While interest in the global fintech landscape has significantly expanded in recent years, Islamic financial institutions are falling behind in adopting and incorporating technological disruption. But fintech could play a major role in the development of Islamic finance.

The sector's traditional conservatism is at times at odds with technological innovation. If Islamic institutions are to compete with conventional ones, governments must create regulatory frameworks that encourage start-ups. Entrepreneurs must find the secrets to scale. Scholars, too, need to act quickly in assessing the sharia-compliance of tech-based companies. And lessons must be learned from the successes of Chinese and Indian fintech behemoths.

How will fintech change Islamic finance?