Assessment of the Competitiveness of Islamic Fintech Implementation: A Composite Indicator for Cross-Country Analysis

Sofya Glavina, Irina Aidrus and Anna Trusova
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Sofya Glavina: Institute of World Economy and Business, RUDN University, 117198 Moscow, Russia
Irina Aidrus: Institute of World Economy and Business, RUDN University, 117198 Moscow, Russia
Anna Trusova: Institute of World Economy and Business, RUDN University, 117198 Moscow, Russia

JRFM, 2021, vol. 14, issue 12, 1-16

Abstract: Islamic fintech is growing fast, especially in the Organisation of Islamic Cooperation (OOIC) member countries. In recent years, it has become one of the driving forces for the Islamic financial industry. Though the pandemic negatively affected global financial business, including conventional and Islamic segments, Islamic fintech has continued its steady development. i-Fintech increases access to Islamic financial services and financial inclusion in general to provide ESG-rich investment opportunities. The rise of Islamic fintech can help countries become financial hubs and promote sustainable development goals. This paper is aimed at designing an original composite indicator of the competitiveness of Islamic fintech adoption in order to perform a comprehensive assessment of the competitive advantages that are being used across various countries. The research methodology includes data for 65 countries where Islamic fintech companies are represented. We analysed 31 variables describing the development of Islamic financial technologies in each country and combined them into five categories included in the composite indicator. Key factors that determine the development of Islamic financial technologies in different countries around the globe are singled out. The economies with the highest scores are analysed to define their strengths and weaknesses. The practices of the leading countries that address identified vulnerabilities are described.

Keywords: Islamic finance; fintech; Islamic fintech; index; digitalisation (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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