The Role of Financial technology and Digital Transformation in Advancing Islamic Financial Products

Abstract

                  This research paper discusses the role of financial technology in advancing Islamic financial products. Artificial intelligence has brought about a real revolution in the financial sector, moving it from merely 'task automation' to the stage of 'predictive capability and intelligent decision-making.' It is no longer just about saving time but about transforming big data into strategic insights. The existence of banks that operate according to Islamic law, which are primarily based on the elimination of interest and the avoidance of usury in all transactions, means that these banks play a prominent and important role in the economies of Islamic countries. Today, banks are seeking to find their entry points into Islamic banking due to the rapid development witnessed in Islamic finance and its emergence as an alternative to conventional banks, especially in Islamic countries. Considering their prominent role in driving economic and social development, financial technology (FinTech) and digital transformation are seen as essential drivers for developing Islamic financial products, as they contribute to enhancing efficiency, reducing costs. Modern technologies and artificial intelligence enable the creation of digitally compliant Sharia products, thereby facilitating.