Digital Transformation in Islamic Banks to Boost UK Fintech Industry

Head of Shariah Compliance and Product Development at Al Rayan Bank in the United Kingdom (UK), Dr Samir Alamed is urging Islamic finance institutions (IFIs) in the UK to embrace changing customer demand and speed up the digital transformation of services.

According to Dr Alamed, this is vital if Islamic finance is to be fully embedded within the banking ecosystem in the UK and this will also assist in positioning the UK as a fintech hub.

Dr Alamed explained that IFIs have an immense growth opportunity through digital adoption to cater to not only the Shariah-compliant market but also to mainstream audiences.

Dr Alamed noted that the Islamic f...