Digitalisation and Fintech to Assist COVID-19 Recovery in Global Islamic Financial Sector: KLIFF

Islamic finance is slated to make a recovery post COVID-19, due to the rapid adoption of digitalisation, especially in the fields of Islamic banking and Islamic financial technology (fintech), according to Chief Executive Officer (CEO) of the Islamic Corporation for the Development of the Private Sector (ICD), Ayman Sejiny. Making an address at the 16th Kuala Lumpur Islamic Finance Forum (KLIFF), Ayman stated that the outbreak has accelerated socially responsible investing and social sustainability with a revival of Shariah-compliant Islamic financial instruments such as Sukuk, Waqf and Zakat.

Why it matters?

Compared to more conventional forms, digitalisation is expected to improve accessibility, innovation, utilisation, processes, transparency and co...