Fintech centre launched to drive Islamic finance growth

MANAMA: The Global Islamic and Sustainable FinTech Centre (GISFC) launched at Bahrain FinTech Bay (BFB) aims to help accelerate the use of fintech to drive the next phase of growth in Islamic finance.

A statement said the centre includes local, regional and international members and will build on BFB’s diverse network of partnerships.

GISFC’s launch partners include the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the Islamic Corporation for the Development of the Private Sector (ICD), South-East Asia’s Islamic Fintech Alliance, Ethis Ventures – an Islamic crowdfunding platform across Malaysia, Indonesia and Singapore, Al Baraka Banking Group, Al Salam Bank Bahrain, Arab Financial Services, Arcapita, Bahrain Institute of Banking and Finance, Bahrain Islamic Bank, Finastra, Finocracy, GFH, US-based IdealRatings, Ithmaar Bank, Kuwait Finance House, Roland Berger and Waqfe.

Dr Ali Adnan Ibrahim has been appointed chairman of GISFC. 

He is head of sustainability and social responsibility at the Al Baraka Banking Group in Bahrain and is also chair of the Sustainable Development Committee of the Bahrain Association of Banks.

“While Islamic finance is fast approaching the three trillion dollar mark, sustainability is one of history’s biggest disruptors. Islamic and sustainability fintech solutions can help solve several social and economic challenges and create massive economic value including investment opportunities for individuals and businesses,” said Dr Ibrahim.

GISFC aims to onboard more partners as it seeks to drive the Islamic and sustainability fintech development agenda and to focus on providing thought leadership and expertise in Sharia-compliant fintech.

BFB chief executive Khalid Saad said, “Islamic finance has the potential to onboard over a billion new customers through the use of technology, helping attain sustainable and long-term growth. Bahrain’s regulatory ecosystem can help fintech start-ups from the region and beyond, helping develop the country as a global centre for Islamic and sustainable fintech.”

Source: http://www.gdnonline.com/Details/426991