
momentous opportunities thanks to a fast-growing Muslim population (which points to increasing
demand for Islamic banking services), increased awareness of Islamic banking as an alternative
banking model, and the internationalization of Islamic banks in Western countries. This should tend
to make them less crisis-prone compared to their capitalist counterparts. The paper discusses scholars'
concerns that have led to a paradigm shift in the system and highlight practitioners' disquiet about
recent practices. In contrast, for an Islamic bank, the use (by entrepreneurs) and mobilization (by
depositors) of funds intermediated by the bank are structured as profit-sharing contracts among
depositors, the bank, and entrepreneurs. In Turkey, Aysan, Disli, and Ozturk ( 2018 ) observe that
most activities of Islamic banks are associated with a greater tendency toward small to medium-sized
enterprise (SME) financing than conventional banks. In the period 2008-09 there has been a better
performance in “credit and asset growth” of Islamic banks than that of conventional banks, thereby
leading to financial and economic stability of the former. In the last three decades, Islamic banking
has developed to become popular even among non-Muslim population in spite of its strategies based
on Shariah Law. An efficiently managed system of payments is indispensable for a stable and
growing economy, and any inefficiency in the payments system can hinder smooth trade and
therefore can significantly hamper economic growth. In comparison, profit-and-loss-sharing
contracts represent only 5 percent of transactions with Islamic banks (Hassan and Aliyu, 2018 ).
Furthermore, feedback from customers should be sought and welcomed on any aspect related to the
Islamic bank’s operations or products and services. Wahyuni and Fitriani (2017) support this finding
and conclude that brands with an aura of religiosity create an emotional attachment and thus
improve customer brand loyalty for Islamic banks. The Sharia supervisory board (SSB) is the highest
corporate governance authority in an Islamic bank (Dusuki, 2012 ). The first part of the analysis
considered the measurement model for reliability and validity. Other factors like employee service,
bank reputation and product services also play a significant role in customers’ decision making.
Share of Islamic Banks’ Assets in Total Banking Sector by Country (1H2016). Research that
empirically assesses the investor behavior using a quasi-qualitative approach is still scarce; this topic
becomes significant to investigate to obtain comprehensive knowledge regarding Muslim intention to
adopt bitcoin. The theoretical contribution relates to the development, empirical testing and
interpretation of results related to the recommended model in the study. This current study measured
the impact of the articles based on global citation.
Intensive research efforts could also be undertaken at the macro level, which, compared to the micro
evidence surveyed here, remains understudied. Islamic banks were also introduced in other countries
with large Muslim populations, such as Malaysia, Bangladesh, Mauritania, and Saudi Arabia (Imam
and Kpodar, 2016 ). We also find that they tend to hold more cash than conventional banks, which
cushion the effects of a possible liquidity squeeze. Jurisdictions where detailed data is available show
double-digit growth rate of assets (11 out of 22 jurisdictions), financing (nine out of 22 jurisdictions)
and deposits (one out of 22 jurisdictions), while eight other jurisdictions showed a 2% improvement
when compared to the prior year ( IFSB, 2019 ). Second, Islamic banking mobilizes the savings of
Muslims who do not want to use conventional banks, and channels them into the formal sector. His
research has been published in Emerging Markets Review, the Journal of Corporate Finance, and the
Journal of Financial and Quantitative Analysis. Since then, 85 articles have been published by 52
journals. World Bank Policy Research Working Paper (2013) Echchabi, A., Azouzi, D.: Predicting
customers’ adoption of Islamic banking services in Tunisia: a decomposed theory of planned
behaviour approach. The rising demand from Islamic investors has encouraged issuers to issue bonds
through the Islamic method since this cheaper and convenient than conventional process. The
growing popularity of Islamic banks among the non-Muslims is due to its “strict lending principles,
reflecting industry efforts to transcend religious beliefs to gain greater market share” (Abdullah et
