Responsible innovation in the financial sector: an Islamic perspective

In today's dynamic economic environment, innovation is commonly perceived as one of the critical mechanisms for businesses in attaining sustained competitive advantage. Moving alongside other sectors, banks and financial institutions also produce innovative products and services. However, the recent major financial crisis has been attributed to irresponsible innovation in the financial sector. Consequently, there is a need to emphasize responsible innovation practices that not only focus on monetary outcomes but also on the welfare and safety of society. This perspective briefly explores responsible innovation practices in the financial sector from an Islamic perspective.