Fintech Innovation and Its Application in Islamic Banking from Pakistan

Sitara Karim (), Mustafa Raza Rabbani (), Abu Bashar () and Ahmed Hunjra ()
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Sitara Karim: University of Nottingham Malaysia Campus
Mustafa Raza Rabbani: University of Bahrain
Abu Bashar: IMS Unison University

A chapter in FinTech in Islamic Financial Institutions, 2022, pp 157-174 from Springer

Abstract: Abstract The emergence of financial technology in several business areas has spurred the need to analyze its impact and implementation in the Islamic banking industry. This study is one of the unique studies to investigate the application of Fintech innovations in the Islamic banks of Pakistan. The study employed content analysis on the annual reports of Pakistani Islamic Banks to extract the required information and further estimations were conducted using dynamic estimator—Generalized Method of Moments. The findings suggest that Pakistani Islamic banks have incorporated financial technologies significantly during 2006–2020. The main developed innovations include digital wallets, biometrics, and smart contracts whereas distributed ledger and machine learning are evolving financial technology innovations in the Islamic banks of Pakistan. The findings have significant implications for regulatory bodies, Islamic banks, and policymakers to adopt the financial innovations in their organizations.

Keywords: Banking industry; Content analysis; Dynamic regression; Fintech; Innovation; Islamic finance (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-14941-2_8

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DOI: 10.1007/978-3-031-14941-2_8

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