Lack of creativity, unaccommodating regulations block faster development of customer-centric Islamic finance, say fintech entrepreneurs
Photo for illustrative purposes only. Participants at a session during the Global Islamic Economy Summit (GIES) 2018 in Dubai on October 31, 2018. Photo supplied by Dubai Chamber of Commerce and Industry
DUBAI - A lack of innovation in developing meaningful Shariah-compliant financial products and unaccommodating regulations stand in the way of a faster development of the global Islamic finance industry to better serve consumer needs, fintech players told Salaam Gateway on the sidelines of the Global Islamic Economy Summit (GIES) in Dubai last week.
The industry needs a creative “spark”, Khalid Saad, CEO of Bahrain FinTech Bay (BFB), told Salaam Gateway. BFB opened in April and was set up by a private-public partnership between Bahrain’s Economic Development Board and Singapore-based FinTech Consortium.
Saad believes the traditional Islamic finance industry, dominated by banks, still has some way to go.
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Megha Merani