Navigating the Landscape of Islamic FinTech: A Comprehensive Literature Review

Main Article Content

Asni Mustika Rani
Budi Supriatono Purnomo
Imas Purnamasari

Abstract

The primary objective is to provide a comprehensive understanding of the current state and potential growth of Islamic FinTech in Indonesia. Specifically, the study delves into the impact of the COVID-19 pandemic, regulatory considerations, and the role of Sharia principles in shaping the Islamic FinTech landscape. Employing bibliometrics, literature review, and content analysis, the study examines Scopus-indexed documents related to Islamic FinTech. The research uses VOSViewer for network analysis, providing insights into research trends, influential articles, and keyword co-occurrence, thereby contributing to the existing literature on Islamic FinTech. The study identifies four thematic clusters in the global distribution of Islamic FinTech research: (1) Islamic FinTech, (2) Islamic finance, (3) technology, and (4) Islamic economics. Additionally, the research illustrates the surge in Islamic FinTech publications since 2018, indicating growing global interest. Noteworthy is Indonesia's substantial contribution to Islamic FinTech research, reflecting the country's emergence as a significant player in this domain.

Article Details

How to Cite
Rani, A. M., Purnomo, B. S., & Purnamasari, I. (2024). Navigating the Landscape of Islamic FinTech: A Comprehensive Literature Review. The Eastasouth Management and Business, 2(02), 118–125. https://doi.org/10.58812/esmb.v2i02.199
Section
Articles

References

M. M. Alshater, I. Saba, I. Supriani, and M. R. Rabbani, “Fintech in islamic finance literature: A review,” Heliyon, vol. 8, no. 9, p. e10385, 2022, doi: 10.1016/j.heliyon.2022.e10385.

A. V. Thakor, “Fintech and banking: What do we know?,” J. Financ. Intermediation, vol. 41, no. July, 2020, doi: 10.1016/j.jfi.2019.100833.

FCB, “FSB Financial Statement,” Financ. Innov., 2020.

M. M. Alshater and A. H. A. Othman, “Financial Technology Developments and their Effect on Islamic Finance Education,” J. King Abdulaziz Univ. Islam. Econ., vol. 33, no. 3, pp. 187–161, 2020, doi: 10.4197/Islec.33-3.9.

U. A. A. Anwar, M. Sakova, I. Solikin, and A. M. Rani, “Risk Management in Islamic Financial Technology,” JMD J. Ris. Manaj. Bisnis Dewantara, vol. 5, no. 2, pp. 67–82, 2022, doi: 10.26533/jmd.v5i2.985.

Salaam Gateway, “Global Islamic Fintech,” 2022.

C. Lee and E. Teo, “Article : Emergence of FinTech and the LASIC principles Emergence of FinTech,” J. Financ. Perspect., vol. 3, no. 3, pp. 1–29, 2015.

M. H. Syed, S. Khan, M. R. Rabbani, and Y. E. Thalassinos, “An artificial intelligence and NLP based Islamic FinTech model combining zakat and Qardh-Al-Hasan for countering the adverse impact of COVID 19 on SMEs and individuals,” Int. J. Econ. Bus. Adm., vol. 8, no. 2, pp. 351–364, 2020, doi: 10.35808/IJEBA/466.

M. R. Rabbani, S. Khan, and E. I. Thalassinos, “FinTech, blockchain and Islamic finance: An extensive literature review,” Int. J. Econ. Bus. Adm., vol. 8, no. 2, pp. 65–86, 2020, doi: 10.35808/ijeba/444.

M. R. Rabbani et al., “Exploring the role of islamic fintech in combating the aftershocks of covid-19: The open social innovation of the islamic financial system,” J. Open Innov. Technol. Mark. Complex., vol. 7, no. 2, 2021, doi: 10.3390/joitmc7020136.

Darmansyah, B. A. Fianto, A. Hendratmi, and P. F. Aziz, “Factors determining behavioral intentions to use Islamic financial technology: Three competing models,” J. Islam. Mark., vol. 12, no. 4, pp. 794–812, 2020, doi: 10.1108/JIMA-12-2019-0252.

