To read this content please select one of the options below:

Developing a Shari’ah based FinTech Money Creation Free [SFMCF] model for Islamic banking

Othman Ibrahim Altwijry (College of Business and Economics, Qassim University College of Business, Buraidah, Saudi Arabia)
Mustafa Omar Mohammed (Department of Economics, International Islamic University Malaysia, Kuala Lumpur, Malaysia)
M. Kabir Hassan (University of New Orleans, New Orleans, Louisiana, USA)
Mohammad Selim (Department of Economics and Finance, University of Bahrain, Manama, Bahrain)

International Journal of Islamic and Middle Eastern Finance and Management

ISSN: 1753-8394

Article publication date: 2 December 2021

Issue publication date: 3 August 2022




The purpose of this study is to develop and thereafter validate a Sharīʿah-based FinTech Money Creation Free [SFMCF] model for Islamic banking.


The study has adopted a qualitative research methodology, using three approaches, namely, a survey of the literature to identify the research gap and the variables needed for developing the model, content analysis to construct the variables into a model and semi-structured interview with 10 experts in banking, Sharīʿah and Financial Technology (FinTech) to validate the SFMCF model.


The major findings of the study lie in developing the SFMCF model for Islamic banking, empirical validation of the model’s viability and acceptability and the implications for the main stakeholders of Islamic banks.

Research limitations/implications

The SFMCF model is specific to Islamic banking and its validation is based on the views of 10 experts.

Practical implications

The SFMCF would necessitate changes to the central bank regulatory framework, convince Islamic banks to forego their powers and advantages of creating money and enhance their abilities to fully adopt Sharīʿah-compliant FinTech.

Social implications

The proposed model if implemented would change positively the perception of the society particularly the stakeholders of Islamic banks and restore their trust and confidence about the direction of the institution toward achieving the Sharīʿah objectives.


The novelty of this work lies in developing and validating the viability and acceptability of the SFMCF model for Islamic banking.



Altwijry, O.I., Mohammed, M.O., Hassan, M.K. and Selim, M. (2022), "Developing a Shari’ah based FinTech Money Creation Free [SFMCF] model for Islamic banking", International Journal of Islamic and Middle Eastern Finance and Management, Vol. 15 No. 4, pp. 739-758.



Emerald Publishing Limited

Copyright © 2021, Emerald Publishing Limited

Related articles