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Metaverse finance: shaping the future of Islamic fintech solutions in UAE

Hamad Alkasasbeh (Department of Fintech, Al-Zaytoonah University of Jordan, Amman, Jordan)
Mohammad Salem Oudat (College of Business Administration, Umm Al Quwain University, Umm Al Quwain, United Arab Emirates)
Ibrahim Abu-AlSondos (Department of ITM, American University in the Emirates, Dubai, United Arab Emirates)
Loai Alhawamdeh (Department of Fintech, University of Petra, Amman, Jordan)

Journal of Islamic Marketing

ISSN: 1759-0833

Article publication date: 7 June 2024

28

Abstract

Purpose

This study aims to contribute to the scholarly discourse on the future of money, particularly within the context of Islamic principles. The focus is on examining the intricate intersections of financial development, technological advancements and the emerging metaverse. The research intends to explore the holistic framework encompassing regulatory dynamics, technological infrastructure, consumer trust, Sharia compliance and the metaverse.

Design/methodology/approach

The research design incorporates a comprehensive approach, using various elements such as regulatory dynamics, technological infrastructure, consumer trust, Sharia compliance and the metaverse. Data collection involves a questionnaire administered to 318 respondents in the UAE. The methodology uses structural equation modeling – partial least squares (SEM-PLS) to assess the research model and test hypotheses.

Findings

The results from the Smart PLS path analysis indicate noteworthy findings. There are significant impacts of fintech adoption, regulatory environments, technological infrastructure and customer trust on the competitiveness of Fintech solutions. Importantly, Sharia compliance emerges as a crucial contextual filter, influencing the interplay between Sharia compliance, fintech adoption and fintech competitiveness. The study provides theoretical insights by emphasizing the pivotal role of Sharia compliance in the dynamics of fintech adoption.

Originality/value

This study contributes original insights to the existing body of knowledge. By exploring the multifaceted connections between financial development, technological advancements and the metaverse within the Islamic context, the research offers a unique and comprehensive perspective. The emphasis on the holistic framework that considers regulatory dynamics, technological infrastructure, consumer trust and Sharia compliance adds originality to the understanding of factors influencing the competition and sustainability of Islamic fintech solutions in the UAE.

Keywords

Citation

Alkasasbeh, H., Oudat, M.S., Abu-AlSondos, I. and Alhawamdeh, L. (2024), "Metaverse finance: shaping the future of Islamic fintech solutions in UAE", Journal of Islamic Marketing, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JIMA-01-2024-0039

Publisher

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Emerald Publishing Limited

Copyright © Emerald Publishing Limited

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