M. S. Khan, M. R. Rabbani, I. T. Hawaldar, and A. Bashar, “Determinants of Behavioral Intentions to Use Islamic Financial Technology: An Empirical Assessment,” Risks, vol. 10, no. 6, 2022, doi: 10.3390/risks10060114.

F. Menne, B. Surya, M. Yusuf, S. Suriani, M. Ruslan, and I. Iskandar, “Optimizing the Financial Performance of SMEs Based on Sharia Economy: Perspective of Economic Business Sustainability and Open Innovation,” J. Open Innov. Technol. Mark. Complex., vol. 8, no. 1, 2022, doi: 10.3390/joitmc8010018.

A. Barata, “Strengthening National Economic Growth And Equitable Income Through Sharia Digital Economy In Indonesia,” J. Islam. Monet. Econ. Financ., vol. 5, no. 1, pp. 145–168, 2019, doi: 10.21098/jimf.v5i1.1053.

M. I. A. Razak, N. A. M. Dali, G. Dhillon, and A. W. A. Manaf, “Fintech in Malaysia: An appraisal to the need of shariah-compliant regulation,” Pertanika J. Soc. Sci. Humanit., vol. 28, no. 4, pp. 3223–3233, 2021, doi: 10.47836/PJSSH.28.4.40.

S. Glavina, I. Aidrus, and A. Trusova, “Assessment of the Competitiveness of Islamic Fintech Implementation: A Composite Indicator for Cross-Country Analysis,” J. Risk Financ. Manag., vol. 14, no. 12, 2021, doi: 10.3390/jrfm14120602.

Okfalisa, M. Mahyarni, W. Anggraini, F. Saeed, T. D. Moshood, and Saktioto, “Quadruple Helix Engagement: Reviews on Syariah Fintech Based SMEs Digitalization Readiness,” Indones. J. Electr. Eng. Informatics, vol. 10, no. 1, pp. 112–122, 2022, doi: 10.52549/ijeei.v10i1.3455.

M. M. Billah, Islamic FinTech: Insights and Solutions. 2021. doi: 10.1007/978-3-030-45827-0.

M. R. Rabbani, “Fintech innovations, scope, challenges, and implications in Islamic Finance: A systematic analysis,” Int. J. Comput. Digit. Syst., vol. 13, no. 1, pp. 579–608, 2022, doi: 10.12785/IJCDS/130147.

S. Abrorov and J. Imamnazarov, “Islamic Fintech Instruments: New Opportunities For Digital Economy Of Uzbekistan,” in ACM International Conference Proceeding Series, 2021, pp. 663–667. doi: 10.1145/3508072.3508203.

I. Sugiarto and H. S. Disemadi, “Consumers Spiritual Rights In Indonesia: A Legal Study Of Sharia Fintech Implementation In The Consumers Protection Perspective,” J. IUS Kaji. Huk. dan Keadilan, vol. 8, no. 3, pp. 437–452, 2020, doi: 10.29303/ius.v8i3.766.

H. Qudah, S. Malahim, R. Airout, M. Alomari, A. A. Hamour, and M. Alqudah, “Islamic Finance in the Era of Financial Technology: A Bibliometric Review of Future Trends,” Int. J. Financ. Stud., vol. 11, no. 2, 2023, doi: 10.3390/ijfs11020076.

N. H. N. Azman, M. Z. M. Zabri, T. A. Masron, and N. A. K. Malim, “The Utilisation Of Islamic Fintech (I-Fintech) In Promoting Sustainable Inclusive Growth: Evidence From Micro-Entrepreneurs In Malaysia,” J. Islam. Monet. Econ. Financ., vol. 6, no. 3, pp. 555–576, 2020, doi: 10.21098/jimf.v6i3.1180.

S. Karim, M. A. Naeem, and E. E. Abaji, “Is Islamic FinTech coherent with Islamic banking? A stakeholder’s perspective during COVID-19,” Heliyon, vol. 8, no. 9, 2022, doi: 10.1016/j.heliyon.2022.e10485.

U. K. Pati, “Sharia Fintech as a Sharia Compliance Solution in the Optimization of Electronic-Based Mosque’s Ziswaf Management,” Padjadjaran J. Ilmu Huk., vol. 8, no. 1, pp. 47–70, 2021, doi: 10.22304/pjih.v8n1.a3.

