Islamic fintech growing fast in the country

Islamic fintech is growing exponentially in Malaysia with 33% of global Islamic fintech companies headquartered here, which will further strengthen the country’s leadership in Islamic finance, according to Al Rajhi Bank Malaysia CEO Arsalaan Ahmed.

Arsalaan said Malaysia’s issuance of digital banking licences earlier this year will accelerate the deployment of new technologies to serve the unbanked and underserved communities.

He added the Financial Sector Blueprint 2022 to 2026 will help advance value-based finance through Islamic finance leadership.

“All these fundamental factors are essential in Malaysia’s growth in the Islamic finance industry,” said Arsalaan at a briefing yesterday ahead of the upcoming Global Islamic Finance Forum 2022 (GIFF2022).

GIFF2022 will be held on Oct 5 and Oct 6 at Bank Negara, and will bring together Islamic finance leaders, entrepreneurs, and innovators from across the globe to discuss the latest developments, opportunities and trends.

GIFF2022 is organised by the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM), in support of the Malaysia International Islamic Financial Centre.

Themed Take the Reins, the seventh edition of GIFF, which is held every two years since 2008, aims to deepen the discussions across four key areas namely digitalisation, sustainability, inclusivity, and social finance.

Bank Islam Malaysia Bhd group chief executive officer Mohd Muazzam Mohamed said GIFF’S theme underscores the importance of harmonising the bank’s financial leadership with value-based finance, which gives equal importance to social, ethical, and environmental considerations in ensuring sustainable value creation.