The Securities Commission Malaysia (SC) seeks to broaden Islamic financial technology (fintech) (Photo: https://www.nst.com.my/) Kuala Lumpur (VNA) - The Securities Commission Malaysia (SC) seeks to broaden Islamic financial technology (fintech) in the country’s capital market via its FIKRA Islamic Fintech Accelerator Programme (FIKRA).
Addressing a ceremony to launch FIKRA on May 25, SC Chairman Datuk Syed Zaid Albar said Islamic fintech in the Malaysian capital market is still at a nascent stage, but there is great potential for exponential growth with the right ecosystem.
FIKRA is a collaboration between the SC and the United Nations Capital Development Fund (UNCDF).
It aims to identify and scale relevant Islamic fintech solutions that can help address three main challenge areas, namely new Islamic capital markets (ICM) offerings, accessibility and social finance integration.
With global Islamic finance assets projected to grow to close to 4 trillion USD in 2024, the use of digital technology will be key for Islamic nations to enhance their potential, Syed Zaid said./.
VNA