al., 151). The Islamic finance is a combination of Islamic concepts of economics as well as modern
lending rules, therefore the banking products of Islamic banks can be convenient both for Muslim
and non-Muslim customers. Islamic bank operates on the basis of profit and loss sharing Interest is
charged even in case the organization suffers losses by using bank’s fund Profit on trade of goods for
charging on providing service is the basis for earning profit Time value is the basis for charging
interest on capital Money is not a commodity thought it is used as a medium of exchange and store
of value Money is a commodity besides medium of exchange and store of value Islamic Banks
Conventional Banks 19. Instead, the risk-sharing structure of Islamic contracts makes the borrower a
partner of the bank. As such, this study narrows in on the objectives of Islamic banking as a
relationship marketing outcome in South Africa. Lahmiri et al. (2020) also observe the long-term
persistence in the fluctuation of bitcoin prices along with European and Islamic markets. Baele,
Farooq, and Ongena ( 2014 ), for example, find that loans from Islamic banks are less likely to be
overdue or in default, suggesting that individual and systemic risk from loan defaults may be less
likely to materialize for Islamic banks. The basic mechanism of Islamic banking system is such that
financial resources are allocated to projects which are considered to be more profitable. This stream
consists of 20 articles that can be divided into two sub-streams: Customer perception on Islamic
FinTech, its current development, and its impact on Islamic finance institutions. Consequently
financial relationships in Islam have been participatory in nature. A systematic literature review of
risks in Islamic banking system The total size of Islamic finance, including capital market and
insurance, increased to USD 2.44 trillion by 2019: Q2 (IFSB 2020 ), which is mostly dominated by
Islamic banks (72.4% share of the total Islamic finance industry) from the Middle East and North
Africa (MENA), South Asia, and Southeast Asia. Based on a research conducted on 152
respondents from Kuala Lumpur, Malaysia, Abdullah et al. (2012) have found out that the popular
perception is that Islamic banking will control the conventional banking system in Malaysia. The
second sub-stream addressed Islamic FinTech development and its impact on Islamic finance
institutions. Note there is a positive relation for conventional banks. Nurhasanah and Rahmatullah
(2020) from Indonesia revealed that the Islamic FinTech providers are still behind in terms of
regulation, law, and operational rules compared with their conventional counterparts. Their equity-
oriented investments could not permit them to borrow short and lend long. Figure 1 shows data
collection steps for bibliometrics and SLR with PRISMA. Lastly, equity-based crowdfunding is
purely based on the profit and loss sharing mode of financing and is more aligned with venture
capital. Like in any industry, the financial advantages are the major reasons behind such rapid
popularity of Islamic banks. They also show that the hazard rate of Islamic banks (conventional
banks) increases (decreases) with higher net interest margin ratios, suggesting that Islamic banks and
conventional banks obey different dynamics. The collaboration index is relatively high at 2.83
points. Hence, the high percentage of multi-authored documents and collaboration index is
associated with the interdisciplinary nature of Islamic FinTech with other disciplines such as business
and economics, finance, law, shariah, and information technology. They also show through Logit and
Probit regressions that Islamic banks are more highly capitalized, more liquid, and more profitable,
but have more volatile earnings relative to conventional banks in Europe and the US.
During the ongoing financial crisis, many banks in the Western countries have faced the brunt and
collapsed, but Islamic banks have continued to develop in both prominence and size. In short, the
adoption of FinTech will elevate the development and efficiency of Islamic financial institutions,
which will lead to the improvement of Islamic finance institutions' role in economic growth. In this
chapter, we provide an overview and assessment of the practice of Islamic banking around the world.
Section 12.2 provides a brief review of the growth of Islamic banking. Others have defined it as
banking based on principles of Islamic economics (Aburime and Alio, 2009; Alam et al., 2017).
