Fintech in Islamic Finance: A Systamtic Literarure Review

Abstract

Consumers' reactions to financial services, the channels via which financial institutions deliver those services, and the method by which regulators oversee a host of new technologies are all being disrupted by fintech. While large, typically conventional banks are thought to have the necessary technological infrastructure to enable such a dramatic shift, Islamic financial institutions, due to their smaller size and more dispersed mode of operation, may find Fintech to be a new difficulty. Although there is a plethora of information on Islamic banks' use of Fintech, resources on Islamic financial institutions as a whole are scant. This chapter focuses on the chasm between the two and explains how Islamic banks and their related siblings are vulnerable to Fintech. Block chain, cryptocurrency, crowdfunding, and robo-advice, among other FinTech developments, are attracting attention in Islamic financial services. Starting with a brief history of "FinTech," this essay explores the Islamic financial technology ecosystem. It is expected that his criterion selection would demonstrate the originality of this paper. The report illustrates the determinants that scholars in the FinTech industry theories. The two theoretical foundations that have the most support are TAM and UTAUT. According to previously conducted study, trust, financial understanding, and safety are also factors that influence the adoption of FinTech. These findings suggest that future research on the adoption of FinTech should build a valid construct in order to account for the fact that both FinTech and customer behaviour are always evolving.