Abstract

Various studies show information technology can beneficially apply to enhance financial services. The merger of Fintech, based on the Islamic law, creates the concept of Islamic Fintech (I-Fintech). The growing investment and numerous startups across Islamic Fintech offer financial innovation evidence of the importance of I-Fintech. Many governments support I-Fintech growth through investments and supporting startups. Pakistan, an Islamic country, is experiencing evolutionary changes in Fintech adoption. This I-Fintech adoption can engage governments, companies and firms across the Islamic world. Eighty five percent (85%) of Pakistan’s population lack financial services. Hence, financial inclusion is a dominant problem of Pakistan. To date, few I-Fintech companies or firms operate in Pakistan. These are limited to big cities like Islamabad, Karachi and Lahore. To date lack of investment has restricted I-Fintech growth processes. Thus, a demand for local corporate and firm engagement is desirable to capture full advantages across the Fintech sector. This paper proposes a conceptual framework for adoption of I-Fintech across Pakistan. It proposes Islamic Fintech challenges and risk affect intention to adopt I-Fintech in Pakistan. Intention to adopt I-Fintech technology contains the constructs of technical literacy, financial literacy, digital literacy and social acceptance. Tis study’s next stage is to measure and model competitiveness position of Pakistan’s Islamic financial institutions (by gauging their resultant collective intelligences position).

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