Challenges and Success Factors for Islamic Fintech
One among many of the substantial reasons that caused the growth of Islamic finance in the previous decade was its business model that proved its worth and value by avoiding the sub-prime crisis. Losing trust on conventional banking industry, penetration of internet and technology globally, lack of accessibility of funds to everyone no matter with or without track record with banks, speed of transactions, transaction cost along with clients craving for a trustworthy financial system among other reasons were main incentives behind the growth and expansion of the Islamic fintech. This chapter presents the challenges and success factors for Islamic fintech in the time to come and how the industry can cope up with those challenges.
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