FINTECH is an exciting development in Islamic finance, and Shari’ah scholars must ensure they are up to date on it. This rapidly developing innovation will need timely Shari’ah solutions to enable Islamic finance to keep pace with technology, said Prof. Dr. Mohamad Akram Laldin, Executive Director, ISRA at the opening ceremony of Islamic Fintech Dialogue 2017 (IFD 2017).

“The industry has witnessed a number of start-ups and entrepreneurs who have been inspired by the various roles in the development of the Islamic economy, from social entrepreneurs to community-based start-ups," he added.

Malaysia’s Mass Rapid Transit Corporation (MRTC) is one of the first in Asia leveraging cloud-based collaboration on a common data environment for its 51-kilometer Klang Valley Mass Rapid Transit (KVMRT) system’s Sungai Buloh–Serdang–Putrajaya (SSP) line. In partnership with Microsoft’s Global ISV, Bentley Systems, MRTC aims to complete the project on-time and within budget, benefitting from a projected 35% productivity increase in the design, construction and operation of this infrastructure through seamless information sharing and collaboration powered by Microsoft Azure. 

The Azure-hosted Bentley Systems platform enabled MRTC to increase precision of construction, reduce instances of design rework and to improve safety standards by enabling seamless synchronization and information exchange between external vendors. It has enabled all project disciplines to work dynamically using a federated model for coordinated design, despite the participation of numerous external vendors and decentralized information on this complex project.

The founding president of Islamic Development Bank Tan Sr Dr. Ahmad Mohamed Ali Al Madani has been bestowed with the Lifetime Leadership Award in Islamic Finance this year during the 2017 KLIFF Awards Dinner recently.

The 83-year old distinguished banker received his award from the Yang di-Pertuan Besar of Negri Sembilan Tuanku Muhriz ibni Almarhum Tuanku Munawir.

Islamic banking and finance industry must be robust and resilient and should continuously reposition itself, if it desires the respect an recognition from the rest of the world, said Deputy Finance Minister 1 Datuk Wira Othman Aziz.

“It should continuously strive to be the best banking system in order to attract the public, Muslims and non-Muslins alike,” he added.