A powerful exploration of how emerging technologies can transform the Islamic economy beyond traditional fintech. Beyond Fintech: Technology Applications for the Islamic Economy uncovers how blockchain, AI, and digital ecosystems can drive ethical, inclusive, and Shariah-compliant innovation—reshaping finance, trade, and society for the future.

In Beyond Fintech, Hazik Mohamed expands the conversation from Islamic finance to the broader Islamic economy, arguing that technology is not merely a tool for efficiency but a catalyst for systemic transformation. The book positions emerging technologies—such as blockchain, artificial intelligence (AI), Internet of Things (IoT), and digital platforms—as enablers of transparency, trust, and ethical value creation. It highlights how these tools can reinforce the foundational principles of Shariah, including fairness, risk-sharing, accountability, and social welfare. Rather than limiting innovation to banking or fintech, Mohamed urges stakeholders—entrepreneurs, policymakers, scholars, and investors—to reimagine how technology can power halal industries, social finance, governance, and sustainable development across the global Islamic economy.

Key Takeaways

• Islamic Economy Beyond Finance

• The Islamic economy extends beyond banking and includes sectors such as halal food, modest fashion, pharmaceuticals, travel, and social finance.

• Technology offers a unified infrastructure to integrate these fragmented sectors into a cohesive ecosystem.

• Technology as an Enabler of Maqasid al-Shariah

• The objective of Islamic law (Maqasid al-Shariah) is to promote justice, welfare, and ethical living.

• Emerging technologies can operationalize these principles by enhancing transparency, accountability, and inclusion.

• Blockchain for Trust and Transparency

• Blockchain technology can eliminate information asymmetry and reduce fraud.

• Smart contracts enable Shariah-compliant transactions without intermediaries.

• It can be applied in sukuk issuance, halal certification, zakat distribution, and waqf management.

• Artificial Intelligence for Ethical Decision-Making

• AI can support Shariah compliance through automated screening and decision-making.

• It enables better risk assessment, fraud detection, and customer insights.

• However, ethical frameworks must guide AI to ensure fairness and avoid bias.

• Internet of Things (IoT) in Halal Supply Chains

• IoT devices can track and verify the halal status of products across the supply chain.

• This enhances consumer trust and ensures compliance with halal standards.

• It also reduces operational inefficiencies.

• Digital Platforms and Ecosystem Integration

• Platform-based models can connect producers, consumers, regulators, and financiers.

• Super apps and marketplaces can unify halal services, creating seamless user experiences.

• Network effects can accelerate growth across the Islamic economy.

• Islamic Social Finance Transformation

• Technology can revolutionize zakat, waqf, and sadaqah by making them more transparent and efficient.

• Digital platforms can track fund utilization and ensure impact measurement.

• Crowdfunding can democratize access to capital for social and ethical projects.

• Smart Sukuk and Tokenization

• Tokenization of assets enables fractional ownership and liquidity.

• Smart sukuk structures can reduce costs and increase accessibility.

• This opens investment opportunities for a broader audience.

• Financial Inclusion Through Technology

• Millions remain unbanked in Muslim-majority countries.

• Digital financial services can provide access without compromising Shariah principles.

• Mobile platforms can reach underserved populations.

• Regulatory and Governance Challenges

• Technology adoption requires updated regulatory frameworks.

• Collaboration between Shariah scholars and technologists is essential.

• Standardization is needed to ensure global interoperability.

• Cybersecurity and Data Ethics

• Increased digitalization brings risks related to data privacy and cyber threats.

• Islamic ethical principles must guide data governance and protection.

• Entrepreneurial Opportunities

• The Islamic economy presents vast untapped markets.

• Startups can innovate across sectors using technology.

• Ethical innovation can become a competitive advantage.

• Sustainability and Impact

• Technology can support sustainable development goals.

• Islamic finance aligns naturally with ESG (Environmental, Social, Governance) principles.

• Impact-driven innovation can create long-term value.

• Collaboration is Critical

• Governments, financial institutions, startups, and scholars must work together.

• Public-private partnerships can accelerate ecosystem development.
  
  

Key Action Items

• Adopt a Holistic Islamic Economy Mindset

• Move beyond focusing solely on Islamic finance.

• Explore opportunities in halal industries, social finance, and digital ecosystems.

• Leverage Blockchain for Transparency

• Implement blockchain solutions for zakat, waqf, and halal supply chains.

• Use smart contracts to ensure compliance and reduce transaction costs.

• Integrate AI Responsibly

• Use AI for Shariah compliance screening and risk management.

• Develop ethical guidelines to ensure fairness and accountability.

• Build Digital Platforms

• Create integrated platforms connecting different sectors of the Islamic economy.

• Focus on user experience and accessibility.

• Enhance Financial Inclusion

• Develop mobile-based financial services for underserved populations.

• Design products that are simple, affordable, and Shariah-compliant.

• Digitize Social Finance

• Implement transparent systems for zakat and waqf distribution.

• Use data analytics to measure impact and optimize resource allocation.

• Explore Tokenization and Smart Sukuk

• Experiment with tokenized assets to increase liquidity.

• Develop innovative sukuk structures using blockchain.

• Strengthen Governance and Regulation

• Collaborate with regulators to create supportive policies.

• Ensure compliance with both Shariah and technological standards.

• Invest in Cybersecurity

• Protect data and digital assets through robust security measures.

• Educate users on safe digital practices.

• Encourage Collaboration

• Build partnerships between academia, industry, and regulators.

• Foster knowledge-sharing and innovation hubs.

• Focus on Education and Awareness

• Train professionals in both Islamic finance and technology.

• Raise awareness about opportunities in the Islamic digital economy.

• Promote Ethical Innovation

• Ensure that all technological solutions align with Islamic values.

• Prioritize social impact alongside profitability.

• Support Startups and SMEs

• Provide funding and mentorship for Islamic tech ventures.

• Encourage innovation in underserved sectors.

• Measure Impact

• Develop metrics to evaluate social and economic outcomes.

• Align projects with Maqasid al-Shariah and sustainability goals.

Beyond Fintech offers a forward-looking vision of how technology can redefine the Islamic economy. It emphasizes that the true potential of innovation lies not in replicating conventional systems but in building solutions rooted in Islamic principles of justice, transparency, and shared prosperity. By leveraging technologies such as blockchain, AI, and IoT, stakeholders can create systems that are not only efficient but also ethical and inclusive.

The book calls for a shift in mindset—from viewing technology as a supporting tool to recognizing it as a transformative force that can reshape entire ecosystems. It highlights the importance of collaboration between technologists, scholars, policymakers, and entrepreneurs to ensure that innovation remains aligned with Shariah objectives.

Ultimately, Mohamed presents a compelling case for a digitally enabled Islamic economy that addresses real-world challenges, promotes financial inclusion, and contributes to global sustainability. The future of the Islamic economy, he argues, depends on the ability to harness technology responsibly while staying true to its ethical foundations. Those who embrace this vision will not only drive economic growth but also create meaningful impact for communities worldwide.