Fintechs bridge gap in Islamic finance sector

Qatar has been working to support the ecosystem for Islamic fintechs. Highlighting the role of technology in the Islamic finance during an online event, experts said fintech companies have an important role as they bridge the gap in the Islamic finance sector. Panelists discussed about the ecosystem to support SMEs with solutions to scale up halal economies and promote Qatar as an Islamic fintech hub regionally and globally during an online event.
HBKU in association with Qatar Financial Centre (QFC) organised a webinar entitled ‘Islamic FinTechs and the Halal Economy’ which shed light on the opportunities of halal economy that was $1.9 trillion in 2020 and expected to reach $3.2 trillion by 2024 which creates tremendous opportunities across various segments of halal economy from food, cosmetics, fashion to travel. 
Akber Khan, Senior Director of Asset Management at Al Rayan Investment, said the current event opportunities in the Islamic finance space is that fintech is seeking to bridge that gap that exist currently in the Islamic finance industry and brings more opportunities for fintech solutions. Around 20 percent of world’s population is Muslim, yet Islamic finance industry as a whole is at most 5 percent of the global financial industry so there are opportunities in every possible area. There are opportunities in companies seeking to service the Muslim population. The advantage that fintechs have that they are able to leap from the more traditional companies…