ABSTRACT
Islamic finance offers an alternative financial system that prohibits the use of interest and other economic exploitations and intends to establish a just and fair economic system. The industry has seen some extraordinary growth, primarily in systemically important Islamic finance countries in the Middle East, North Africa, Southeast Asia, South Asia, and Central Asia. Fintech has evolved fast as a massive change-maker in the financial sector globally, with a focus to deregulate/personalize financial transactions at a lower cost for the customers and stable income for the financial institutions. While COVID-19 has pushed the Fintech agenda quickly forward, the use of Fintech has received momentum since the introduction of mobile payments. Islamic as well as traditional financial institutions are making an increasing amount of investment to offer services that are embedded into mobile applications. While Fintech adoption is a major barrier in countries with larger share of Islamic finance users, there are other challenges, and opportunities, awaiting Islamic financial institutions. This chapter provides a brief introduction to principles of Islamic finance and Fintech, and offers a description of potential benefits and drawbacks that influence Fintech engagement among Islamic financial institutions. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022.
ABSTRACT
The COVID-19 pandemic and its associated lockdown have created a mammoth economic cost to the economies around the globe. The policy response to the crisis must be fast, secure, and sustainable. It has also created astonishing solidarity among the people with every element of society irrespective of race, caste, creed, or religion working together to save humanity. To overcome the financial and economic disruption caused by the pandemic, it needs immediate attention from the economists and policymakers. Islamic finance has many financial instruments for helping the poor by alleviating poverty, distributing income fairly, and improving social welfare, they comprise, Zakat, Sadaqat, Awqaf, etc. Zakat is the compulsory contribution from the Muslims to the poor and needy every year. Zakat is the compulsory donation from the rich and able Muslims which must be given to the poor and needy within a year. This immediate benefit of Zakat is well suited to tackle an economic crisis such as the one caused by COVID-19. Islamic finance in combination with the Fintech-based technologies like AI, Blockchain, machine learning, and natural language processing can work wonders in achieving Islamic finance objectives. The present study proposes an AI-based Islamic Fintech model to helping the needy and poor affected due to COVID-19. The model uses AI and NLP-based Fintech model for collection and dissemination of Zakat money to needy, poor, COVID-affected, and vulnerable sections of the society. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022.
ABSTRACT
This chapter attempts to provide a comprehensive overview of the ongoing technological disruption in the finance world. There is no denying that technology has already brought disruption of unprecedented scale and type in terms of bringing innovative solutions like never seen before in the financial sector. The disruptive innovation like P2P lending, Crowdfunding, Cryptocurrency, Regtech, Insurtech mobile payment, etc. has changed the way traditional financial institutions used to operate. Against such a backdrop, this chapter attempts to provide an overview of this disruption. The chapter also explores how these innovations have brought changes in the working cultures among financial institutions. The study suggests, based on the analysis of facts and figures that the disruptive technology has brought positive changes in the society in terms of delivering valuable stimulus and financial aid to the vulnerable and affected by the COVID-19 pandemic. The findings of the study further suggest that the Fintech disruption has been a blessing in disguise for the overall growth and development of the finance community. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022.
ABSTRACT
COVID-19 has created massive havoc to the global operations and business processes and the uncertain economic conditions have made the world think about the abrupt solutions to tackle the problem efficiently. Islamic fintech has provided the world with innovative solutions to overcome the devastating impact of this pandemic. Against this backdrop, this study aims to investigate the effective solutions provided by Islamic fintech in the post-COVID period. The study mainly opted for the qualitative framework to carry out its research and provide workable solutions to the world offered by Islamic fintech in the post-COVID era. Various technological innovations compatible with Islamic finance have initiated a great deal of competition with its long-lasting and sustainable impact on the growth of the economies. The COVID period, which is still going on, is marked by substantial growth and development followed by the fintech innovations to address the demands of the customers. This study is expected to play a key role in promoting the Islamic fintech solutions to overcome the economic hazards created by the coronavirus pandemic. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022.
ABSTRACT
The study tries to provide visualization of the Fintech ecosystem in the MENA region. The global financial market is undergoing unprecedented change with the COVID-19 pandemic and the evolution of disruptive technology called Fintech. Fintech has completely changed the landscape of the financial sphere across the globe. One of the key outcomes of the MENA region is establishing a friendly, permissible, and governing atmosphere for Fintech startups and matured development proposals through progress-thinking programs. An essential part of this approach is establishing a facilitating environment adept of inviting and encouraging foreign firms contained by their corresponding countries. The study concludes that the information transfer likely to result from this will push the advancement of a lively, regional Fintech ecosystem. Most noticeably, counties like Bahrain and the UAE are initially on in their attempts to build into the Fintech hub in the area. Most of the countries in the MENA region are adopting and considering the outcome of Fintech and putting their efforts to establish a sustainable Fintech ecosystem. The study is expected to help the financial institutions, investors, and regulators in formulating the right strategy in embracing this disruption to get the maximum benefit out of it. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022.
ABSTRACT
The new age Fintech-driven innovative financial services started with the fourth industrial revolution and COVID-19 has stimulated supreme innovation in the global financial services industry. It is the young and millennial population driving these innovations and startups are responding, as there are more than 15, 000 startups and global Fintech-based transaction crossed $6.308 Billion by the year 2020. Islamic finance industry has experienced an unprecedented growth, partly due to incremental investment in Fintech-based financial intermediation. Two most commonly cited high growth areas for Islamic finance lie within blockchain and crowdfunding. This study provides an advanced overview of the Islamic Fintech, blockchain and crowdfunding;their current landscape;and path forward. We discuss opportunities for Islamic financial institutions and a clear roadmap to capitalize on those opportunities. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022.
