Fintech, Digitalization and Blockchain in Moroccan Islamic Banks: Towards a Roadmap for the Future

Abstract:

The growing integration of fintech, digitalization and blockchain is transforming the Islamic banking landscape, with the promise of more efficient, transparent and accessible banking services. However, to fully realize this potential, several significant challenges must be overcome. These challenges include navigating a complex regulatory environment to ensure compliance with Sharia ethical standards, strengthening the security of financial transactions in a digital environment, quickly adapting existing infrastructure to new technologies, as well as raising awareness and training staff in innovative tools while preserving the values of Islamic finance.

Our study aims to assess the potential impact of fintech technologies, digitalization and blockchain on Islamic banks in Morocco. We will explore the potential challenges associated with this integration and provide a detailed roadmap for effective adoption of these technologies. This roadmap will include essential strategic and operational recommendations to guide Moroccan Islamic banks in this crucial transition towards more modern and competitive services, while maintaining their commitment to the ethical and religious principles of Islamic finance.

In response to our problematic, we used a qualitative methodology, adopting a positivist paradigm and hypothetico-deductive reasoning, involving semi-structured interviews with experts to collect and analyze rich and detailed data. The results obtained show that Moroccan Islamic banks face significant challenges, particularly in terms of regulatory compliance, transaction security, and upgrading technological infrastructures. However, the adoption of these technologies offers considerable opportunities to improve the operational efficiency, transparency, and accessibility of banking services. The interviews also reveal an urgent need for employee training and awareness to maximize the benefits of this technological transition while preserving the values of Islamic finance.

Keywords: Fintech, digitalization, blockchain, Moroccan Islamic banks, challenges, roadmap