GCC, Asia Offer High Potential Returns For Fintech Investors

From Zairina Zainudin MANAMA (Bahrain), Dec 6 (Bernama) -- Global financial technology (fintech) investors should look at the Gulf Corporation Council (GCC) and Asia regions as great investment destinations offering high potential returns, says a leading provider serving the Islamic finance industry. IdealRatings Co-Founder and Chief Executive Officer Mohamed Donia said there is a high need for fintech players to develop a special zakat payment platform that can provide relevant data on financial institutions, firms, individuals and underserved citizens. The platform should also be able to help zakat payers calculate the right amount of money that they need to pay, with the money transfered directly to the right receiver's account in seconds or minutes with just a few clicks, he said. "This is what the region needs, connecting people through fintech with zakat payments in different Muslim countries," he told Bernama on the sidelines of the 23rd World Islamic Banking Conference here Monday. Donia, a speaker at the Enterprise Excellerate programme held in conjunction with the conference, said the platform would not only address the issue of late payments but also help maximise the impact of zakat in regions with a high Muslim population. He said the platform should also feature money purification calculations to benefit firms involved in investment activities which are not 100 per cent shariah-compliant. "The platform will bring a major impact on these economies (the GCC and Asian countries)," he said, adding with billions of dollars involved in the money purification process, the need for such a platform is pivotal. The three-day conference starting Monday, themed 'Economic Uncertainties: Vigilance and Growth', is a platform for the global Islamic finance and banking industry. -- BERNAMA