Quest Ventures on Fintech as a global boost for Islamic Finance

Reuters

Rushdi Siddiqui, Quest Ventures’ mentor for the Islamic economy, was asked for his thoughts on the future of Islamic Finance.

“Islamic finance has taken great strides this century, with sharia-compliant financial assets forecast to total $3.8 trillion by 2022, according to a Thomson Reuters report. That’s up from $2.2 trillion in 2016, with around 1,400 Islamic financial institutions now operating across 80 countries.

Yet financial inclusion in Organisation of Islamic Cooperation (OIC) member states lags global norms. Less than 30 percent of households in OIC countries have an account at a financial institution. That compares with more than 50 percent in non-OIC nations, a 2015 IMF report reveals.

“Banking is about data and its management. Artificial Intelligence and blockchain will re-engineer Islamic finance,” said Rushdi Siddiqui, Mentor, Islamic Economy, Quest Ventures (Singapore).

He predicts virtual assistants will replace call centres and many branches, with technology empowering customers to make better financial decisions, while fintech could provide a global fatwa database available in multiple languages.”

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