Enhancing Indonesia’s Islamic Fintech with Digital Technologies

Indonesia’s fintech industry is one of the most competitive and dynamic in ASEAN, as evidenced by the emergence of four unicorns and one decacorn. Despite its infancy, the country is home to 20% of all Southeast Asian fintech companies, which are expected to generate US$8.6 billion in revenue over the next five years. In Indonesia, fintech is classified as either conventional or sharia fintech. Islamic fintech growth in Indonesia is continuing, albeit at a slower pace than conventional fintech.

A banking and financial services platform has launched a research series to understand what people think about the key trends driving the development of financial services. In the third edition of the platform, the firm conducted a global survey of 2,000 members of the younger Muslim community, primarily Gen Z and millennials, to better understand what Islamic finance means to them and their expectations of this sector.

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Saudi Arabia Hosts Summit For Islamic Financial Innovation and Digital Transformation

Source : SAMA Saudi Arabia

The Islamic Financial Services Board (IFSB) is pleased to announce that the 15th IFSB Summit will be held from 9 to 11 November 2021 in Jeddah, Kingdom of Saudi Arabia, hosted by the Saudi Central Bank (SAMA) – the fifteenth series of this biennial landmark event for the IFSB.

The theme of the IFSB 2021 Summit is “Islamic Finance and Digital Transformation: Balancing Innovation and Resilience”. The Summit will focus on ways to foster innovation, technological adoption, accessibility and sustainability in the Islamic financial system to boost its growth and development, as well as the policy implications arising from rapid digital transformation.

In addition, the summit will highlight the work that remains to be done moving forward to strengthen Islamic Finance Services’ resilience and stability. The rise of technology in financial services is shaping current sectors across banking, capital markets and takāful, and giving rise to new modes of financial intermediation such as crowdfunding and blockchain solutions. These exciting changes and developments require authorities and jurisdictions to balance resilience and innovation, which this Summit will explore over the course of the sessions.

Among the topics of discussion are:

  1. Digital Transformation of Islamic Financial Services.
  2. Crypto-Assets and their Implications for Islamic Finance.
  3. FinTech and Islamic Financial Services.
  4. Achieving Synergy between Digital Islamic Finance and Sustainability.
  5. Effective use of Supervisory and Regulatory Technology by Authorities.

Read morehttps://www.sama.gov.sa/en-US/News/Pages/news-688.aspx

Islamic fintech provides framework for future of global finance

In this age of disruption and digitisation, Islamic fintech, built on Sharia-embedded ethical values of fairness, justice and equity, is poised to drive the global finance industry to its next phase of evolution and opportunity.

With more customers demanding ethical banking practices, Islamic fintech offers an attractive alternative for a younger, technologically-minded customer base.

As governments implement forward-leaning policies to support their development, it is also imperative that regulations continue to evolve in tandem, safeguarding the sector as it continues to grow.

Read more https://www.arabianbusiness.com/comment/468056-islamic-fintech-provides-framework-for-future-of-global-finance

Bank Muamalat And OJK Agree To Improve Islamic Financial Literacy Through Digital

Bank Muamalat Indonesia and the Financial Services Authority (OJK) have agreed to make a breakthrough to improve financial literacy, especially sharia, by using multimedia and digital approach.

Bank Muamalat President Director, Achmad K. Permana, said this synergy step was an effort to educate the public as well as to grow the sharia economy in Indonesia.

“We believe that the digital approach in improving financial literacy is the most relevant and effective thing at this time”, he said at the National Seminar entitled Islamic Financial Literacy in the Digital Era and the Launching of the Sharia Literacy Movement (Geulis), quoted Monday, August 30.

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