The Securities Commission (SC) Malaysia‘s Chairman Dato’ Mohammad Faiz Azmi urged stakeholders to collaborate and pave the way for the future of Islamic fintech during a keynote address at a roundtable in London.
He emphasized the potential of fintech to further Islamic finance’s goals of social justice and ethical conduct, creating a greater social impact.
Dato’ Faiz highlighted the need for the industry to rethink its branding, focusing on ethical values that resonate with a wider audience.
He also acknowledged the growth of Islamic fintech in Malaysia, with Shariah-compliant projects raising over US$262 million through Equity Crowdfunding (ECF) and Peer-to-Peer (P2P) platforms in the past seven years.
Dato’ Faiz noted that Islamic ECF/P2P solutions now contribute 24% of total alternative funding in Malaysia, a significant increase from 8% in 2022.
The UK’s thriving fintech ecosystem, with 43 active Islamic fintech players, was also recognised.
Dato’ Faiz stressed the importance of cross-border collaboration between Malaysia and the UK, fostering partnerships that can lead to innovative solutions with global reach.
This year’s roundtable introduced a new format, including an afternoon session where fintech companies from both countries can pitch their ideas to potential investors.
This initiative aims to address the challenge of accessing capital for Islamic fintech startups, particularly those focused on social impact.
Dato’ Faiz concluded saying,
“I hope the conversations during today’s Roundtable will help propel our fintech startups, both in Malaysia and the UK, onto the broader markets.
We have an incredible opportunity to connect our ecosystems, to work together, and to create solutions that will shape the Islamic capital market landscape for years to come.”
Featured image credit: Edited from Freepik
