International Journal of Finance & Managerial Accounting

International Journal of Finance & Managerial Accounting

Designing a Model of Digital Finance Development Based on I-Fintech: Towards a Roadmap for the Islamic Digital Economy

Document Type : Original Article

Authors
Mojtaba Sedighi 1
Fraydoon Rahnamay Roodposhti 1
Shadi Shahverdiani 2
Saeed Farahanifard 3
Mahdi Madanchi Zaj 4
1 Department of Finance, Science and Research Branch, Islamic Azad University, Tehran, Iran
2 Department of Business Administration, Shahr-e-Qods Branch, Islamic Azad University, Tehran, Iran
3 Department of Islamic Economics, Faculty of Economics and Management, University of Qom, Qom, Iran
4 Department of Financial Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran
Abstract
Digital Economy, relying on emerging technologies like Fintech, is experiencing rapid growth and has resulted in the change of financial and economic models worldwide, thus potentially serving as a crucial factor in Digital Finance development. Considering the speed of these changes, policymakers and industry players should put the digital economy development program and the designing of new models on their agenda. In recent years, Islamic finance has witnessed significant growth due to digital technologies, and many Islamic countries have compiled strategic plans and a clear vision for the Islamic Digital Economy (IDE), which has created fierce competition between them. Therefore, this research aims to design a model of Digital Finance development based on I-Fintech and draw a roadmap for the IDE in Iran. The research method is the Multi-Grounded Theory which is a developed alternative approach to the grounded theory. The statistical population consisted of theoretical and experimental experts, chosen via purposive sampling. The research data was analyzed using MAXQDA and NVIVO in the qualitative section and Smart PLS and AMOS software in the quantitative section. Data analysis led to the identification of 6 paradigms, 36 main categories, and 64 sub-categories, and the research model was designed. The research findings confirm that the strategies and implications of the research model include the Compilation of an IDE Document, Building Regulatory and Supervisory Sandboxes, and establishing Regtech and Suptech. Finally, policy programs and operational solutions for the development of the Digital Finance Ecosystem in Iran are presented.
Keywords
Digital Economy
Islamic Fintech (I-Fintech)
Digital Finance
Multi-Grounded Theory
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