Fintech in islamic finance literature: A review This study aims to construct Shari?ah-based FinTech
Money Creation Free model for Islamic banking. This is likely to encourage entrepreneurs to seek
financing, even if they have no collateral or guarantee to offer. The results potentially enrich those
charged with governance by providing a deeper understanding of the relationship between the
objectives of Islamic banking, which is rooted in the Sharia, and how it influences customer
satisfaction and customer loyalty. Of the various types of debt instruments in Islamic banking, the
last two types, Salam and Istisna, are used least often. In the same period, there has been only a 9
percent growth among the conventional banks in the same region (Hall). The first part of the analysis
considered the measurement model for reliability and validity. If the banks fail to abide by the
Shariah law, then they will lose the trust of investors and depositors. This study also offers analysis
of the trending topics over the years. Estiri et al. (2011) conclude that customers who are satisfied
with the service offerings by their Islamic bank are not necessarily loyal. Published: 06 November
2019 Cite Icon Cite Permissions Icon Permissions The last two decades have witnessed a tremendous
global growth in Islamic finance and banking, mainly prompted by the global financial crisis. Under
an Ijara contract, the bank retains ownership of the goods, leasing them out for pre-agreed payments
(to avoid speculation) over a pre-agreed period of time, just as in a conventional leasing contract.
Islamic banking since its inception has been one of the most controversial institutions. In terms of
employment, 92% indicated that they were used. 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. Initially, Islamic banks catered to
those Muslims who did not favor the interest system in conventional banks. Cryptocurrencies are
type of digital currencies that are generally not asset-backed or issued by any central bank, so it
doesn't have the same features of fiat money. Overall, Islamic banks cater to the needs of Muslim
individuals and entrepreneurs, increasing their financial inclusion, alleviating poverty, increasing
savings, and, ultimately, enhancing economic growth. Upgrade to a different browser or install
Google Chrome Frame to experience this site. Share of Islamic Banks’ Assets in Total Banking
Sector Assets (%). They should play a goal-oriented rather than merely a profit-maximizing role and
should adjust themselves to the different needs of the Islamic economy. III. Multi-Purpose Bank:
Another substantial distinguishing feature is that Islamic banks will be universal or multi-purpose
banks and not purely commercial banks. Tazkia Islamic Financ. Bus. Rev. 9 (1) (2015) Hassan, A.:
Financial inclusion of the poor: from microcredit to Islamic microfinancial services. For two excellent
reviews of Islamic banking and finance, see Abedifar et al. ( 2015 ), which covers studies between
1999 and 2014, and Hassan and Aliyu ( 2018 ), which covers studies between 1983 and 2017. In
countries with a smaller Islamic base, these growth rates have been even more notable. The first step
of collecting the data is the identification of keywords for the data curation process. Also, the
Islamic bank should create experiences for customers that visibly demonstrates compliance with the
Sharia. Satish Mistry Types of islamic banking Types of islamic banking Busines chapter 6 islamic
banking 2 chapter 6 islamic banking 2 Hajar Hafizah Islamic modes of finance Islamic modes of
finance Hj Habib AL-WAKALAH AL-WAKALAH Mahyuddin Khalid Islamic modes of financing
Islamic modes of financing Busines Viewers also liked ( 6 ) Sample Comprehensive Personal
Financial Plan Created in Excel based Personal. In conclusion, research related to FinTech and the
Islamic finance industry has spread globally and attracted researchers from various countries,
including non-Muslim majority countries. 3.2. Research main theme The most discussed topics in
Islamic FinTech research are presented using keyword co-occurrence analysis.
Currently there are 50 retail ethical investment funds in the UK with total funds amounting to about
?4 billion in August 2001. Objectives of Islamic Banking: The primary objective of establishing
Islamic bank all over the world is to promote, foster and develop the application of Islamic
principles, law and tradition to the transaction of financial, banking and related business affairs and
to promote investment companies, enterprises and concerns which shall themselves be engaged in
business as are acceptable and consistent with Islamic principles, law and traditions. IDB’s aim was
to cater to the Muslim population’s needs while fostering economic and social development in
accordance with the principles of Sharia law, a set of Islamic principles derived from the Koran. P2P
lending is a platform that enables borrowers to acquire a source of funds from the lender through the
internet ( Rosavina et al., 2019 ). The conventional concept of p2p differs from the Islamic concept,
as lending can not be interest based, thus it is a sort of peer to peer financing which took the name of
lending while it is indeed a shariah complaint financing in concept. Estiri et al. (2011) conclude that
customers who are satisfied with the service offerings by their Islamic bank are not necessarily loyal.
