EVOLUTION OF ISLAMIC FINANCIAL SERVICES IN A DIGITALIZED ECONOMIC ENVIRONMENT: FINTECH SOLUTIONS AND PROSPECTS
Received: 2026-04-29
Published: 2026-06-06
Abstract
This research examines the integration of innovative FinTech tools into the practices of traditional Islamic financial institutions and its systemic impact in the era of a developing global digital economy. The study comparatively evaluates the compatibility of smart contracts, blockchain systems, and artificial intelligence algorithms with Sharia principles. The analysis shows that financial technologies not only drastically reduce bank operational costs but also elevate operational transparency to an entirely new level by preventing prohibited elements such as "Gharar" (uncertainty) and "Riba" (interest) through algorithmic restrictions.
Keywords
List of references
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Hassan, M. K., & Rabbani, M. R. (2020). The integration of artificial intelligence and Islamic finance: The road ahead. International Journal of Islamic Economics and Finance Studies.
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Oseni, U. A., & Ali, S. N. (2019). FinTech in Islamic Finance: Theory and Practice. Routledge Advances in Islamic Economics.
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Evans, M. (2015). Blockchain technology and the Islamic financial system. Islamic Finance News, 12(45).
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Islom Moliyaviy Xizmatlar Kengashi (IFSB). (2022). Raqamli moliyaviy xizmatlar va islom moliyasi bo'yicha global hisobot.
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License
This work is licensed under a Creative Commons Attribution 4.0 International License.