Islamic Finance Industry Eyes Innovations To Spearhead Growth

KUALA LUMPUR, Nov 24 (Bernama) -- The Islamic finance industry is increasingly looking at innovations to spearhead growth, given the rapid development in technology, social benefits in the financial services industry and increasing demand in emerging economies. Realising the importance of innovations in the industry, the International Centre for Education in Islamic Finance (Inceif) Thursday organised the one-day Islamic Finance Innovation Festival (IFInnofest 2016). IFInnofest Chairman, Associate Professor Dr Baharom Abdul Hamid said the event sought to highlight the alternative solutions that Islamic Finance can offer to some current issues and challenges faced by the financial world. "IFInnofest is a platform to showcases alternative Islamic Finance solutions to the uncertainties that plague the global economic and financial landscapes time and again and has people lamenting about. "Islamic Finance is all about certainty. The system does not allow for any uncertainty," he said in his opening speech at the IFInnofest 2016 here Thursday. Baharom said IFInnofest had attracted innovative ideas which are intended to be commercially viable products and services to propel the growth of the Islamic financial services industry. "More than half the participants who attended the event are from the industry, with the rest comprising academia and regulatory bodies. "We received submissions of ideas from industry players apart from the usual academicians. "The submissions, including those from Japan, Australia and Pakistan, covered a gamut of sectors, including Cooperative Crowdfunding for Affordable Housing, Islamic Common Currency in Cyber-Age and Shariah-based, Socio-economic Fintech Solution," he added. The event was officiated by the Deputy British High Commissioner in Kuala Lumpur, Paul Rennie. IFInnofest is the brainchild of Bank Negara Malaysia and organised by Inceif, together with the Association of Islamic Banking Institutions Malaysia and Malaysian Takaful Association. -- BERNAMA