The dynamics of the global economy have undergone a profound transformation in recent years under the influence of digitalization and technological innovation. Financial markets stand at the very center of this transformation; digital finance applications, blockchain technology, cryptocurrencies, financial technologies (FinTech), and the notion of sustainable finance are reshaping the very nature of finance. Today, finance has evolved beyond being merely an economic domain, becoming an interdisciplinary field where technology, data analytics, and digital interaction are intensely intertwined.

This book aims to examine the transformation of the financial system from a multidimensional perspective. The chapters, contributed by various researchers, analyze the current trends in the functioning of financial markets, the innovative opportunities created by digital finance, and the accompanying risks through both theoretical and empirical approaches. The studies presented in this volume seek to contribute to the financial literature at both academic and practical levels, offering a valuable reference for policymakers, finance professionals, and researchers alike.

The first chapter discusses risk and return across different asset classes, including stock markets, gold, foreign exchange, and cryptocurrencies. The second chapter explores the relationship between cryptocurrencies and energy markets within the context of sustainability. The third chapter focuses on FinTech and portfolio investments. The fourth chapter presents a comparative analysis of tax regimes and incentive policies in sukuk markets, highlighting leading Islamic finance jurisdictions.

I would like to express my gratitude to all the authors, the editorial board, and everyone who contributed to the preparation of this volume. It is my hope that this book will serve as a valuable resource for readers seeking to understand the impact of digital transformation on finance and to develop new perspectives on the structure of finance in the future.