Malaysia To Become The Next Islamic FinTech Hub

22 Sep 2020 — According to the Global FinTech Index 2020 – findexable#Malaysia ranks 36th position in the FinTech country rankings, moving 11 places from 2019. The Asian Banker reported that Malaysia dominated share of assets among the top 100 global Islamic banks from 22 countries, with 23% of the total $903.9 billion combined assets in 2018, while The Fintech Times stated that Malaysia accounts for 82 percent of Southeast Asia’s total “sukuk” (shariah compliant bonds) outstanding and 72 percent of the region’s issuances.

The recent inaugural Islamic FinTech Week 2020 that serves as a platform to jumpstart the expansion of Islamic FinTech saw the launch of the first fully Shariah-compliant equity #crowdfunding platform in Malaysia by Ethis Group.

Another example is IBF Net: Islamic Business & Finance Network embarking on a #blockchain-based initiative to create a Relationship-Based Transactions (RBT) ecosystem (eg. to facilitate Islamic charity payments) under Digital IBF Lab.

With the support of the progressive Securities Commission Malaysia and the burgeoning of Islamic FinTech initiatives, the country may soon be able to realise its goals of becoming the next Islamic FinTech hub.

#propine Umar Munshi Ronald Yusuf Wijaya Mohammed Alim

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