White Paper

Asian Islamic Banking

COVID-19: The catalyst for digital transformation; Open Banking?

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The global Islamic finance market – including banking, capital markets and takaful Islamic insurance – is highly fragmented. In Asia Pacific the market is experiencing healthy growth, boosted by the presence of a large number of local participants and some major international players.

For all banks worldwide, the recent pandemic has highlighted the importance of accelerating digital capabilities – including harnessing the power of emerging technologies such as artificial intelligence and machine learning to deliver a superior digital experience to customers. Islamic banking is not immune to these impacts.

The future of Islamic banking is not just about banking. It’s about helping customers fulfil their desires easily and seamlessly – at a time when their expectations are at an all-time high, having been redefined by digital and social experiences. New entrants are coming in to meet these expectations, including digital-only banks, whether tech giants or FinTechs. These players are changing the game by leveraging customer data, using the latest technologies and applying leaner business models to offer highly targeted hyper-personalized services.

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