(Germany): The term fintech is a combination of two words Finance and Technology which is an innovative business model having potential to transform the financial services industry.
The main purpose of the training was to create awareness about the use of technology in Islamic finance and explore how the use of technology can help Islamic financial services industry to reach unbanked population. The training was attended by professionals of major Islamic banks, international conference participants, researchers, Takaful companies and a large number of academicians. Dr. Ashfaq who is the CEO of Amanah IIFE stated during the training that: “over 1.2 billion Muslims are still unbanked and crowd funding and Pear to Pear (P2P) platform could play a pivotal role by providing easy access to finance. Islamic financial institutions should design appropriate products and should deliver them in a suitable manner. Fintech advancements have enabled individuals and organizations to run their affairs on cashless basis. From payments to wealth management, from peer-to-peer lending to crowdfunding, a new generation of the small firms, entrants, and start-ups are emerging“. Several industry leaders and organizations vowed to participate in such Islamic fintech trainings in the future. Prof. Dr. Qaisar Abbas, Director at CIIT Lahore stated that “the joint organization of the training is very important step to educate and create awareness among stakeholders of Islamic finance. This training will also enable financial institutions to know about different models of Islamic fintech such as crowd funding and Peer to Peer (P2P) lending”. Dr. Abdus Sattar Abbasi, Head at CIF stated that “We are thankful to the team of Amanah IIFE for their collaboration for this training. It was an excellent learning opportunity for the participants to know about Islamic banking and finance and also the use of financial technology in Islamic finance”. Mr. Amer Khalil UR Rehman, Former President & CEO Bakhtar Bank/Founder President & CEO Bankislami Afghanistan stated that “There is dire need of such kind of trainings for banking professionals. I believe fintech has promising future in Pakistan”.
Mr. Yousaf Sultan, Shari’ah-Tech Consultant at EthisVenture Singapore presented a case study on crowdfunding in the training. He stated “Islamic fintech may play an important role in financial inclusion of deprived segments of population”.
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About Amanah IIFE:
Amanah Institute of Islamic Finance and Economics (Amanah IIFE) is an international organization based in the heart of Europe, with headquarter in Germany and office in Pakistan. Amanah IIFE is committed to fulfil the needs and requirements of the Islamic banking & finance, Islamic microfinance, ethical banking & finance and takaful (Islamic insurance) industries. Amanah IIFE provides a diverse range of unrivalled services to financial institutions, businesses, educational institutions, entrepreneurs and individuals. Our services include advisory and consultancy, market research and development, education and capacity building, strategy design and implementation, publications, conferences and similar events.
For further details about Amanah IIFE, please visit: www.amanahiife.com
To know more about our training, please visit:
For Media Contact:
Fazil Ahmad
Manager Communications
E-Mail: info@amanahiife.com
Phone: +49 2841 8861770
About CIF COMSATS:
The Center of Islamic Finance (CIF) at CIIT Lahore is primarily a research platform for engineering the Shariah compliant scientific and knowledge solutions in the field of Islamic Finance in collaboration with regulators, industrial practitioners and Islamic scholars at global horizon. It also offers trainings for professionals in this emerging industry. CIF supplements the 1.5 years MBA with Islamic Finance specialization. MS and PhD programmes will be available in near future. It organizes various events for R & D and knowledge exchange. The most prominent annual event is Global Forum of Islamic Finance (GFIF) where experts from all over the world gather to share the advancements in the field.
For Media Contact:
Center of Islamic Finance,
COMSATS Institute of Information Technology,
Defence Road, Off Raiwind Road, Lahore Pakistan
UAN: +92 42 111 001 007 Extension 125
Tel: +92 42 99203979
Email: info.cif@ciitlahore.edu.pk
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