Political Economy of Financial Technology and Islamic Finance in the Gulf States: The Case of the United Arab Emirates

Year 2023, Volume: 9 Issue: 1, 104 - 125, 30.03.2023

Melih Turan

https://doi.org/10.54427/ijisef.1253267

Abstract

Financial technology is one of the most important factors enabling the digital transformation of financial markets. While the development of traditional financial technologies is still in progress, decentralized finance applications based on the blockchain economy have emerged. Financial technologies and decentralized finance are naturally affected by the regulatory and supervisory approaches of governments. The political economy of financial technology, which countries form within the framework of their own laws, spills over into areas such as Islamic finance, especially in Muslim countries. The United Arab Emirates (UAE), one of the Gulf countries, has a vision to be the pioneer of Islamic finance, but also wants to be a leader in fintech industry. The UAE has been one of the leading countries in Islamic finance since the first years of its establishment and wants to expand this industry. The UAE has played an important role in the emerging industries of financial technology and decentralized finance and has demonstrated innovative political economy approach. UAE acts agile in its regulatory and supervisory approach and moves faster than many leading countries in financial markets. While the UAE has made significant breakthroughs in financial technologies, it is observed that it has no substantial efforts in terms of political economy of Islamic fintechs. The UAE royal family has given open support to an emerging Islamic digital asset. The aim of this study is to investigate the relationship between the political economy of financial technology in the UAE and Islamic finance.

Keywords

Fintech, Financial Technology, Islamic Finance, Political Economy, Islamic Fintech

Körfez Ülkelerinde Finansal Teknoloji Ekonomi Politiği ve İslami Finans: Birleşik Arap Emirlikleri Örneği

Abstract

Finansal teknolojiler, finansal piyasaların dijital dönüşümünü sağlayan en önemli unsurlardan biridir. Geleneksel finansal teknolojilerin gelişimi henüz devam ederken blokzinciri ekonomisine dayalı merkeziyetsiz finans uygulamaları ortaya çıkmıştır. Finansal teknolojiler ile merkeziyetsiz finans, devletlerin düzenleyici ve denetleyici yaklaşımlarından doğal olarak etkilenmektedir. Ülkelerin kendi yasaları çerçevesinde oluşturduğu finansal teknoloji ekonomi-politiği özellikle Müslüman ülkelerde İslami finans gibi alanlara sirayet etmektedir. Körfez ülkelerinden Birleşik Arap Emirlikleri (BAE) İslami finansın öncülüğünü vizyon edinmekle birlikte aynı zamanda finansal teknoloji alanında da lider konumda olmak istemektedir. BAE kuruluşunun ilk yıllarından itibaren İslami finansın öncü ülkelerinden biri konumunda bulunmakta ve bu alanı genişletmek istemektedir. BAE gelişen finansal teknolojiler ve merkeziyetsiz finans alanlarında önemli bir görev üstlenerek dünya çapında yenilikçi ekonomi politik yaklaşımlar sergilemiştir. Düzenleyici ve denetleyici yaklaşımını çevik bir şekle büründürmekte ve finansal piyasalarda birçok öncü ülkeden daha hızlı hareket etmektedir. BAE finansal teknolojiler noktasında önemli atılımlar yaparken İslami finansal teknolojiler konusunda politik ekonomi açısından daha sessiz bir konumda bulunduğu gözlemlenmektedir. BAE kraliyet ailesi yükselmekte olan bir İslami dijital varlığa açık destek vermektedir. Bu çalışmanın amacı BAE’nin finansal teknoloji ekonomi politiğinin İslami finans ile olan ilişkisini araştırmaktır.

Keywords

Fintek, Finansal Teknoloji, İslami Finans, Politik Ekonomi., İslami Fintek

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