Dear respected readers,
We’re back for the third issue of IF HUB in 2022! We wish to thank our loyal readers and hope that you will find the information featured in this issue, which revolves around digitalisation in Islamic finance, useful and beneficial.
The COVID-19 pandemic has indeed been a blessing in disguise for it has accelerated the adoption of financial technology (fintech) across the Islamic finance industry. In April 2022, Bank Negara Malaysia (BNM) approved the first five digital banking licences to successful consortia, two of which are Islamic digital banks regulated under the Islamic Financial Services Act 2013 (IFSA) . The rise of digital wallets, especially among non-bank money issuers, has also mushroomed during and post-pandemic. Our Practitioner’s Insights Column unveils these two topics.
More importantly, fintech adoption and Islamic digital banking not only contribute to competitive and varied financial solutions but also promote financial inclusion among unserved and underserved market segments. This will inevitably drive the Islamic industry towards building a value-based ecosystem, as highlighted by our dear regular contributor, Asst. Prof. Dr Ziyaad Mahomed in the In Person Column.
In addition, the pandemic has paved the way for halal e-commerce to flourish, as delineated in the INCEIF Alumni Column. Many e-commerce platforms recently introduced a concept of ‘Buy Now Pay Later (BNPL)’ to facilitate consumers with credit payment for their online purchases. This is covered in the INCEIF Think Tank Column.
The IF HUB editorial team would also like to take this opportunity to congratulate five INCEIF faculty members who secured the ‘Top H-Index Achievers in Scopus’ accolade, led by the Deputy President Academic and Dean, Prof. Dr Mansor H. Ibrahim, with 21 scores.
Finally, I wish to thank all contributors and my dedicated editorial team for their commitment and dedication to ensure the successful publication of this issue. May Allah bless all.
Until we meet again in the next issue with more informative and insightful coverage, insha Allah, take care and stay safe!
Dr Marjan Muhammad
Editor-in-Chief
