Islamic Wealth Chapter 13 - FinTech

What is the definition of Fintech?

• C. A traditional financial institution that does not use technology

• D. A type of cryptocurrency

• B. An emerging financial services sector that applies technology to improve financial activities

• A. Financial technology that is only used by start-ups

What does Islamic Fintech combine?

• C. Technology and cryptocurrency

• D. Technology and stock market

• B. Technology and Islamic finance

• A. Technology and traditional finance

When did the digitisation of payments begin?

• A. 1980s

• D. 1990s

• B. 1960s

• C. 2000s

Which of the following is an example of an e-Wallet?

• B. PayPal

• C. Venmo

• A. Apple Pay

• D. Cash

What is the purpose of money for a medium of exchange according to Islamic perspective?

• A. To store value only

• B. To be used for exchange and widely accessed by other people

• C. To be controlled by central banks

• D. To be used for gambling

What is the main issue with the stability of cryptocurrencies?

• B. They are not stable enough

• A. They are too stable

• D. They are not used for transactions

• C. They are controlled by central banks

According to Shariah, what can be considered as mal or wealth?

• A. Only physical assets

• B. Anything of commercial value with natural desirability and storage ability

• C. Only fiat money

• D. Only gold

What is the main advantage of Robo-Advisors?

• D. They require physical meetings with financial advisors

• C. They handle tasks like tax-loss harvesting and retirement planning

• B. They are not accessible to retail investors

• A. They are expensive

What is the main benefit of Blockchain in payments?

• D. Decreases revenue opportunities

• A. Increases operational expenses

• B. Slows down transaction settlement

• C. Reduces errors

What does a Model for a Blockchain-Based Takaful aim to achieve?

• D. Limit access to relevant information

• C. Improve efficiency and security

• B. Decrease transparency and trust

• A. Increase fraud in claims management