The Arab Monetary Fund publishes “Islamic Fintech in the Arab Region: Imperatives, Challenges and the Way Forward"
Great opportunities for enhancing Islamic Financial services Industry
in Arab Countries by fostering the use of Financial Technologies
Adequate funding and talent development remain critical success factors for the Shari’ah compliant Fintech industry in the region
The Arab Monetary Fund (AMF) issued today Sunday November 28, 2021, a policy paper on “Islamic Fintech in the Arab Region: Imperatives, Challenges and the Way Forward” prepared by the Arab Regional Fintech Working Group (WG), which AMF acts as the technical secretariat of the group. The paper is issued under the framework of the Fund's endeavours to promote awareness of the requirements for developing Fintech, hand in hand with Islamic Financial Services Industry while supporting digital financial transformation efforts in Arab countries.
The paper aims to provide policy advice on how to adopt these technologies in the Islamic Financial Industry, how to employ them properly, in addition to the related pre-requisites, and how to overcome the implementation challenges. Thereby how to improve the efficiency of Islamic banking and financial services, aiming to support digital financial inclusion in the region.