Islamic Fintech Ecosystem Development in Pakistan: A Meta Analysis

Abstract

In this era of rapid technological advancement, from blockchain to AI, the financial services industry is undergoing profound change. The concept of "Islamic finance" follows suit, and a growing number of Shariah-compliant financial technology companies are springing up across the globe. The financial technology sector is transforming the global financial services market. Fintech companies are making it possible for traditional financial institutions to serve their consumers in unique ways, which subsequently enables these organizations to offer services of more excellent quality at cheaper costs. The purpose of this research is to look at the crucial parts of the Islamic FinTech ecosystem. This study employs text analytics techniques to examine the progress and growth of the Islamic fintech ecosystem in Pakistan. By analyzing relevant textual data, including scholarly articles, reports, and industry publications, the study aims to provide insights into the current state of Islamic fintech in Pakistan, identify key trends and challenges, and offer recommendations for further development. This study integrates the application of data analytics in text mining with the qualitative investigation of human intelligence through a two-step process and Bibliometric analysis using the Scopus database. This study presents the latest information on the present state of Islamic finance technology, especially focused on Pakistan. Based on the findings of the Global Islamic Fintech Index (GIFT), Pakistan occupies the ninth position among a total of 64 countries. It is anticipated that the market size of Pakistan's Islamic fintech sector will reach $2.8 billion by the year 2025. The study findings can guide training and educational institutions related to Islamic finance technology. To provide recommendations in the upcoming period of this particular field, the paper offers an outline of the distinctive environment of Islamic Financial technologies and the challenges encountered. The discipline of Islamic finance technology is a developing field and, therefore, requires greater awareness globally.