Opportunities of Islamic FinTech: The Case of Bangladesh and Turkey

Abstract

This paper aims to study Islamic fintech operations in Bangladesh and Turkey. FinTech is now extensively used in different countries around the world. It is known to be financial products of the twenty-first century. Fintech applications are using pervasively in the different Islamic finance operating systems. Turkey and Bangladesh emphasized more in fintech after the 2008 global financial crisis. Both countries banks prioritized in their regulations and compliance with innovation. The rise of Islamic Fintech in Turkey and Bangladesh started with the main banking applications. The use of shariah-compliant Islamic fintech in both countries are increasing significantly to carry out financial transactions and processes more efficiently through technological innovations.  Qualitative methods and secondary data have been used in this study. Turkey practically became a hub for Islamic financial technology in recent years considering its operational activities. Asian countries, particularly Turkey and Bangladesh are expected to show their highest growth potential for Islamic fintech in 2020. This study also attempts to unearth the possibilities of Islamic FinTech in Bangladesh and Turkey. Islamic finance based on Islamic Shariah benefited significantly by using financial technology in recent years. Bangladesh and Turkey can be a potential destination for Islamic FinTech with the help of financial technology.