Islamic finance industry needs a global ecosystem driven by tech to narrow the information gap - Refinitiv

The overall macroeconomic conditions, geopolitical tensions and the threat of trade wars have all contributed to a slowdown in economic and banking growth. The Islamic finance industry is no exception. As the industry reaches maturity in established Islamic finance markets in Malaysia and GCC, experts have predicted that growth would be mostly driven by emerging and frontier Islamic finance markets. Despite this, these markets have not demonstrated the level of growth that was expected, and a number of structural challenges continue to persist, such as standardization, awareness and access to information and expertise. To address these challenges, the industry must come together to create a global ecosystem for Islamic finance.