Under an Ijara contract, the bank retains ownership of the goods, leasing them out for pre-agreed
payments (to avoid speculation) over a pre-agreed period of time, just as in a conventional leasing
contract. If the visitor submits a form on the site, their visitor ID is associated with the provided
information in order to facilitate contact with our team. Hence, 159 out of 276 documents were
excluded as it does not satisfy our screening criteria; this step leaves 117 potentially relevant studies.
In Turkey, Aysan, Disli, and Ozturk ( 2018 ) observe that most activities of Islamic banks are
associated with a greater tendency toward small to medium-sized enterprise (SME) financing than
conventional banks. Islamic Banking for Equitable Distribution of Resources: Another important
objective of Islamic banking is to ensure equitable distribution of income and resources among the
participating factors: the bank, the depositors and the entrepreneurs. Moreover, the results also
indicate that focusing on increasing a customer’s satisfaction also enhances customers’ loyalty to the
Islamic bank. Journal of Accounting and Finance in Emerging Economies, 7(4), 921-930. In terms of
employment, 92% indicated that they were used. This statement also supported by Aziz et al. (2021)
who investigated the correlation between digital banking and financial inclusion and found that
digital banking has a positive correlation to financial inclusion. If central bank money no longer
defines the unit of account for most economic activities and if crypto assets instead provide those
units of account, the central bank's monetary policy becomes irrelevant. For example, a
crowdfunding model is required for credit insurance to eliminate the credit risk. Malaysia was cited
as the centre of collaboration with the United States, Indonesia, Bangladesh, Japan, and Finland's
research partnership in the green cluster. Section 6 provides managerial implications, and Section 7
presents the concluding observations. 2. Literature review 2.1 objectives of islamic banking.
Although banks play a crucial role in the management of money from depositors and lending money
to the needy, banks are also indispensable for national and international payments system. This view
is also confirmed from the findings of Sain et al. (2018), which concludes that Islamic financial
services combined with technology can lead to financial inclusion. This type of contract is essentially
an asset-backed loan plus a deferred payment sale transaction. In countries with a smaller Islamic
base, these growth rates have been even more notable. These studies highlighted that PMBC
provided shariah compliances standards to perform the function of money while operating as a peer-
to-peer payment system. This study underlines that the P2P platform should create an upstream-
downstream ecosystem that provides financial services and solutions for non-payment financing
cases. In addition, as market research on Islamic banking in South Africa is new and limited (
Roberts-Lombard, 2020 ), these results add to and provide insight into customer perceptions of the
constructs studied. They also follow the idea “that all transactions have to be backed by a real
economic transaction that involves a tangible asset” (Beck, Demirguc-Kunt, and Merrouche, 2013, p.
433), which is in line with the participation and ownership principles. They find evidence of higher
capitalization during local crises, and a stronger negative trend in the capitalization of Islamic banks
than in conventional banks. I will download a referencing guide for OSCOLA style also I will
download one of my coursework that i got an A in it to check hoe the referencing style should be
phd thesis islamic banking the footnotes in addition it is so important to include a table of content
and headings you will see how I did it in my coursework. The format of diary writing- Always right
date and. The authors note that the main channels of transmission through which Islamic banking
affects economic growth are capital accumulation and superior financial inclusion. 12.5.2 Islamic
Banks, Financial Inclusion, Microfinance, and Entrepreneurship Given their profit-and-loss-sharing
contracts, one would expect Islamic banks to contribute to financial inclusion and to provide needed
funds to the unbanked.
