Malaysia International Islamic Financial Centre (MIFC) : Islamic finance looks to innovation to spearhead its growth

latest updates

Press Release

24 Nov | Thursday

Islamic finance looks to innovation to spearhead its growth

With rapid development in technology, a rising clamour for transparency and social benefit in the financial services industry and increasing demand for Islamic finance in emerging economies, the Islamic finance industry is increasingly looking at innovations to spearhead its growth.

The one-day inaugural Islamic Finance InnoFest (IFInnoFest) 2016 has attracted innovative ideas which is intended to be commercially viable products and services in order to propel the growth of the Islamic financial services industry. The IFInnoFest event sought to highlight the alternative that Islamic Finance can offer as solutions to some of the current issues and challenges faced by the financial world.

IFInnoFest 2016 Chairman, Assoc Prof Dr Baharom Abdul Hamid, who is also Director, Centre of Research & Publication at INCEIF, said: “IFInnoFest is the platform that showcases alternative Islamic Finance solutions, to the uncertainties that plagued the global economic and financial landscapes time and again that people lament about Islamic Finance is all about certainty. The system does not allow for any uncertainty.”

Organised by INCEIF with the support of Bank Negara Malaysia, Association of Islamic Banking Institutions Malaysia and Malaysian Takaful Association, the IFInnoFest is a platform to showcase innovations for the industry. The one-day event was officiated by Deputy British High Commissioner Paul Rennie OBE.

“As the first non-Muslim country to launch a sovereign Sukuk, the UK recognises the huge potential of Islamic Finance in global markets. We look forward to continuing our work with Malaysian partners to further develop mutual opportunities,” said the Deputy British High Commissioner based in Kuala Lumpur.

Dr Baharom further added: “When we were planning the event, we were clear about our objective of being different from the usual seminars or conferences spearheaded by academia that keep coming up with ideas that never see the light of day apart from being documented in journals or publications.

“Our key objective is to ensure that the ideas are workable and adaptable in the real world. That is why more than half of the participants at the event are from the industry with the rest made up from academia and regulatory bodies. It is heartening to note that when we called for papers or ideas to be submitted for consideration, we received submissions from industry players apart from the usual academicians”.

The submissions, including from Japan, Australia and Pakistan, cover a gamut of sectors including Cooperative Crowdfunding for Affordable Housing, Islamic Common Currency in Cyber-Age and Shariah-based, Socio-economic Fintech Solution.

Dr Baharom said the IFInnoFest would be held annually and is expected to act as a platform between those with new ideas – academicians, industry players, regulators and anyone with interest in Islamic finance – and those who could bring the ideas from paper to fruition.

“Let’s convert a great idea into reality, and IFInnoFest wants to be THE place where this happens. This is the platform that brings together industry, regulators and universities to develop and implement breakthrough ideas and innovative solutions in Islamic Finance,” added Dr Baharom.

source: http://www.inceif.org