EP73: Islamic Fintech - The Need Of The Hour!

Islamic banking is growing rapidly, driven by wider availability, changing consumer preferences, and strong digital adoption. As digital transformation becomes a top priority, specialist Islamic FinTechs are increasingly critical to the sector’s evolution. While Islamic banks actively partner with FinTechs, many face challenges due to limited Shariah expertise among conventional FinTech providers and a shortage of solutions designed specifically for Islamic banking needs.The scope of Islamic banking now extends beyond core systems and digital channels to wealth management, treasury, lending, risk, and financial inclusion. Specialist Islamic FinTechs add value by improving customer experience, accelerating time to market, ensuring Shariah compliance, enabling scalability, and expanding access to underserved populations. They also help banks engage a younger, mobile-first Muslim demographic and attract investment to fuel innovation.A dedicated Islamic FinTech ecosystem can drive continuous innovation, focused R&D, and regional customization while leveraging technologies such as open banking, AI, and blockchain. Ultimately, the growth of Islamic FinTechs is essential to sustaining and accelerating Islamic banking’s long-term development.