Abstract
Purpose The purpose of this study is to develop and thereafter validate a ShariMODIFIER LETTER LEFT HALF RINGah-based FinTech Money Creation Free [SFMCF] model for Islamic banking. Design/methodology/approach The study has adopted a qualitative research methodology, using three approaches, namely, a survey of the literature to identify the research gap and the variables needed for developing the model, content analysis to construct the variables into a model and semi-structured interview with 10 experts in banking, ShariMODIFIER LETTER LEFT HALF RINGah and Financial Technology (FinTech) to validate the SFMCF model. Findings The major findings of the study lie in developing the SFMCF model for Islamic banking, empirical validation of the model's viability and acceptability and the implications for the main stakeholders of Islamic banks. Research limitations/implications The SFMCF model is specific to Islamic banking and its validation is based on the views of 10 experts. Practical implications The SFMCF would necessitate changes to the central bank regulatory framework, convince Islamic banks to forego their powers and advantages of creating money and enhance their abilities to fully adopt ShariMODIFIER LETTER LEFT HALF RINGah-compliant FinTech. Social implications The proposed model if implemented would change positively the perception of the society particularly the stakeholders of Islamic banks and restore their trust and confidence about the direction of the institution toward achieving the ShariMODIFIER LETTER LEFT HALF RINGah objectives. Originality/value The novelty of this work lies in developing and validating the viability and acceptability of the SFMCF model for Islamic banking.