IslamicFinance.de

#Indonesia’s Deputy Finance Minister Mardiasmo said at the third Annual Islamic Finance Conference that fintech will play an important role in Islamic finance. Shariah fintech is a new buzzword to describe the venture of financial technology into Islamic finance. The status quo is that few Islamic banks have been open to adapt new technologies, but many scholars in Shariah boards are challenged in this particular case of progress meeting tradition. The result is that not Islamic banks are the drivers for Shariah fintech, but startups, entrepreneurs and inventive enterprises. In Indonesia online microfinance services are part of this new wave of Shariah fintech. Some Shariah fintech startups are focusing on agri-finance platforms, Islamic crowdfunding, peer-to-peer lending and mobile payment applications, while others are developing blockchain solutions for Islamic finance services, automated halal investment, trading platforms and robo-advisers.