The Impact of Open Banking on the Islamic Financial Industry

The aim of this study is to examine the impact of open banking APIs, application program interfaces, on the Islamic financial industry. This study shows that financial technology and open banking are the variables that are statistically correlated with each other. Search counts in APIs show a statistically significant positive correlation with search counts in open banking, which is an indication that more APIs are associated with more open banking. It is also revealed that the growth of financial technology comes with an increase in open banking. Bitcoin market capitalization and Islamic banking and finance are negatively correlated with open banking. Bitcoin transaction word counts display no significant correlation.