Technology is the important source to promote Islamic Finance - Zubair Mughal

I.T System of Islamic Banking & Finance should be Shairah Certified.

9th May, 2016. Lahore
The use of latest technology is necessary to promote Islamic Banking & Finance without which it is very difficult to promote Islamic Banking at a vast scale. The use of technology is not only associated to Islamic Banking but the different products of Islamic Finance like Takaful, Sukuk, Islamic Fund, Islamic Microfinance etc, also needs it intensely. Muhammad Zubair Mughal the Chief Executive Officer, AlHuda Centre of Islamic Banking & Economics (CIBE) expresses his thoughts in the “Africa’s Premier Fintech Forum” related to Banking & Finance Technology in Nairobi, the capital of Kenya, yesterday. More than 500 delegates from about 40 countries participated in said forum.

He said that the Islamic principles should be addressed before designing any IT system or solution related to banking and finance so that all the systems and software related to Islamic Banking & Finance should be Shariah Compliant, many products of IT systems and software of International companies related to Islamic Banking & Finance are not according to the rules of Shariah rather many changes are made in it afterwards according to the requirement of the Shariah. If the rules of Shariah are considered before creating such Systems or solution then the outstanding IT systems can be designed. He said that Islamic Banking & Finance is promoting rapidly and its total volume has been crossed 2 trillion dollars in which more than 400 are Islamic Banks, 300 Takaful Companies, more than 900 are Sukuk, 400 Islamic Financial Institutions including Islamic Leasing, Mudaraba’s Companies, Islamic Stock Exchange and many other institutes are included. He also said that Africa will be proved as a huge market for Islamic Finance in future in which Kenya, Tanzania will be eminent in East Africa, Senegal, Mauritania, Nigeria in West Africa while Tunisia and Morocco will be rule in North Africa markets.

He added that latest technology has facilitate Islamic Banking & Finance in which latest Payment Gateway, Money Transfer, Eye Scanning, Biometric, Crowd Funding, online Remittances, System Verification, Branch less banking, Mobile Banking and many other latest facilities are attained. Different regulatory and international rules are easily implemented by using these technologies. He further narrated that IT is a great source for financial inclusion which can be used for poverty reduction with Islamic finance. At the end he concluded his speech by giving the example of Pakistan that only 18% of the population of Pakistan has the access to financial & banking system while the remaining 82% of the population is unable to adopt the financial system due to certain limitation, but An estimated 97% of the adult population is using mobile phones so the mobile technology with Islamic Finance can be used to introduce mobile Banking as tool of financial inclusion

About AlHuda CIBE:
AlHuda Center of Islamic Banking and Islamic Economics (CIBE) is a well recognized name in Islamic banking and finance industry for research, advisory and capacity building over the last ten years. The prime goal has always been to remain stick to the commitments and provide state-of-the-art Advisory Consultancy and Education through various well recognized modes viz. Islamic Financial Product Development, Shariah Advisory, Trainings Workshops, and Islamic Microfinance and Takaful Consultancies etc. Side by side through our distinguished, generally acceptable and known Publications in Islamic Banking and Finance.

We are dedicated to serve the community as a unique institution providing Services not only in UAE/Pakistan but all over the world. We have so far served in more than 25 Countries for the development of Islamic Banking and Finance industry so far.

For further Details about AlHuda CIBE, please visit: www.alhudacibe.com

For Media Contact:
Ms. Shaguftta Perveen
Manager Communications,
shaguftta.perveen@alhudacibe.com
Call: +92 42 35913096 - 98