International conference on multidisciplinary science

IMPORTANCE OF TRANSFORMATION PROCESS IN ISLAMIC BANKS

Gulamova Iroda Ziyovuddin qizi

3rd year student of “Banking and audit” Tashkent state university of economics

##semicolon## Global finance, Islamic banking, Islamic fintech, globalization, digitization, regulatory challenges, financial inclusion, Sharia compliance, technology adoption, Muslim population growth.

सार

This paper explores the impact of globalization, digitization, and Islamic fintech on the evolving landscape of global finance, with a focus on Islamic banking. It discusses the growth of Islamic banking driven by the Muslim population's rise, the role of state intervention, and the promising future of Islamic financial technologies. The challenges, including regulatory issues and the need for skilled personnel, are addressed. The paper emphasizes the potential of Islamic fintech to attract millions of new customers and its significance in providing transparent and ethical financial solutions. The study concludes by highlighting the importance of preparedness, regulatory compliance, and collaboration between traditional and fintech institutions for sustainable development in the Islamic financial sector.

##submission.citations##

Brian, Y. 2017. Fintech could be solution for regulatory challenges facing Shariah contracts. International Financial Law Review.

Firmansyah, H.B., Ahmad, L.R. 2018. The Role of Islamic Financial Technology (FinTech) Start-up. In Improving Financial Inclusion in Indonesia Case. Angsur.

Irfan, H., Ahmed, D. 2019. Fintech: The opportunity for Islamic finance. In Fintech in Islamic Finance. Theory and Practice, Routledge.

Laldin, M.A. 2018. FinTech and Islamic Finance. IFN Islamic Finance News, Rusydiana, S.A. 2018. Developing Islamic Financial Technology in Indonesia.