Abstract:

Fintech in its term is derived from the words finance and technology, being described as a new technology application and innovations that is invented to amplify the delivery of financial services. Fintech in general, can be divided into Conventional and Islamic. As far as the Islamic Banking and Finance is concerned, any new innovations of products of method has to be free from the elements prohibited by the Shariah. The hi-tech tools used in Fintech needs to be examined in terms of its contractual operation so as to ensure the transaction is Shariah compliant. This paper aims not only to differentiate between the Conventional and Islamic Fintech, but to discuss in depth the understanding among customers on the principle involved when they enter into the Fintech transactions.