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This is an important piece by @NafisaBakkar for many reasons.
Those of us in the #islamicfintech industry have been working to solve for this and related challenges for some time.
A thread - but first please do read the @Amaliah_Tweets piece
1/10 https://twitter.com/Amaliah_Tweets/status/1354114377180299265
Those of us in the #islamicfintech industry have been working to solve for this and related challenges for some time.
A thread - but first please do read the @Amaliah_Tweets piece
1/10 https://twitter.com/Amaliah_Tweets/status/1354114377180299265
The basic needs of most people (incl Muslims) can be summarised into:
1. Deposits & Payments (Current Account+Card)
2. Borrowing (Mortgage/Car/Student Loans)
3. Saving & Investing (Savings Account/Pension/ISA/Other Investing)
4. Other (Inheritance/Charity/Business Finance)
2/10
1. Deposits & Payments (Current Account+Card)
2. Borrowing (Mortgage/Car/Student Loans)
3. Saving & Investing (Savings Account/Pension/ISA/Other Investing)
4. Other (Inheritance/Charity/Business Finance)
2/10
Each of these can be challenging for Muslims to navigate esp when not well versed in finance as interest (riba) is prevalent in many products eg
- interest paid on deposits/savings
- loans at interest
- investing involving leverage/into companies with large debt positions
3/10
- interest paid on deposits/savings
- loans at interest
- investing involving leverage/into companies with large debt positions
3/10
There is a strong global community of #IslamicFinance & #FinTech practitioners who are solving for these problems
@IFNFinTech
4/10
@IFNFinTech
4/10
Most encouragingly this is a global phenomenon, happening in countries with large Muslim populations:
Malaysia
Indonesia
Pakistan
Turkey
Egypt
GCC
but also in places like:
UK
Germany
US
Canada
5/10
Malaysia
Indonesia
Pakistan
Turkey
Egypt
GCC
but also in places like:
UK
Germany
US
Canada
5/10
In fact the UK is the largest producer of #Islamicfintech
The UK community has flourished in the last few years. Initiatives like The UK Islamic FinTech panel chaired by @harris_irfan have worked publicly & in the background to support the sector
https://www.fintechfutures.com/2020/08/uk-leads-the-way-in-islamic-fintech-ahead-of-malaysia-and-uae/
6/10
is the largest producer of #IslamicfintechThe UK community has flourished in the last few years. Initiatives like The UK Islamic FinTech panel chaired by @harris_irfan have worked publicly & in the background to support the sector
https://www.fintechfutures.com/2020/08/uk-leads-the-way-in-islamic-fintech-ahead-of-malaysia-and-uae/
6/10
UK #islamicfintech firms solving for these:
1. Deposits & Payments: @PiePeopleIO @GetNiyah @kestrl_uk
2. Borrowing: @primary_finance @LetsStrideUp @EdAid
3. Savings & Investment: @YieldersUK @nesterinvest @IFguru @MercyCrowdUK @TheMintedApp
4. Other: @Qardus1 @UpEffect
7/10
#islamicfintech firms solving for these:1. Deposits & Payments: @PiePeopleIO @GetNiyah @kestrl_uk
2. Borrowing: @primary_finance @LetsStrideUp @EdAid
3. Savings & Investment: @YieldersUK @nesterinvest @IFguru @MercyCrowdUK @TheMintedApp
4. Other: @Qardus1 @UpEffect
7/10
Every single founder of an #IslamicFinTech I've spoken to and anyone looking to provide a shariah-compliant version of a conventional #FinTech product have a dual purpose in mind, a profitable business with a huge purpose-driven agenda for the Muslim community and beyond.
8/10
8/10
This is why I'm an advocate of the #islamicfintech sector: the people solving for these problems are doing it for the greater good and there is a huge global demand for them to service
9/10
9/10
And finally, as a plug, the Global #IslamicFinTech Report will be released soon, discussing the trends in this sector and showcasing the firms and the global hubs leading the way.
@DinarStandard @SalaamGateway
10/10
@DinarStandard @SalaamGateway
10/10
