Beyond Fintech: Technology Applications for the Islamic Economy

Beyond Fintech: Technology Applications for the Islamic Economy is a follow-up to the first-ever Islamic Fintech book by the author (published in 2018) that provided linkages between Islamic Finance and disruptive technologies like the blockchain. In the wake of fintech as a new trend in financial markets, the ground-breaking book stressed the relevance of Islamic finance and its implications, when enabled by fintech, towards the development of the Islamic digital economy. While the earlier work discussed the crucial innovation, structural, and institutional development for financial technologies in Islamic Finance, this new research explores the multiple applications possible in the various sectors of the economy, within and beyond finance, that can be significantly transformed. These revolutionary applications involve the integration of AI, blockchain, data analytics, and Internet-of-Things (IoT) devices for a holistic solution to tackle the bottlenecks and other issues in existing processes of traditional systems. The principles of accountability, duty, justice, and transparency are the foundation of shaping the framework in achieving good governance in all institutions — public or private, Islamic or otherwise. Technologies like AI, blockchain, and IoT devices can operationalize the transparency and accountability that is required to eradicate poverty, distribute wealth, enhance micro-, small- and large-scale initiatives for social and economic development, and thus share prosperity for a moral system that enables a more secure and sustainable economy.

Readership: Innovation-minded Islamic Economics and Finance specialists. Fund managers and financial product developers working with Islamic investments. Textbook for MBA students, post-graduates, undergraduates and members of innovation and entrepreneurship centers.

Hazik Mohamed is a multi-skilled professional with substantial and varied experience in strategy, innovation, and operational leadership roles. He has more than 20 years of working experience, and spent more than 10 years building start-ups and business consulting, where he has consulted for MSMEs and MNCs on various business-related issues. His past corporate clients also include the ASEAN Secretariat, national finance offices, and the UNCDF.

Hazik is the published author of Belief and Rule Compliance (Elsevier, 2018) on behavioural economics and Blockchain, Fintech and Islamic Finance (De Gruyter, 2018). His wide research interests include financial inclusion, sustainable development, and new technology for disruptive socioeconomic advancement. Currently, he is working on business growth strategies for start-ups and is engaged in various consulting projects.