Islamic Banking Growth: Role of Technology

Abstract

The aim of conducting this study is to establish the role of technology in growth of Islamic banking. The role of technology in enhancing advancement of several industries has dominated several study topics. In the Islamic banking, this topic calls for various explorations from several angles. For the Islamic banking industry, change is the key driving force in the financial world. This changes mainly bases on swift developments in the technology. From this research, several proposals emerge to guide the Islamic banking industry towards maximizing from technological advances. The key proposals focus on critical success elements that are; competitions, retention of Islamic customer base, increasing the employee’s expertise on the emerging technology and enhancing accessibility of advanced technology. These success factors are broad. However, this study recognizes the likelihood of availability of additional elements that are equally significant. This study employs interpretive approach based on several case studies. Technology and Islamic banking is a new relationship that has received limited study. Therefore, research emphasizes on the need for exploratory research that will shed more light on this emerging issue. Also, the area lacks main developed projects. This disqualifies the likelihood of going ahead to conduct a single, but more comprehensive ethnographic research. This means that although every research needs to strike a balance between extensiveness and complexity, the nature of study in this area emphasize that extensiveness using case studies may shed more light.