The world of Islamic finance and banking has just taken a big stride forward with the launch of the Global Islamic & Sustainable FinTech Center (GISFC) at Bahrain FinTech Bay (BFB).
With a number of local, regional, and global members already onboard, GISFC is optimized to leverage BFB’s extensive reach in the international FinTech community to fuel the next level of growth in Islamic finance. Alongside that, the new initiative will also dedicate its resources on driving “sustainable, social, and responsible innovation.”
The launch has come at a time when the global Islamic finance industry has been undergoing an extensive series of regulatory reforms while simultaneously accommodating innovations in the FinTech sector. By banking on innovations such as regulatory sandboxes, the Islamic financial industry is setting the stage to capture new customers and secure long-term, sustainable growth.
“While Islamic finance is fast approaching the three trillion dollar mark, sustainability is one of history’s biggest disruptors. Islamic and sustainability FinTech solutions can help solve several social and economic challenges, and, while doing so, such solutions will create massive economic value including investment opportunities for individuals and businesses,” said Dr. Ali Adnan Ibrahim, chairperson of GISFC in the launch announcement.
Dr. Ali also lauded Bahrain’s unique position as a world leader in FinTech and Islamic finance by saying that the country’s favorable ecosystem for the sector will help GISFC realize its full potential. Meanwhile, Khalid Saad, CEO of Bahrain FinTech Bay, reacted to the GISFC launch by saying: “Through the launch of GISFC, we aim to bring together key stakeholders in the industry to help shed light on how FinTech can help attain such growth in a sustainable and responsible manner.”
Saad also welcomed the choice of Dr. Ali as the first GISFC chairperson by suggesting that his “caliber to head such an important initiative” is a step in the right direction.