Agility and Fintech is the Future of Islamic Finance: A Study from Islamic Banks in Bahrain

Abstract

Fintech is the new revolution in finance and banking industry. Artificial intelligence, robotics, blockchain and other advanced technologies have slowly found space in the banking world. Islamic banking is not untouched by these revolutions. Bahrain is considered as the hub of Islamic banking in the GCC and all over the world. Bahrain has the largest concentration of Islamic banks in the world. The main objective of this study is to find the impact of agility and fintech on the future of Islamic banking in Bahrain. The research has used mainly secondary data for its study. The study concludes that the fintech has potential impact on the future of Islamic banking. There was a reluctant on the part of Islamic banks to adopt fintech. They treated fintech as more of a competitor than the partners. The Islamic banks now must understand to be agile, competitive and aggressive. The study indicated many points which highlights the necessity on the part of Islamic banks to be agile and adopt fintech as partners.