Islamic Finance Industry Poised To Grow 5.0 Pct In Post-Covid-19 Era

KUALA LUMPUR, Oct 26 (Bernama) -- The Islamic finance industry is poised to grow by 5.0 per cent in the post-COVID-19 era, supported by strong signal of opportunities, said Alif Technologies co-founder Dr Farrukh Habib. He said positive development in the industry would be related to the Islamic finance regulation in new countries, social finance growth such as waqf and zakat, and bank digitisation. “During the pre-COVID era, we have a growth of 13.9 per cent in 2019, which came to zero in 2020. “However, moving forward from 2021 we will see a 5.0 per cent average growth in the post-COVID era,” he said during the SC’s eighth annual fintech conference SCxSC held virtually Tuesday. Farrukh, who was one of the speakers at the event, presented a topic on ‘Solving Global Challenges Using Islamic Finance’. -- BERNAMA