Technology crucial to advance Islamic finance

PETALING JAYA: Accelerated technology and digital adoption are reshaping investor behaviour and access to information, as such it is crucial to assimilate innovations into existing syariah knowledge and practices in order for Islamic finance to advance.

Chairman of the Securities Commission (SC) Datuk Seri Awang Adek Hussin said this will enable the industry to provide breakthrough Islamic solutions for the benefit of society, the ummah and the global community.

“The strength of Islamic finance lies in a simple underlying purpose, which is championing the social good.

“This ensures its impact is felt far and wide, from the individual investor to innovative businesses and the wider community,” he said in his speech during The Royal Award for Islamic Finance conferment ceremony.

Awang Adek said the unrelenting efforts of the industry’s pioneers had given rise to the contemporary Islamic products and services widely accepted today.

“Thought leadership has long been an important pillar for both Bank Negara and the SC in advancing the development of Islamic finance, for which we believe Malaysia is a global leader.

“As part of this initiative, The Royal Award recognises visionary individuals with outstanding lifetime achievements that contribute significantly to the growth of Islamic finance and the socio-economic progress of communities around the world,” Awang Adek said.

During the ceremony, Tan Sri Mohd Daud Bakar was named this year’s Royal Award winner for his commitment and passion for Islamic finance.

“His intellectual qualities, a strong sense of professionalism and outstanding credentials have made him a role model for Islamic finance practitioners globally,” Awang Adek added.