This article appears in launch issue of IFNFINTECH April 2017. I was one of the market players interviewed by the writer Vineeta Tan. Some of the key highlights are as follow:
“The (Islamic) financial landscape is changing: with the rapid growth of fintech, boundaries are being broken and preconceptions challenged. This disruption in status quo is raising new questions, new concerns but also new exciting opportunities. While ‘disruption’ may carry negative undertones, the Islamic financial community has been embracing the innovation and potential revolution technology could offer.
In this issue, IFN Fintech spoke to market players from the banking sector, asset management space, legal fraternity and fintech scene, to bring you first-hand insight into where market participants are seeing opportunities and why Islamic fintech makes sense.
“Fintech has the potential to play a major role in the Islamic finance industry specifically to improve processes efficiencies, cost effectiveness, increase distribution, Shariah and other compliances and financial inclusion,” explains Othman Abdullah, the managing director of Islamic banking at Silverlake Group.”
““The Islamic fi nance industry should embrace fintech and digital technology even more aggressively than its conventional counterparts because Islamic fi nance does not have the breadth or footprint as conventional fi nance does,” believes Raja Teh Maimunah, CEO of AmInvestment Bank. “Fintech and digital technology allows Islamic finance to reach out further and quicker (and possibly cheaper) without having to build a physical presence and distribution channels.”