Amanah Institute of Islamic Finance and Economics (Amanah IIFE), a Germany based organization, conducted the first ever workshop on “Islamic FinTech: Opportunities and Challenges for Islamic Financial Services Industry” in collaboration with COMSATS Institute of Information and Technology (CIIT) during the 5th Global Forum on Islamic Finance held on 21-22 March, 2017 in Lahore.
March 26, 2017 (Germany): The term fintech is a combination of two words Finance and Technology which is an innovative business model having potential to transform the financial services industry.
The main purpose of the workshop was to create awareness about the use of technology in Islamic finance and explore how the use of technology can help Islamic financial services industry to reach unbanked population. The workshop was attended by professionals of major Islamic banks, international conference participants, researchers and a large number of academicians. Mr. Ashfaq who is the CEO of Amanah IIFE stated during the workshop that: “over 1.2 billion Muslims are still unbanked and crowd funding and Pear to Pear (P2P) platform could play a pivotal role by providing easy access to finance. Islamic financial institutions should design appropriate products and should deliver them in a suitable manner”.
Several industry leaders and organizations vowed to participate in such Islamic fintech workshops in the future. Dr. Abdus Sattar Abbasi, Head of Centre of Islamic Finance at CIIT Lahore stated that “Amanah IIFE has touched a very important topic and organization of Islamic FinTech workshop is very important step to educate and create awareness among stakeholders of Islamic fintech. This workshop will also enable financial institutions to know about different models of Islamic fintech such as crowd funding and Peer to Peer (P2P) lending. We are thankful to the team of Amanah IIFE for their collaboration for this workshop”. Tanguy Huybrechs, an international consultant based in Belgium also participated in this workshop. He stated “ I am pleased to know that Amanah IIFE took initiative to organize this workshop and it was well planned and executed. Islamic fintech may play an important role in financial inclusion of deprived segments of population”. Hussnain Ali, an Islamic fintech Expert based in Brunei said “Fintech advancements have enabled individuals and organizations to run their affairs on cashless basis. From payments to wealth management, from peer-to-peer lending to crowdfunding, a new generation of the small firms, entrants, and start-ups are emerging, with fintech firms attracted $19 billion in investment in 2015 (up from $12 billion in 2013). Other consulting organizations should also follow initiative of Amanah IIFE and conduct such workshops for the benefit of Islamic financial services industry”.
About Amanah IIFE:
Amanah Institute of Islamic Finance and Economics (Amanah IIFE) is an international organization based in the heart of Europe, with headquarter in Germany and office in Pakistan. Amanah IIFE is committed to fulfil the needs and requirements of the Islamic banking & finance, Islamic microfinance, ethical banking & finance and takaful (Islamic insurance) industries. Amanah IIFE provides a diverse range of unrivalled services to financial institutions, businesses, educational institutions, entrepreneurs and individuals. Our services include advisory and consultancy, market research and development, education and capacity building, strategy design and implementation, publications, conferences and similar events.
For further details about Amanah IIFE, please visit: www.amanahiife.com
For Media Contact:
Fazil Ahmad
Manager Communications
E-Mail: info@amanahiife.com
Phone: +49 2841 8861770
© Press Release 2017
