Blockchain, Fintech, and Islamic Finance: Building the Future in the New Islamic Digital Economy, 2nd

Following the success of the first edition that brought attention to the digital revolution in Islamic financial services, comes this revised and updated second edition of __Blockchain, Fintech and Islamic Finance__. The authors reiterate the potential of digital disruption to shrink the role and relevance of today’s banks, while simultaneously creating better, faster, cheaper services that will be an essential part of everyday life. Digital transformation will also offer the ability to create new ways to better comply to Islamic values in order to rebuild trust and confidence in the current financial system. In this new edition, they explore current concepts of decentralized finance (DeFi), distributed intelligence, stablecoins, and the integration of AI, blockchain, data analytics and IoT devices for a holistic solution to ensure technology adoption in a prudent and sustainable manner. The book discusses crucial innovation, structural and institutional developments for financial technologies including two fast-growing trends that merge and complement each other: tokenization, where all illiquid assets in the world, from private equity to real estate and luxury goods, become liquid and can be traded more efficiently, and second, the rise of a new tokenized economy where inevitably new rules and ways to enforce them will develop to fully unleash their capabilities. These complementary and oft-correlated trends will complete the decentralization of finance and will influence the way future financial services will be implemented. This book provides insights into the shift in processes, as well as the challenges that need to be overcome for practical applications for AI and blockchain and how to approach such innovations. It also covers new technological risks that are the consequence of utilizing frontier technologies such as AI, blockchain and IoT. Industry leaders, Islamic finance professionals, along with students and academics in the fields of Islamic finance and economics will benefit immensely from this book. * Explains concepts of applications in disruptive technologies for fintech, including the fusion of AI, big data, blockchain and IoT. * Provides insights into technology applications which will enhance economic transactions according to Islamic values. Following The Success Of The Original Edition Published By Degruyter In 2018, This Book Provides A Much Needed Update On The Role Of Fintech In Islamic Finance. These New Updates Include New Research That Explores Current Concepts Of Decentralised Finance (defi), Distributed Intelligence And A Discussion Of These Concepts For Financial Applications That Would Be Useful For Industry. These Revolutionary Applications Involve The Integration Of Ai, Blockchain, Data Analytics And Iot Devices For A Holistic Solution To Ensure Technology Adoption In A Prudent And Sustainable Manner. The Authors Provide Insights Into The Benefits And The Shift In Processes, As Well As The Challenges That Need To Be Overcome For Practical Applications For Ai And Blockchain And How To Approach Such Innovations. The Progress Of Frontier Technologies, Such As Cloud-based Mobility, Big Data Analytics, Blockchain And Iot Have Enabled Financial Services To Offer Advanced Solutions To Improve Asset Productivity To Meet Rising Customer Expectations In A Cost-efficient Manner. Several Key Areas Are Making Financial Disruption Work ‒ Tokenization Of Real World Assets, Maturity Of Stablecoins And The Improved Acceptance Of Regulations And Standardization. We Are Witnessing Two Fast-growing Trends Merge And Complement Each Other: The First One Is Tokenization, Where All Illiquid Assets In The World, From Private Equity To Real Estate And Luxury Goods, Become Liquid And All Liquid Assets Can Be Traded More Efficiently. The Second Is The Rise Of A New Tokenized Economy Where Inevitably New Rules Will Develop And New Ways To Enforce Them In Order To Fully Unleash Their Capabilities. By Solving The Volatility In Cryptocurrencies With The Introduction Of Stablecoins, The Economic Potential Of Blockchain Can Be Further Unlocked. These Complementary And Oft Correlated Trends Will Complete The Decentralization Of Finance And The Way Financial Services Of Smart Cities Of The Future Will Be Implemented. This Book Discusses The Crucial Innovation, Structural And Institutional Development For Financial Technologies Fintech In Islamic Finance. It Is Clear That The Digital Revolution In Financial Services Is Under Way, And Digital Disruption Has The Potential To Shrink The Role And Relevance Of Today's Banks, While Simultaneously Creating Better, Faster, Cheaper Services That Will Be An Essential Part Of Everyday Life. Advance Praise for Blockchain, Fintech, and Islamic Finance Acknowledgments Foreword to the First Edition Preface Contents Chapter 1 Introduction Chapter 2 Fintech – Definition, History, and Global Landscape Chapter 3 Importance of Fintech and its Applications Chapter 4 Emergence of Islamic Fintech and its Developments Chapter 5 Blockchain and the Digital Economy Chapter 6 Expanded Use Cases of Blockchain Chapter 7 Data Risk Management For Advanced Islamic Financial Institutions Chapter 8 Evolution of Blockchain Chapter 9 Response of Islamic Financial Institutions Chapter 10 Cash Waqf (Endowments) Management Through the Blockchain Chapter 11 A Unified Islamic Digital Currency – The Digital Dinar Index