The enhancement of fintech on Islamic Banking and financial sector in Sri Lanka: a literature review

Abstract

FinTech, a prominent technology that is quickly becoming integrated into modern banking industry, In Sri Lanka, the majority of banks have begun to incorporate FinTech into their current banking practices. Islamic banking and finance started as a different financial system was established in Sri Lanka. The Islamic banking sector is effectively growing, along with other conventional banks. Islamic banking has recently experienced enormous expansion, which has greatly benefited the partnership banking business. Numerous conventional banks offer separate windows to start their operations in Islamic financing. Islamic banks and windows are using more financial technology in conjunction with these initiatives for regular transactions. The growth of Islamic banking has accelerated the development of FinTech. Islamic banks are making a lot of technological advancements in order to improve their banking services and draw in new clients. Three Islamic windows and one full-fledged Islamic bank in Sri Lanka are examined in this study. These banks' information suggests that FinTech adoption in their banks is still in its early stages. In Sri Lanka's banking sector, it should develop and grow.