Featuring high-level analysis of Islamic law, this book examines fintech in Islamic finance from both theoretical and empirical perspectives. Whilst building on existing approaches, it also discusses the current application of fintech in promoting financial inclusion through innovative solutions in Muslim-majority countries, identifying future directions for policy-makers.
In his landmark work, the Comparative Sociology of World Religions, the German sociologist Max Weber identified ethical dispositions in Protestantism that he argued were conducive to the emergence of what he termed the “spirit of capitalism.” Weber argued that the spirit of capitalism—the notion that an individual had a moral duty to increase his or her capital—was particular to the North Atlantic countries that had been most deeply impacted by the Protestant reformation.
The financial system has proven to be crucial not only for the allocation and distribution of resources but also for the stability and growth of an economy. Re-structuring financial system in line with the socio-economic goals of Islam has been recognized as essential for a meaningful socio-economic reform in Muslim societies
