3 thoughts on “Looking Back at 2016

  1. Would do you mind to explain a bit on what do you mean by ” unfortunately very little is being done in terms of Shariah discussions to support the real development needed”

    • Hi Kepohke,

      It is just my view that the conventional banks have started to develop some Fintech infrastructure for conventional products, but in the Islamic space, there are still fundamental questions that needed discussion and research especially when you have to conduct an Aqad with an automated platform. Islamic banking requires a whole lot of disclosure and sequencing and rules to be adhered to. It is important that banks understand which aspect of Fintech may give rise to Shariah concerns, and need to be addressed accordingly.

      A lot of Shariah requirements are still paper based and needs physical acceptance and appointments, for example the Wakalah agency and its responsibilities as Agent. Will clicking on an “I agree” button be sufficient to conclude an Aqad needs clarity. And the linkages between acceptance or purchase via echannels with physical Commodity purchases be allowed, and if so is there any Shariah conditions to fulfill.

      I am sure there are discussions being held behind closed doors, but these are important fundamental questions requiring answers before Islamic Fintech can be designed / developed.

      Thanks
      Amir

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