Dubai: AlHuda Center of Islamic Banking and Economics (CIBE) has been working hard with dedication for the past 16 years. AlHuda CIBE has been recognized as a prominent service provider due to remarkable services in consulting, advisory, capacity building, research and development along with a team of dedicated professionals and one-stop solutions for Islamic banking and finance. AlHuda and their team have offered the services all over the world including America, Africa, Central Asia, Asia, Middle East and expanded their reach not only geographically but also intellectually in technology.
Advanced technologies, from blockchain to artificial intelligence, are transforming financial services. Islamic finance is no different. AlHuda CIBE has introduced its services for FinTech including InsurTech, Blockchain, cryptocurrencies, NFTs, CBDCs, RegTech, Metaverse, AR, VR, Rob advisory, Artificial Intelligence (AI), Neo and digital banking. Our aim is to provide state-of-the-art services in Islamic banking and finance. We are proud to stand out for our quality services worldwide.
Islamic finance industry is growing tremendously across the globe due to its distinctive features of sustainability and viability. The underlying mechanism for conducting Islamic (interest-free) finance is universally accepted by the intellectuals. However, technology is also growing and operations are becoming automated due to amazing inventions in technology. Technology is becoming a reliable medium to perform the operations. It creates an enabling environment for all types of industries in the global village. Fintech is one of the technologies that make financial transactions convenient worldwide borderless. It also helps to reduce transaction costs which support the sustainability of financial institutions.
FinTech started in 1886 which involves building the infrastructure that will support globalized financial services. The period from 1886 to 1967 is called FinTech 1.0. FinTech 2.0 started from 1967 to 2010 where FinTech transitioned from analogue to digitization of finance with the online revolution being the first movement towards digital banking. From 2010 to 2014, it is FinTech 3.0 where new technologies have opened up to make it easier to create digital banking products using Open Banking, which gives third-party companies access to financial data. However, the underlying technology that has driven the Fintech 3.5 era (2014-present), namely Blockchain and open banking, will continue to drive future innovation. FinTech is set to change how money is collected and managed through a wave of integrated payment providers.
FinTech is on trend, from the mid-2010s it exploded, with both startups receiving billions in venture funding (some of which have become unicorns), and established financial firms either snapping up new ventures or building out their own FinTech offerings. The world produces the most FinTech startups in North America and Asia, followed by Europe and Africa. Some of the most active areas of FinTech innovation include or revolve around the following areas (among others):
- Cryptocurrencies, these often rely on Blockchain technology, which is a distributed ledger technology (DLT) that maintains records on a network of computers but has no central ledger. Blockchain also allows for smart contracts, which use code to automatically execute contracts between parties such as buyers and sellers.
- Open banking, which is a concept that proposes that all people should have access to banking data to build applications that create a connected network of financial institutions and third-party providers.
- Insurtech, which seeks to use technology to simplify and streamline the insurance industry.
- Regtech, which seeks to help financial services firms meet industry compliance rules, particularly those covering anti-money laundering and anti-fraud Know Your Customer protocols.
- Robo Advisory, using algorithms to automate investment advice to reduce costs and increase accessibility.
- Unbanked services that seek to serve disadvantaged or low-income individuals who are ignored or underserved by traditional banks or mainstream financial services. These applications promote financial inclusion.
- Cybersecurity, given the proliferation of cybercrime and decentralized storage of data, cyber security and FinTech are intertwined.
These areas prevail in 2022, predicting the future of FinTech. The growing number of unicorns (private start-ups valued at over $1 billion) is also an indicator of the future of the FinTech industry, said Muhammad Zubair. He further added that it is the need of the hour to learn FinTech programming, cyber security, AI/ML and data science and Blockchain to survive the financial markets. The following graph can be seen as evidence of the growing Fintech across the globe.
According to the Global FinTech Adoption Index, the following are the main reasons why consumers prefer to use FinTech:
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About AlHuda CIBE:
AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized name in Islamic banking and finance industry for research and offers state-of-the-art advisory consultancy services and education through various well-recognized modes viz. Islamic financial product development, Shariah advisory, training workshops and Islamic microfinance and Takaful consultancy etc. side by side through our excellent, generally acceptable and well-known publications in Islamic banking and finance.
We are dedicated to serving the community as a unique institution, consulting and capacity building for the past twelve years. The main aim has always been to stick to the commitments offering services not only in UAE/Pakistan but worldwide. We have so far served in more than 35 countries for the development of Islamic banking and finance industry. For further details on AlHuda CIBE, please visit: www.alhudacibe.com
For media contact:
Mrs. Shaguftta Perveen
Communications Manager,
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