ISLAMIC FINANCE TECHNOLOGY
ISLAMIC BANKING TECH:
Readying For Growth The financial services sector in core Islamic markets in the Middle East, Africa and South Asia - MEASA countries are abuzz with talk and activity on digital transformation strategies including open banking and payments
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raditional core Islamic markets in the Middle East, Africa and South Asia (MEASA) are among the fastest-growing emerging markets digitally. Islamic banks are accelerating and strengthening the digitalisation of complex processes as well as end-to-end customer journeys in lockstep with their conventional peers.
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The financial services sector in core Islamic countries in the MEASA region is abuzz with talk and activity on digital transformation strategies including open banking and its regulation, payments as well as how banks can develop robust customer acquisition and engagement. “Accessing bank services digitally, issuing Sukuk on a digital platform using
Banking and Finance news in the MEA market
blockchain technology and enhancing cybersecurity will be the three main factors to help improve the industry’s resilience,” said S&P Global. The market share of Islamic financing assets in core Islamic markets is set to continue outper forming their conventional peers this year. Growth will be driven by the economic recovery in Muslim majority countries in the GCC region plus Malaysia and Turkey, which in turn are expected to enhance credit growth and demand for Shariahcompliant products. Islamic industry experts expect blockchain and smart contract protocols to revolutionise the issuance of Sukuk for the better. With new applications within artificial intelligence (AI), blockchain technology and the internet of things (IoT)
