Abstract
The purpose of this paper is to examine innovative solutions to unlock Islamic finance and entrepreneurship. In recent years Islamic finance has enjoyed rapid growth, but several challenges remain. Data show significant unmet demand for sharia-compliant financial services, particularly among micro-small and medium-sized enterprises (MSMEs). To fill this financing gap, Sharia-compliant products currently offered to MSMEs are mostly leasing and asset resale arrangements, with very little application of profit and loss sharing contracts. This paper will look at innovative solutions uniting Islamic finance and entrepreneurship to unlock the potential of MSMEs. In addition, the emergence of Financial Technology (Fintech) has given the Islamic financial system an impetus to compete on an equal footing with the conventional system and prove itself. This study will examine the role of Islamic finance in recovery post-COVID-19 and how Fintech can be utilized to combat the economic repercussions that resulted from COVID-19. In addition to other existing articles, this paper suggests that several countries, including Kuwait and Malaysia, adopt cultures of e-commerce and develop Fintech products and services to help MSMEs. This paper suggests using modern technology to unlock the potential of Islamic finance in contributing to entrepreneurship and MSMEs development. The findings of this study have significant implications for policymakers and governments, and notably guidance on how to effectively apply FinTech and innovative Islamic financial services in an Entrepreneurship setup.
Keywords: Islamic finance; Entrepreneurship; MSEMEs; social finance, COVID 19
Instructions for the paper
These are the comments i got from my professor on the absract
- Author is advise to balance theoretical and empirical arguments
- Methodology should be further detailed and focused.
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