ISF-609: Islamic Management and FinTech

COURSE DESCRIPTION

This doctoral-level course provides a comprehensive and critical examination of the intersection between Islamic management principles and the rapidly evolving field of financial technology (FinTech). Students will explore the foundational concepts of Islamic management, including Tawhidic paradigm, Shura (consultative decision-making), accountability (hisbah), and ethical leadership, alongside the transformative potential of FinTech innovations such as blockchain, smart contracts, artificial intelligence, digital payments, and crowdfunding. The course systematically analyzes how these technological innovations can be harnessed to develop Shariah-compliant financial products and services, while addressing the unique governance, risk, and ethical challenges posed by digital transformation in Islamic financial institutions. Through rigorous case study analysis and applied projects, students will develop the theoretical frameworks and practical skills necessary to lead Islamic FinTech initiatives and contribute to the advancement of the Islamic digital economy.

COURSE TEACHING OBJECTIVES

1. Analyze the foundational principles of Islamic management and their application to contemporary financial institutions, including Tawhidic ethics, Shura governance, and hisbah accountability.

2. Evaluate the core technologies driving FinTech innovation—blockchain, smart contracts, artificial intelligence, big data, cloud computing—and their potential alignment with Shariah principles.

3. Assess Shariah-compliant FinTech applications, including digital payments, peer-to-peer lending (P2P), crowdfunding (including digital sukuk), robo-advisory, and InsurTech/TakafulTech.

4. Examine the legal, regulatory, and governance challenges in Islamic FinTech, including AAOIFI standards, IFSB guidelines, and the role of regulatory sandboxes.

5. Synthesize Islamic management principles and FinTech innovations to design, implement, and critically evaluate an Islamic FinTech solution for a specific market or social need.

COURSE STUDENT LEARNING OUTCOMES

Upon successful completion of this course, students will be able to:

1. Articulate the distinctive features of Islamic management (Tawhidic worldview, Shura consultation, hisbah accountability, Maqasid al-Shariah) and their relevance to modern financial governance.

2. Explain the technical and operational characteristics of blockchain, smart contracts, AI, and other FinTech enablers, and assess their Shariah compliance potential.

3. Evaluate real-world Islamic FinTech products and platforms, identifying both Shariah compliance strengths and areas of concern.

4. Critique the regulatory frameworks for Islamic FinTech in different jurisdictions, comparing best practices and identifying gaps.

5. Design a Shariah-compliant FinTech solution for a specified market or social challenge, addressing governance, risk, and ethical considerations.

ORGANIZATION OF COURSE STUDIES

The course is organized into five study periods (typically 2 weeks each, though self-paced). Each period includes intensive reading of the assigned textbook(s), viewing of the supplementary video(s), and a short response paper or reflective assignment (500–1,000 words) reflecting on the material and its application. Students must contact the instructor for feedback after each period.

ASSESSMENT AND GRADING

• Response papers / period assignments: 50%

• Major integrative paper (12–24 pages, double-spaced, based on course materials): 30%

• Quiz (based on all textbooks) + final oral examination: 20%

Standard EUCLID grading scale applies. Students must contact the instructor after completing the five periods to arrange the quiz and oral exam. All work must demonstrate engagement with the textbooks and videos, proper academic style (Chicago or Turabian), and original ethical analysis.