Blockchain, Fintech, and Islamic Finance von Hazik/Ali Mohamed

<p>While creating new forms (Shari'ah-compliant standards) to operationalize Islamic values and ethics into the current conventional economic system and banking products is crucial to sustain the Islamic economy as it is today, we also need to develop new strategies to cope with the next economic evolution. The digital revolution in financial services is under way, and digital disruption has the potential to shrink the role and relevance of todays banks, while simultaneously creating better, faster, cheaper services that will be an essential part of everyday life. This forward-looking book discusses the crucial innovation, structural and institutional development for financial technologies (fintech) in Islamic finance.</p><p></p><p>The authors explain concepts in fintech and blockchain technology and follow through with their applications, challenges and evolving nature. The book provides insights into technology which will enable and enhance actual prescribed Islamic behaviors in modern economic transactions. Case studies highlight how to cope with modern transactional behavior with the advent of global online/mobile markets, shorter attention spans, and impersonal trade exchange.</p>

Hazik Mohamed, Stellar Consulting Group Pte Ltd;Hassnian Ali, University Islam Sultan Sharif Ali, UNISSA

Chapter 1: Introduction1.1. Rationale1.1.1. Digital Transformation and Development1.1.2. Change in Consumer Behaviour1.1.3. Financial Crisis and Enforcement of Regulations1.2. Objectives1.3. Method1.4. Contribution1.5. Chapter OrganizationChapter 2: Fintech Definition, History and Global Landscape2.1. Introduction2.2. Definition and Concept of Fintech2.3. Evolution of Fintech2.3.1. Fintech 1.02.3.2. Fintech 2.02.3.3. Fintech 3.0/3.52.4. Global Landscape of Fintech2.4.1. Fintech Investment2.4.2. Fintech in Major Regions2.4.2.1. Europe2.4.2.2. USA2.4.2.3. Asia2.4.2.4. AfricaCHAPTER 3: Importance of Fintech3.1. Introduction3.2. Fintech within Financial services Industry perspective3.2.1. Payments Industry3.2.2. Crowdfunding and P2P Lending3.3.3. Neo-banking3.3.4. Asset under Management3.3.5. InsurTech3.3. Fintech within Technological perspective3.3.1. Blockchain and Its applications3.3.1.1. Definition, concept and types3.3.1.2. Financial industry Impacts3.3.2. Cloud Computing3.3.3. Big Data Analytics3.3.4. Internet of Things3.3.5. Robo Advisors3.3.6. Artificial IntelligenceCHAPTER 4: Emergence of Islamic Fintech and Developments4.1. Introduction4.1.1. What is Islamic Fintech?4.1.2. Line of Difference4.1.3. Match between Islamic Finance and Fintech4.1.4. Why Islamic Fintech lag Behind in the Global Map of Fintech?4.2. Islamic Fintech Developments Around the Globe4.2.1. Islamic Fintech4.2.1.1 Islamic Crowdfunding4.2.1.2. Islamic Fintech deploying Blockchain4.2.1.3. Islamic Robo Advisors4.2.1.3. Others4.2.2. Islamic Fintech Alliance4.2.3. Worlds First Islamic Endowment Crowdfunding Platform4.3. Islamic Countries Initiatives for Islamic Fintech4.4.1. Malaysia4.4.2. Brunei Darussalam4.4.3. Dubai4.4.4. Bahrain4.4. Impediments for Islamic FintechCHAPTER 5: The Blockchain and The Islamic Digital Economy5.1. Introduction5.1.1. Investments in the Blockchain5.1.2. Trends of the Sharing Economy and the Internet of Things (IoT) Era5.2. Trust in the New Sharing Economy5.2.1. Trust and Reciprocity in the Economy5.2.2. Trust and Trustworthiness (Reciprocity) in Islam5.3. What is the Blockchain?5.3.1. Blockchain as Currency5.3.2. Blockchain as Public Registries5.3.3. Blockchain as Smart Contracts5.3.4. Blockchain as Clearing and Settlement of Securities TransactionsCHAPTER 6: Expanded Use Cases of the Blockchain6.1. Smart Contracts in Islamic Transactions6.1.1. How Does a Smart Contract Work?6.1.2. Automation and Enforceability6.1.3. Benefits and Evolution of Blockchain-based Smart Contracts6.1.4. Applications of Smart Contracts6.1.4.1. Capital Markets and Investment Banking6.1.4.2. Commercial and Retail Banking6.1.4.3. Takaful6.2. Islamic Trade Financing6.2.1. Blockchain-based Trade Finance6.2.2. Enablers to Blockchain-based Trade Financing6.2.2.1. Blockchain-based Smart Contracts6.2.2.2. Instant Payment Structures6.2.3. Current Challenges6.3. Takaful (Islamic Insurance) on the Blockchain6.4. Blockchain-based Islamic Capital Markets6.5. LegalTech and the Deployment of Smart Contracts for Faraid, Nuzriah andWasiyyah6.6. Media Rights, Intellectual Property and Trademark ProtectionCHAPTER 7: Evolution of the Blockchain7.1. Introduction7.1.1. Transnational Justice Applications for the Economy7.1.2. Coordination and Efficiency in Markets through Consensus-building7.1.3. Pragmatic Approach to Blockchain Implementation7.2. Overcoming Limitations of the Blockchain7.2.1. Technical Challenges7.2.2. Business Challenges7.2.3. Government Regulatory Challenges7.2.4. Privacy ChallengesCHAPTER 8: Recommended Response for Islamic Financial Institutions8.1. Introduction8.2. Important Success Factors in this era of Fintech and Digitization8.2.1. Better Customer Experience with Customer-centricity8.2.2. Agility and Scalability8.2.3. Innovation and Incubation8.2.4. Cyber-security Management8.3. Collaboration Model for IFIs8.3.1. Tech is a Huge Enabler for any Islamic Institution8.3.2. Collaboration is Better than Competition8.3.3. Open Innovation8.4. Summary of the ChapterCHAPTER 9: Conclusion9.1. Introduction9.2. Potential of Shariatech and Roadmap Ahead9.3. Recommendations for Future Development

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