Islamic fintech: Malaysia wins in Islamic finance but its tech start-up ecosystem still a work in progress
A woman browses the Internet at a cyber cafe in Kuala Lumpur June 15, 2011. REUTERS/Bazuki Muhammad
Malaysia’s developed Shariah-compliant finance infrastructure and ecosystem draws in Islamic fintech start-ups even though it is not a global technology hub like neighbouring Singapore.
Dr Farrukh Habib, a researcher with Kuala Lumpur’s International Shariah Research Academy for Islamic Finance (ISRA), whose academic interests include fintech, believes Islamic fintech holds some promise for Malaysia, but only if authorities keep their eye on the ball and find ways to coax new entrepreneurs to their jurisdiction. He stresses it is starting from a very low base.
“Although Malaysia has been focusing on being the leader in Islamic finance, in technology terms I haven’t seen much progress from the authorities,” he told Salaam Gateway. “There’s been a lot of talk but we haven’t seen many initiatives on the ground to promote this.”
Free, in under 30 seconds
Join thousands of professionals reading Salaam Gateway — the Global Islamic Economy Gateway.
Already a member? Sign in
- 5 free articles every month
- Weekly Islamic-economy newsletter
- Save articles to read later
