Introduction: FinTech and Islamic Finance in the Gulf Cooperation Council (GCC)

The banking and financial landscape in the last decade has been inundated with ‘technology’. Financial Technology (FinTech), Insurance Technology (InsurTech) and Regulatory Technology (RegTech) are just some of the new buzzwords. Close to 80% of Fintech investments happen in the US, while it is growing rapidly in Europe, Asia-Pacific and the rest of the world. In the Gulf Cooperation Council (GCC), Fintech development is gaining ground with the support of the regional governments in the UAE, Saudi Arabia and Bahrain. In comparison to conventional finance, Fintech’s penetration into Islamic finance institutions (IFIs) in the GCC is still in its very early stages. This chapter aims to highlight the development of Fintech in general and GCC in particular.