Recommend Us | About Us | Back to

News | Financial Calculator | Home Financing | Archived News |


  Welcome to Bernama Banking & Finance Special Page     
Islamic Finance Must Expand Into Fintech-- Sultan Nazrin
Last update: 03/10/2017

KUALA LUMPUR, Oct 3 (Bernama) -- Islamic finance should†venture into financial technology (fintech) in tandem with the global financing requirements, said the Sultan of Perak, Sultan Nazrin Shah.

This would be†in line with the†Fourth Industrial Revolution (4IR),†where individual technologies are rapidly developing and†reinforcing one another.

He noted that the requirements to participate and invest in the 4IR were immense.†

"Islamic finance cannot be left out of the new forms of fintech.It†may be said to be ideally suited for it, given our established participatory profit-and-loss sharing financing schemes," he said in†his opening speech at the†14th Kuala Lumpur Islamic Finance Forum (KLIFF) 2017 here, today.

Sultan Nazrin also stressed that the "one-shoe-fits-all" approach to financing must eventually be discarded in favour of more tailored or structured financial solutions.

"This is now possible with the vast amounts of big data being generated,†provided that Islamic finance institutions can manage, analyse and customise products for corporations and individuals alike," he said, adding, †regulatory authorities need to have the vision†to†facilitate developments. †

He said†Islamic finance also needs to be able to connect with the fast changing nature of global finance, while remaining absolutely uncompromising in terms of faithfulness to†Shariah†principles and ethics.



Maybank Islamic Named Best Global Islamic Financial Institution 2017
NCCIM: Malaysia, Qatar Can Jointly Develop Islamic Finance 2.0

KLIFF 2017 Focuses On Wakaf Fund Development

AAGI Named Claims Fraud Management Team Of The Year
Tax Relief For Insurance Will Be A Big Breakthrough, Says Allianz Life CEO

Takaful IKHLAS Chieftain Bags Best CEO 2017 Award

US 4.2250/2270
S'pore 3.1087/1113
100 Yen 3.7399/7427
Sterling 5.5808/5847
Euro 4.9851/9879
Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Bankerís Cheque, Bank Draft and Cashierís Order. Do you think this additional charge is justified?
 [tally] 15%
 [tally] 78%
Not sure
 [tally] 7%

  Main | News | Insurance

© 2017 BERNAMA. All Rights Reserved. Disclaimer | Privacy Policy| Security Policy
This material may not be published, broadcast, rewritten or redistributed in any form except with the prior written permission of BERNAMA.
Best viewed in Firefox 8.0 & Internet Explorer 8.0 with 1024 x 768 resolution