Financial Technology in Islamic Finance

Fintech is growing tremendously throughout the world and disrupting many areas of Finance, particularly traditional banking services. Examples include software that encourage peer-to-peer transactions that even completely bypass the banking system like cryptocurrencies, crowdfunding for project financing, working capital financing, sadaqa, wakaf etc. in a more efficient, transparent and cheap manner. Even there are applications that allow exchange of currencies that bypass money-changers and banks. Smart contracts are other interesting developments. Since many areas in banking, finance and accounting are being disrupted by Fintech, students must be kept on their toes with such new developments. Indeed, Fintech also opens a whole new area of opportunities in the area of finance, Islamic Finance in particular.