Entrepreneurship in Islamic Financial Technology Products: Evidence from the Kingdom of Bahrain

Abstract

The digital financial products applied and become legal and regulatory frameworks and some are trying to gain legal status to gain more comprehensive access to business and finance. Financial technology is invading all banking and financial aspects. Islamic Fin-Tech (i-Fin-Tech) is becoming a new trend in the recent industry studied due to the importance of Islamic finance and banking sector. This study aims to Introduce the Islamic fin-tech products that are offered to a market in the Kingdom of Bahrain. This review studies decentralized digital financial products in payment and financing, in addition to trading and investment, and reveals decentralized digital financial products in asset management and insurance. This study uses the qualitative research method, especially by reviewing the published research on previous studies that clarified the essential Islamic financial products used in banks. In addition, this study relies on secondary data, especially reports published by Islamic banks, which show the distinctive products they offer to customers, performing a systematic literature review, the guidelines are significant in encouraging researchers, which are characterized as simulating the technical development of Islamic finance in the era of digital technology. The results showed that Islamic banks are still seeking to benefit from modern technologies by adapting their financing instruments by industry and financial engineering to create products Islamic financial services are up to the challenges of the digital world. This study recommends focusing on information technologies and development and the trend towards digital preparation.