M. H. Bakri, K. K. S. M. Almansoori, and N. S. M. Azlan, “Determinants intention usage of Islamic E-Wallet Among Millennials,” Glob. Bus. Financ. Rev., vol. 28, no. 1, pp. 11–32, 2023, doi: 10.17549/gbfr.2023.28.1.11.

H. Dawood, D. F. Al Zadjali, M. Al Rawahi, D. S. Karim, and D. M. Hazik, “Business trends & challenges in Islamic FinTech: A systematic literature review,” F1000Research, vol. 11, 2022, doi: 10.12688/f1000research.109400.1.

M. Y. Edward, E. N. Fuad, H. Ismanto, and A. D. R. Atahau, “Success factors for peer-to-peer lending for SMEs: Evidence from Indonesia,” Invest. Manag. Financ. Innov., vol. 20, no. 2, pp. 16–25, 2023, doi: 10.21511/imfi.20(2).2023.02.

M. H. Bakri, N. A. Abdul Aziz, M. I. Md Razak, M. H. Abdul Hamid, M. Z. Md Nor, and A. A. Iskandar Mirza, “Acceptance Of Ddkoin Blockchain Using Utaut Model: A Customer Perspective Approach,” Qual. - Access to Success, vol. 24, no. 192, pp. 103–121, 2023, doi: 10.47750/QAS/24.192.13.

I. R. Alnsour et al., “Islamic financial technology acceptance: An empirical study in Jordan,” Int. J. Data Netw. Sci., vol. 7, no. 4, pp. 1659–1668, 2023, doi: 10.5267/j.ijdns.2023.7.023.

Y. Demirdöğen, “New Resources For Islamıc Fınance: Islamıc Fıntech,” Hitit Theol. J., vol. 20, no. 3, pp. 29–56, 2021, doi: 10.14395/hid.945194.

M. Rickinghall, “Impact of Fintech on Islamic Bank Performance in Malaysia: Descriptive Study on Fintech,” in Frontiers in Artificial Intelligence and Applications, 2022, vol. 352, pp. 93–102. doi: 10.3233/FAIA220088.

F. A. Aziz, “Menakar Kesyariahan Fintech Syariah di Indonesia,” Al-Manahij J. Kaji. Huk. Islam, vol. 14, no. 1, pp. 1–18, 2020, doi: 10.24090/mnh.v14i1.3567.

W. Yuspin and A. Fauzie, “Good Corporate Governance In Sharia Fintech: Challenges and Opportunities In The Digital Era,” Qual. - Access to Success, vol. 24, no. 196, pp. 221–229, 2023, doi: 10.47750/QAS/24.196.28.

A. A. A. AL-Melahi and A. A. Sa’ad, “Qarḍ al-Ḥasan for SME Financing Using Non-permissible Earnings: Islamic FinTech Solutions for Yemeni IFIs,” in Contributions to Management Science, vol. Part F1060, 2023, pp. 123–132. doi: 10.1007/978-3-031-27296-7_12.

A. Z. Nagimova, “Islamic Fintech: Digitalization Of Global Islamic Finance,” World Econ. Int. Relations, vol. 66, no. 5, pp. 50–58, 2022, doi: 10.20542/0131-2227-2022-66-5-50-58.

A. Hoque, “Fintech’s game-changing opportunities for SMEs: A study on selected SMEs in Bangladesh,” Asian Econ. Financ. Rev., vol. 13, no. 5, pp. 308–319, 2023, doi: 10.55493/5002.v13i5.4780.

S. Yüksel, G. Kalyoncu, and C. Özdurak, “Constructing an index for participation finance,” Borsa Istanbul Rev., vol. 23, no. 4, pp. 895–905, 2023, doi: 10.1016/j.bir.2023.03.003.

S. Karim, M. Raza Rabbani, M. Rashid, and Z. Anwer, “COVID-19 Challenges and the Role of Islamic Fintech,” in FinTech in Islamic Financial Institutions: Scope, Challenges, and Implications in Islamic Finance, 2022, pp. 341–356. doi: 10.1007/978-3-031-14941-2_16.