ABSTRACT
The present study aims to examine the role of Islamic financial system in the recovery of post-COVID-19 pandemic and possible role to be played by the disruptive innovation called Islamic Fintech. The study takes a discourse analysis route to examine the disruptions created by the pandemic on the overall global Islamic economy. Islamic financial system has long established its credentials as the most resilient and sustainable financial system during the global financial crisis of 2008 and the current pandemic provides another opportunity to reestablish its position in the financial sphere and emerge as the main contender to the conventional financial system. The disruptions created by the pandemic have spared no one and created havoc in every sector of the global economy. Islamic financial system has certain ethical and social financial services such as Zakat, Qardh-Al-Hasan, Awaqaf, sadaqa, and Islamic microfinance with wide-ranging social reach aimed at the poor and vulnerable sections of the society. The study provides an overview of the Fintech-based Islamic financial services that can be used to provide efficient, reliable, cost-effective, and innovative financial services to its customers during and after the COVID-19 pandemic. The findings of the study are expected to help the Islamic financial institutions, governments, regulators, and policymakers efficient use of Fintech in solving the problems created by the pandemic. The study is also expected to contribute to creating a more sustainable and resilient alternative to the conventional financial system. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022.
ABSTRACT
The ongoing COVID-19 pandemic has wreaked havoc on the financial system, and it now becomes a new challenge to Islamic banking. This pandemic demands the use of a distinct set of financial services, strategies, and technologies among which is the Islamic Fintech. The main objective of this study is to explore the use of Islamic Fintech in the Islamic banking sector and its impact on the stakeholders in the wake of COVID-19 pandemic. This study shows that Islamic Fintech has performed a critical role in assisting Islamic banks and other Islamic financial institutions to continue operating effectively during this difficult time. Although the impact of the pandemic has been very harsh on the users of Fintech, the financial institutions have benefited due to the wider acceptance rate of the Fintech-based financial services. The study also shows that during the COVID-19 pandemic, everyone has been impacted, including governments, customers, Fintech developers, Fintech startups, and Islamic financial institutions. However, Islamic Fintech has emerged as a critical tool for mitigating the negative impacts of the COVID-19 pandemic on the economy and society during and after this difficult time. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022.
ABSTRACT
Purpose: This study aims to explore the antecedents of donors' attitudes toward fundraising campaigns to fight COVID-19 in the United Arab Emirates (UAE) during the pandemic crisis. This manuscript identified how moderating effects of ethical dimensions can strengthen the relationship between trust in charity and charity projects with their attitude to raise funds to mitigate pandemic repercussions. Design/methodology/approach: This study follows a quantitative approach by administering survey instruments to collect the data from the sample of respondents. A total of 391 responses were obtained adopting snowball sampling and analyzed through structural equation modeling (SEM) to derive meaningful results for path analysis. Findings: The findings of this study indicate that certain insights need to be considered to trigger the donors' attitude toward raising or participating in charity-oriented campaigns, especially during pandemic situations. For instance, organizing more transformable processes in charity projects and establishing more trust factors among donors is highly essential in charity activities. Similarly, promoting ethical dimensions of the donors toward supporting the vulnerable more effectively and encouraging them to participate or organize philanthropic activities certainly benefit and support this noble cause. Practical implications: This study will help the government and nonprofit organizations in devising their campaigns for raising funds. The findings of this study suggest that ethics is an important consideration and driver for donors in philanthropy-serving organizations and individuals. Originality/value: This research contributes to the literature on donation and philanthropic studies focusing on fundraising campaigns attitudes during COVID-19. This study contributes influential factors and attitudes of individuals and organizations toward charity and philanthropic service. © 2022, Emerald Publishing Limited.
ABSTRACT
This paper focuses on oil-exporting economies and measures the consequences of COVID-19 surgency on the magnitude and persistence of responses of stock markets in these economies to sudden changes in oil prices both before and during the pandemic. By the same token, we depict the significant structural breaks in oil-exporting stock markets over 2013-2021. Our results stipulate a majority of oil-exporting markets have been subject to a major structural break during the pandemic, whereas stock markets in China, Spain, Germany, and Japan experienced structural changes in 2014 and 2018, which are attributed to oil price shock and domestic economic factors, respectively. The results in this paper also find that, in general, the stock markets under consideration have become less responsive to fluctuations in oil price during COVID-19 than they were before its outbreak. Our findings suggest that policy makers in these countries should take further steps toward fostering the transition to alternative energy resources such as solar power and wind in order to make their economies less vulnerable to the global energy market's shocks. © 2022 IEEE.
ABSTRACT
We contribute to the literature on the linkage among shocks in oil price and stock markets fluctuations in oil-exporting economies. We evaluate the effects of COVID-19 pandemic on the magnitude and persistence of responses of stock markets to oil price sudden changes both before and during the pandemic. We also identify the most important structural breaks in stock markets during the period 2013-2021. We find evidence that the majority of developing oil-exporting countries faced a major structural break in their stock markets in 2014 following the spectacular fall of oil price in that year. By contrast, their developed counterparts have been subject to structural break during the CIVID-19 pandemic. The outcomes of the generalize d impulse response analysis suggests that, shocks in oil price tend to hit oil exporters more severely throughout the COVID-19 pandemic than before the outbreak of the pandemic. © 2022 IEEE.