Analysis: Will more Islamic banks embrace fintech?
For years, some fintech startups have complained that Islamic conventional banks view them with skepticism. Rather than seeing them as collaborators in the digital transformation, some fintech startups say banks treat them merely as competitors seeking to seize their market share.
But as the need for Islamic banks to move online and provide a wider portfolio of digital services has accelerated–largely due to the pandemic–there has been a rapprochement, according to experts canvassed by Salaam Gateway.
“If I’d been asked whether fintechs were a threat to conventional banking a couple years ago, I’d have agreed,” said Amol Kumar Bahuguna, senior advisor for digital transformation at Digital Hub Fintech MENA.
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