The purpose of the current study is to investigate the role of the Islamic financial system in recovery post-COVID-19 and the way Fintech can be utilized to combat the economic reverberations created by COVID-19. The global financial crisis of 2008 has established the credentials of the Islamic financial system as a sustainable financial system which can save the long run interests of the average citizens around the world while adding value to the real economy. The basic ethical tenets available in the Islamic financial system make it more suited and readymade to fight the economic aftershocks of a pandemic like COVID-19. The basic principles of ethical Islamic finance have solid connections to financial stability and corporate social responsibility within the wide-reaching business context. With the emergence of Financial technology (Fintech) it has provided a missing impetus to the Islamic financial system to compete on equal ground with its conventional counterpart and prove its mettle. The study uses discourse analysis along with the content analysis to extract content and draw a conclusion. The findings of the study indicate that COVID-19 pandemic has provided the opportunity for the social and open innovation to grow and finance world have turned to open innovation to provide a speedy, timely, reliable, and sustainable solution to the world. The findings of the study provide significant implications for governments and policy makers in efficient application of Fintech and innovative Islamic financial services to fight the economic consequences of the COVID-19 pandemic.
This study examines the antecedents/determinants of behavioral intentions toward the utilization of Islamic financial technology for Middle Eastern customers. The study applied structural equation modeling (PLS-SEM). After robust research efforts were invested in the identification of factors, they and were converted into measures, and the results were analyzed. The results demonstrate that the independent variables shown in the UTAUT model have a significant impact on the behavior to adopt Islamic financial technology, which implies that the people are ready to use Islamic financial technology while making online transactions. The work in this study adds to the knowledge regarding the factors affecting behavioral intention to use Islamic fintech, as there is scarcity of studies in this domain, especially in the context of Middle Eastern online customers. Moreover, this study also considers the major categories of online payments.
Blockchain technology has disrupted the traditional approaches of marketing and introduced altogether contemporary marketing frameworks using its unique capabilities of decentralization, security and transparency. In recent times, this technology has attracted both academicians and practitioners to study the underlying processes and opportunities of the application of blockchain technology in marketing. Although there is an increasing deliberation in researching the use of blockchain in marketing, there exists an intermittent gap in holistic overview of the current trends and future boundaries. This article is an attempt to present a comprehensive current state and prospects of expansion in the research of the application of blockchain technology in marketing using state of the art bibliometric review analysis. The bibliometric analysis using 161 articles from Scopus database revealed the influential aspects of research such as prolific authors, influential documents, countries, affiliations, sources and keywords. Moreover, emerging research streams about the application of blockchain is identified and enumerated using network synthesis and visualization of co-citation, and keywords co-occurrence networks. These findings pave the ways for future research expansion. The results shows that the research on applications of blockchain technology has been maturing over time. However, the research streams reveal that blockchain based marketing framework is still in its infancy stage.
In the era of fintech, businesses using technology other than traditional banks are providing financial services. Crowdfunding and peer-to-peer (P2P) lending are two of the most exciting financial innovations of the twenty-first century. In this paper, we use a bibliometric review and meta-analysis to understand the academic research on crowdfunding and P2P lending. Our findings show that the research on this topic has grown a lot in terms of publications since 2013 and the maximum mean total citations were observed in the year 2014. We provide the details about the most influential authors based on total citations, authors with the greatest number of publications, the most influential documents, significant journal sources, highest single country production, multiple country production, and important affiliations. We further apply the network analysis and visualisation techniques wherein we provide the details of the citation analysis of documents, co-citation analysis of authors, and co-occurrence analysis of author keywords. Finally, we provide the future directions of the research on this burgeoning topic.
Disruptive technologies like Internet of Things, Machine learning, and Artificial Intelligence is gaining acceptance among businesses and individual as they realize its potential for driving business opportunities and revenue growth. Business owners really want to exploit advantages of these technologies and get essential inferences on their data, but they are not equipped with the right tools and people to leverage it. This paper is dedicated to enumerating and to present the recent challenges in adoption of these disruptive technologies in business processes. We have presented an architectural model of IoT & ML based application that can be integrated to various other enterprise applications for enabling real time data analytics, visibility and decision making. Few specific business applications of IoT & ML based applications in industries like manufacturing, pharmaceutical, and hospitality have been discussed briefly. Finally, we have listed out the major challenges and probable solutions.
The novel corona virus (COVID-19) is a phenomenon with the aftereffects of this pandemic can be felt in the next few years to come. Economic consequences of the pandemic are huge on the Islamic finance industry, it is also evident from the slow growth forecast by the various agencies for the industry. In this paper, we consider this pandemic as an opportunity for the Islamic finance industry to grow and prove its worth again after the global financial crisis of 2008 and emerge as a major contender to the conventional financial system. We develop a model which reveals that COVID-19 is an opportunity with more integrated and transformative growth with high level of standardization, with key focus of the industry on the social cause and tactical adoption of Financial technology. The paper has an implication to the Islamic finance and banking industry as it provides a framework for the future researchers and practitioners to understand and adopt Islamic finance in the post COVID-19 era.