Avail our writing service for best islamic finance research papers. Give us your email address and
we’ll send this sample there. This principle is applicable both to labor and capital. Therefore, Islamic
banking promotes cooperation between lenders who provide funds and entrepreneurs who utilize the
funds. In addition, the adoption of FinTech in Islamic finance will support the government in
improving financial inclusion, conquering financial crises, such as COVID-19's crisis, and achieving
SDGs for a sustainable nation. Despite its size and growth projections, Muslims and non-Muslims
have a poor understanding of Islamic banking ( Hassan and Lewis, 2007; Shabbir and Rehman,
2019 ). Lastly and very importantly, due to the aforementioned factors, cryptocurrencies are not
directly backed by any country or regulatory body, unlike fiat money which has implications for
monetary policy. In terms of the theoretical contribution, the study finds that the construct related to
the objectives of Islamic banking is a positive and significant contributor to both customer
satisfaction and customer loyalty. Tazkia Islamic Financ. Bus. Rev. 9 (1) (2015) Hassan, A.: Financial
inclusion of the poor: from microcredit to Islamic microfinancial services. Islamic banking and
Conventional Banking, The difference between the two. For example, a crowdfunding model is
required for credit insurance to eliminate the credit risk. Several studies investigate the possibility of
optimizing the P2P platform. Unlike the conventional scheme, which was administered by the
government, the Islamic scheme was organized and managed by Islamic banks. The discussion of the
above-mentioned literature lends support for the conceptual model, as shown in Figure 1, that
attempts to examine the stated hypotheses in the South African context. 3. Methodology 3.1 research
design and sample. Therefore, this paper describes some of the common differences between islamic
and conventional banks (Ali, 2005). Since at any point of time some depositors withdraw their
money, many others do not. Moreover, this study also suggested that P2P lending platforms
collaborate with notaries or legal parties to promote safety and speed up transactions. Other factors
like employee service, bank reputation and product services also play a significant role in customers’
decision making. The major difference between the two kinds of banking systems is the interest
factor like the Islamic banks do not charge interests to borrowers, and for depositors there is profit
sharing arrangement. Table 2 Financial technology. 4.1.2. Stream 2: Islamic FinTech and distributed
ledger technology This stream consists of 33 studies and is divided into two sub-streams:
Cryptocurrency (25 articles) and Blockchain (8 articles). To identify the main research themes from
existing studies on Islamic FinTech. An assessment of the practice and implications of Islamic
banking in developed countries represents an interesting direction for future research. The general
analysis of the FinTech topic and the financial inclusion topic has attracted around 23%, followed by
Islamic FinTech related to deposit and lending, consisting of two sub-streams, namely P2P lending
and crowdfunding sub-streams (22%). The authors therefore propose using a principal component
analysis that encompasses twenty indicators of bank financial strength. However, research by X.
Wang et al. (2021) reported that the Islamic bank's investment in FinTech has not yet been effective;
this indicates that there are still areas that require improvement. Essay Topics (13) Essay Samples
(57) Writing Tips (13) All Articles () “Macbeth” is one of the most imp. This differentiation is rational
due to the many differences in FinTech business models between the two systems. For example,
profit interest-based P2P lending, one of the most thriving business models in FinTech, is
fundamentally rejected in the Islamic finance system due to ( riba ) being a primary prohibition in
the system. Therefore, this study suggests that extensive research is urgently needed to explain the
predicting factors of SMEs adopting FinTech platforms. The second sub-theme in this stream is
crowdfunding. Financial inclusion and the role of Islamic finance must be viewed differently in
Muslim and non-Muslim countries ( Sain et al., 2018 ). The study is conducted in Australia, and it
concludes that FinTech has nothing to do with financial inclusion and in Australia alone, despite the
widespread use of financial technology, there are 3.1 million of the adult population who are
financially excluded. Third, reward-based crowdfunding is when the provider of funds receives an
appreciation or reward in the form of a gift or acknowledgment for supporting the project.