Tech fi­nance proved bet­ter trans­ac­tion

Pakistan Observer - - ISLAMIC BANKING & FINANCE -

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.

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