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Central Region News

November 08, 2017 17:55 PM

Islamic Finance To Gain By Leveraging On Technology - BNM Assistant Governor

PETALING JAYA, Nov 8 (Bernama) -- Islamic finance stands to gain significantly from technology as it acts as a great equaliser, says Bank Negara Malaysia (BNM) Assistant Governor, Datuk Ahmad Hizzad Baharuddin.

He said with a sizeable market share of over 28 per cent of total financial assets, it was high time for the Islamic finance industry to compete alongside its conventional counterparts.

"The industry can exploit the opportunities brought by financial technology (fintech) to remain relevant and competitive, given the challenging journey ahead," he told reporters at the Shariah Fintech Forum 2017 here today.

Ahmad Hizzad said technology was an agnostic tool which could be a game-changer for the Islamic finance industry.

"Technology can help Islamic finance realise its promise in risk-sharing and support for genuine and productive economic activities.

"With the rise of entrepreneurship, technology can play a facilitative role in widening funding avenues for new and small businesses," he said.

He said technology was a powerful tool which could widen the access to, and reach of, social financing instruments such as zakat, waqaf and sadaqah.

"Digitisation of collections and disbursement of proceeds can re-energise these social financing instruments," he said.

During the forum, the Association of Shariah Advisors, which was also the event organiser, had launched its Certified Shariah Advisor (CSA) and Certified Shariah Practitioners (CSP) Programmes.

The CSA programme is open those with a background in Shariah law, while the CSP programme is open to those with recognised tertiary or professional qualification related to Islamic finance or with two years of working experience related to Islamic finance.



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