Opportunities and Challenges of Islamic Banking in Digital Transformation
Keywords:
Digital Transformation, Islamic Banking, Opportunities and ChallengesAbstract
Digital transformation has become an inevitable necessity in the modern banking sector. Technological advancements demand that financial institutions, including Islamic banks, adapt swiftly to meet the evolving needs of customers. However, in the context of Islamic banking, digitalisation presents unique challenges, particularly in ensuring compliance with Sharia principles. This study aims to identify potential opportunities, analyse key challenges, and formulate relevant and applicable strategies for the digitalisation process in Islamic banking. A qualitative case study approach was employed, involving 22 participants from diverse backgrounds, including practitioners, academics, regulators, and customers of Islamic banks. Data were collected through in-depth interviews, field observations, and document analysis. The findings reveal that the primary obstacles lie in the incomplete integration of Sharia principles within the current digital systems and the low level of technological literacy among industry stakeholders and customers. On the other hand, digital transformation offers significant opportunities for expanding Islamic banking services more inclusively and efficiently. Therefore, this study recommends integrative strategies that encompass the development of a digital architecture grounded in Sharia values, along with enhancing human resource capacity through technology training and digital literacy programs. These strategies are expected to facilitate a comprehensive digital transformation that remains firmly aligned with Sharia compliance and ensures sustainable development in the Islamic banking sector.
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