Fintech and Its Potential Impact on Islamic Banking and Finance Industry: A Case Study of Brunei Darussalam and Malaysia
<p>Fintech is growing at an exponential rate which leads to the emergence of innovative business models. Advanced technologies like Blockchain, internet of things (IoT’s), artificial intelligence (AI), and robotics have become mature enough to create disruption in banking and finance industry...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Universitas Muhammadiyah Yogyakarta
2019-07-01
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| Series: | International Journal of Islamic Economics and Finance |
| Subjects: | |
| Online Access: | https://journal.umy.ac.id/index.php/ijief/article/view/6364 |
| _version_ | 1818205437062807552 |
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| author | Hassnian Ali Rose Abdullah Muhd Zaki Zaini |
| author_facet | Hassnian Ali Rose Abdullah Muhd Zaki Zaini |
| author_sort | Hassnian Ali |
| collection | DOAJ |
| description | <p>Fintech is growing at an exponential rate which leads to the emergence of innovative business models. Advanced technologies like Blockchain, internet of things (IoT’s), artificial intelligence (AI), and robotics have become mature enough to create disruption in banking and finance industry both conventional and Islamic finance industry. Brunei Darussalam and Malaysia, both, offer wide range of Shari'a compliant services. The main purpose of this study is to investigate the potential impact of Fintech on the Islamic banking and finance industry in Brunei and Malaysia. Accordingly, this research deals with the qualitative method to accomplish and fulfill the research objectives. Content analysis and Semi-structured interview approach were employed throughout the research. The results clearly show that Fintech has great potential impact on both conventional and Islamic finance industry. This potential impact is in both ways i.e. positive and negative. And, the response and reaction of Islamic finance industry towards the emergence of Fintech and its potential impact seems very slow as compared to their conventional counterparts. This study has indicated important points which include the necessity for the Islamic financial institution to cope with the growth of Fintech.</p> |
| first_indexed | 2024-12-12T03:57:07Z |
| format | Article |
| id | doaj.art-4b1a9aff067b46e8840bf42bdcc6965e |
| institution | Directory Open Access Journal |
| issn | 2622-3562 2622-4372 |
| language | English |
| last_indexed | 2024-12-12T03:57:07Z |
| publishDate | 2019-07-01 |
| publisher | Universitas Muhammadiyah Yogyakarta |
| record_format | Article |
| series | International Journal of Islamic Economics and Finance |
| spelling | doaj.art-4b1a9aff067b46e8840bf42bdcc6965e2022-12-22T00:39:13ZengUniversitas Muhammadiyah YogyakartaInternational Journal of Islamic Economics and Finance2622-35622622-43722019-07-0121731083402Fintech and Its Potential Impact on Islamic Banking and Finance Industry: A Case Study of Brunei Darussalam and MalaysiaHassnian Ali0Rose Abdullah1Muhd Zaki Zaini2International Center for Research in Islamic Economics, ICRIEUniversiti Islam Sultan Sharif AliUniversiti Islam Sultan Sharif Ali<p>Fintech is growing at an exponential rate which leads to the emergence of innovative business models. Advanced technologies like Blockchain, internet of things (IoT’s), artificial intelligence (AI), and robotics have become mature enough to create disruption in banking and finance industry both conventional and Islamic finance industry. Brunei Darussalam and Malaysia, both, offer wide range of Shari'a compliant services. The main purpose of this study is to investigate the potential impact of Fintech on the Islamic banking and finance industry in Brunei and Malaysia. Accordingly, this research deals with the qualitative method to accomplish and fulfill the research objectives. Content analysis and Semi-structured interview approach were employed throughout the research. The results clearly show that Fintech has great potential impact on both conventional and Islamic finance industry. This potential impact is in both ways i.e. positive and negative. And, the response and reaction of Islamic finance industry towards the emergence of Fintech and its potential impact seems very slow as compared to their conventional counterparts. This study has indicated important points which include the necessity for the Islamic financial institution to cope with the growth of Fintech.</p>https://journal.umy.ac.id/index.php/ijief/article/view/6364fintechpotential impactislamic banking and financebrunei darussalammalaysia |
| spellingShingle | Hassnian Ali Rose Abdullah Muhd Zaki Zaini Fintech and Its Potential Impact on Islamic Banking and Finance Industry: A Case Study of Brunei Darussalam and Malaysia International Journal of Islamic Economics and Finance fintech potential impact islamic banking and finance brunei darussalam malaysia |
| title | Fintech and Its Potential Impact on Islamic Banking and Finance Industry: A Case Study of Brunei Darussalam and Malaysia |
| title_full | Fintech and Its Potential Impact on Islamic Banking and Finance Industry: A Case Study of Brunei Darussalam and Malaysia |
| title_fullStr | Fintech and Its Potential Impact on Islamic Banking and Finance Industry: A Case Study of Brunei Darussalam and Malaysia |
| title_full_unstemmed | Fintech and Its Potential Impact on Islamic Banking and Finance Industry: A Case Study of Brunei Darussalam and Malaysia |
| title_short | Fintech and Its Potential Impact on Islamic Banking and Finance Industry: A Case Study of Brunei Darussalam and Malaysia |
| title_sort | fintech and its potential impact on islamic banking and finance industry a case study of brunei darussalam and malaysia |
| topic | fintech potential impact islamic banking and finance brunei darussalam malaysia |
| url | https://journal.umy.ac.id/index.php/ijief/article/view/6364 |
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