Interestingly, some parties suggest that FinTech may offer revolutionary changes, such as completely new ways of banking where peer-to-peer lending arrangements, for example, may displace more traditional intermediaries. By contrast, others suggest that this type of innovation is not different to that experienced in the past.
In fact, Islamic banks, takaful companies, and investment funds that conform to the principles of Shari’a are attracting more interest from outside the region due the potential they represent in terms of capturing market share and mobilizing finance. The increasing international interest in Islamic banking is a reflection of the success that this industry has achieved over a short period.