Emergence of Islamic Finance in the Fourth Industrial Revolution and COVID-19 Post-Pandemic Era

Mohammad Sahabuddin (), Abu Umar Faruq Ahmad () and Md. Aminul Islam ()
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Mohammad Sahabuddin: Universiti Malaysia Perlis
Abu Umar Faruq Ahmad: Guidance College
Md. Aminul Islam: University Malaysia Perlis

A chapter in Islamic Finance, FinTech, and the Road to Sustainability, 2023, pp 123-141 from Palgrave Macmillan

Abstract: Abstract The aim of the Fourth Industrial Revolution is to reshape people’s daily lives, social structures, political phenomena, the business world, and industrial production with the belief of revolutionary changes in digital innovation and transformation. In addition, the ongoing COVID-19 pandemic has also devastated the developed and emerging economies. This chapter seeks to explore the impact of the fourth industrial revolution and the COVID-19 pandemic on technological advancement in the Islamic finance industry. The relevant published reports and literature are reviewed to identify the research gap and expected findings. The results of the literature review and subsequent discussions show that there is a scarcity of conceptual and empirical studies on the fourth industrial revolution and the COVID-19 pandemic from Islamic finance perspectives. The chapter also concludes that technological advancements would ensure progress in relevant industry products and services, as well as Islamic finance businesses, for the betterment of the world’s inhabitants. In the era of post-COVID-19, FinTech may play a winning role in increasing streamlining process, standardization, ensuring transparency, and reducing the costs that can make Islamic finance instruments more competitive than conventional forms.

Keywords: Fourth Industrial Revolution; COVID-19 pandemic; Islamic finance; Standardization (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pcichp:978-3-031-13302-2_6

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DOI: 10.1007/978-3-031-13302-2_6

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