ESSAYS ON FINTECH & ISLAMIC FINANCE

Abstract

This dissertation investigates the integration of fintech with Islamic finance, emphasizing alignment with Shariah principles. It examines how fintech improves efficiency, enhances Zakat distribution transparency, facilitates cross-border transactions, and strengthens cybersecurity in Islamic banking. The study also explores the democratization of Takaful access, the impact of emerging technologies on customer experience, and the collaborative innovation between Islamic banks and fintech startups. Additionally, the dissertation highlights the benefits of using advanced techniques like the random forest algorithm for better risk assessment and data analysis in Islamic finance. A chapter on AI development in Qatar's financial markets discusses the country's efforts to enhance efficiency and transparency through AI, regulatory frameworks, and collaboration to ensure Shariah compliance. This comprehensive research underscores the transformative potential of fintech and AI in promoting an inclusive and ethical Islamic financial system. The dissertation's key findings highlight certain insufficiencies in the current fintech implementations within Islamic finance. One major issue identified is the limited scope and scalability of fintech solutions tailored to the unique requirements of Islamic finance, which often result in a slower adoption rate compared to conventional finance sectors. Additionally, there is a noticeable gap in the availability of Shariah-compliant fintech products that fully leverage advanced technologies such as AI and machine learning. To address these challenges, the dissertation suggests several improvement strategies, including increased investment in R&D for Shariah-compliant fintech innovations, enhanced collaboration between Islamic financial institutions and fintech startups, and the development of comprehensive regulatory frameworks that support technological advancements while ensuring Shariah compliance. Furthermore, fostering a culture of continuous learning and adaptation within Islamic finance can help accelerate the integration of cutting-edge fintech solutions, ultimately leading to a more robust and inclusive financial ecosystem.

Date of Award	2024
Original language	American English
Awarding Institution	HBKU College of Islamic Studies