Potential of Financial Technology in Transformation of Islamic Banking Sector in Oman
Umar Ahmed1, Smiju Sudevan2, Bashir Ahmad Fida3

1Umar Ahmed*, Modern College of Business & Science, Muscat Oman.
2Smiju Sudevan, Modern College of Business & Science, Muscat Oman.
3Bashir Ahmad Fida, Modern College of Business & Science, Muscat Oman.

Manuscript received on June 23, 2021. | Revised Manuscript received on June 10, 2021. | Manuscript published on June 23, 2021. | PP: 399-402 | Volume-10 Issue-5, June 2021. | Retrieval Number: 100.1/ijeat.E28960610521 | DOI: 10.35940/ijeat.E2896.0610521
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)

Abstract: The overall aim of this paper is to explore the potential of fintech in transforming Islamic banking industry in Oman. Islamic banks in Oman lack economies of scale, limited nationwide outreach, low penetration rate due to low level of public awareness. FinTech present a huge opportunity for the Islamic banking sector to be more competitive in the marketplace. Data and technology are converging, so, Islamic banks at the end of the day, must deliver excellent financial services at relatively low cost. Collaboration or joint venture between fintech firms and Islamic banks will allow Islamic banks to attract more customers, increase efficiency, but more importantly introduce a proposition for youth to be excited to join the industry and drive its development and growth. 
Keywords: Potential, Fintech, transformation, Islamic banking, Oman.