Digital Islamic finance in light of the Corona Pandemic Opportunities, challenges and future prospects

Abstract

The study aimed to monitor the reality and prospects of digital Islamic finance in light of what the world is facing due to the Coronavirus pandemic; which motivated Islamic financial institution to benefit from financial technology to reduce the effects of this crisis. The study focused on the concept of digital Islamic finance and the most important opportunities it offers, the surrounding risks, and the current reality and future prospects of desired digital Islamic finance. The study concluded that the most important advantages of Islamic digital finance are its attention to social responsibility and achieving financial inclusion, which contributes to the generalization of Islamic financial products. Despite these advantages, it faces a major challenge in controlling the risks associated with it, especially Sharia risks; this requires good coordination from those interested in the Islamic finance sector in order to build technological readiness in the field of digital Islamic finance.