ISLAMIC FINANCIAL TECHNOLOGY (FINTECH): ITS CHALLENGES AND PROSPECT

Abstract

Any innovation in technology is permissible in Islam as long as it complies with the Sharia rules. This paper aims to describe the challenges and prospect of the trending topic in Islamic finance, i.e., Islamic financial technology, or Islamic Fintech for short. In this research, we discuss several Islamic Fintech firms in Indonesia and Singapore regarding their profile, prospect, and challenges. The data were collected using questionnaire dissemination to those firms using online media, namely email and Facebook inbox. The results of this research are expected to add the literature of Islamic Fintech which has been scant until recently.