Journey to a new dawn - Islamic Finance: History, challenges and opportunities

Islamic finance has a rich history that spans over 1400 years. While the sector is modernizing and projected to grow by 10% for 2023-2024, it still faces challenges that IFSIs need to address through innovative and collaborative approaches.

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Watch Dr. Jamil Jaroudi, Samir Safa and Tim Tyler for this Fintech Fika as they discuss a host of topics including:

  • Limited awareness and knowledge of Islamic finance products and services
  • Need for more regulatory clarity and harmonization
  • Shortage of Shariah-compliant monetary policy instruments
  • Weak liquidity management putting IFIs at a disadvantage to conventional banks
  • Heavy dependence on conventional banks by mocking up conventional products and services due to lack of expertise and innovation among IFSI practitioners
  • Inefficient operations with high cost-to-income ratio

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