Tech finance proved better transaction
OBSERVER REPORT ISLAMABAD—Technological advancement in finance provides better and faster access whilst providing newer financial transaction options. Currently, through internet and mobile banking, customers are able to execute financial and non-financial transactions from any location. As Islamic finance progresses, technology is becoming a key enabler for future business.
The digital technology has expanded to include more innovation in the financial sector, such as innovations in financial literacy and education, retail banking, and investment. Thus far, the financial technology industry has grown exponentially since 2011, and in 2015, the financial technology industry saw a USD16.5b of funding, with a 22.2 per cent y-o-y funding growth. To date, there are over 600 Islamic financial institutions (IFIs) operating in about 75 countries across the globe ranging from banking, Takaful to capital market. Therefore, as Islamic finance progresses, technology is becoming a key enabler for future business.