MASTER OF BUSINESS ADMINISTRATIONSEMESTER 2 2021/2022ZCME6251 ISLAMIC WEALTH MANAGEMENTTEST (20 PERCENT)Name: Lydia Eznie Binti HamzahMatrix No.: ZP05346Please answer all questions1- Financial Technology (FINTECH) focuses on electronic payment platforms in theIslamic finance sector, which is to develop the financial sector. A revolution in the financialsector and financing through financial technology products such as electronic portfolios,electronic currencies and alternative symbols. How Fintech is shaping one’s wealthmanagement?The term "fintech" refers to new technology that aims to improve and automate the delivery andusage of financial services. Fintech, at its most basic level, is used to help organisations,company owners, and individuals better manage their financial operations, procedures, and livesthrough the use of specialised software and algorithms that run on computers and, increasingly,smartphones. The term "fintech" is a mix of "financial technology" and "financial innovation."Sharia law considers technology to be neutral because it is merely an enabling. Certain fintechadvances for Islamic financial services, on the other hand, must follow Shari'a rules. Fintechsolutions that need to be adjusted for Shari'a compliance include, in general.Sharia law considers technology to be neutral because it is merely an enabling. Certain fintechadvances for Islamic financial services, on the other hand, must follow Shari'a rules. Mobilepayments, money transfers, and trading platforms are all services-based fintech specialisationsthat can be used for both conventional and Islamic finance. However, there must be a cleardistinction between conventional and Islamic finance on crowdfunding and peer-to-peerfinancing platforms. Fintech challenges Islamic finance while also creating opportunity. Fintechinnovation offers consumers more options that are more tailored to their specific demands.Consumers benefit from lower financial service costs as a result of more options. Fintech's use ofcutting-edge technology, such as the internet, mobile devices, and social media integrations,makes financial transactions more automated, user-friendly, and convenient, resulting in animproved consumer experience. Fintech’s' crowdfunding and peer-to-peer financing solutionsgive hope to people and small businesses who need money but don't qualify for traditionalIslamic banking institutions. By investing directly in the company projects that they financethrough an internet financing marketplace, investors are entitled to larger potential returns.On the supply side, established Islamic finance institutions (IFIs) are up against stiffercompetition from fintech. They must lower financing profit margins and service prices in order
