Global Islamic FinTech Summit

Islamic Fintech compressing the Islamic Financing Process to Few Minutes Through Digitalization Launched in Türkiye Istanbul/Turkey: "Islamic Fintech is revolutionizing Islamic Finance industry and IFIN is already on top of it," Farrukh Raza, IFAAS Group CEO and IFIN Co-Founder & Board Member told Elmangos News. Bahrain-based Islamic Fintech, IFIN-Services with a tagline of Simplifying Finance Through Technology

A Game Changer for Financial Wellbeing: First TakafulTech Launched from Türkiye Istanbul/Turkey: “Workforce is the Real Valued Asset for every Employer. If they don’t feel financially secure, they won’t be motivated and productive.

The final panel of 3rd Global Islamic FinTech Summit - Blockchain and the Future of Islamic Finance.

The panelists opined about how blockchain can be used for the future of Islamic Finance. Their discussion also focused on

✅ Blockchain applications for Islamic social finance and highlighted on the benefits and potentials of blockchain solutions in this sector and the importance of identifying the problems to be solved.
✅ Tokenization of assets, fungible and non fungible, the use cases in Islamic finance such as tokenization of precious metals, sukuks, real estate and fund raising.

Introducing the Panel 6 of 3rd Global Islamic FinTech Summit - Can Technology Boost Takaful Industry?

Their discussion focused mainly on

✅ The basics of takaful models, how other markets are operating, what are the key factors for takaful industry to exist
✅ Share of takaful industry within the sharia compliant financial assets and within the whole islamic finance industry
✅ The role of TakafulTech for the shift towards the concept of open finance rather than open banking
✅ The value added of TakafulTech on multiple scales: insurer, end customer, bank/micro-finance.

The 5th Panel of GIFS22 - Digitalization of Participation Banks through Fintech Collaboration.

The panel focussed on:

✅ Fintech Onboarding Process and regulation changes about open banking in Turkey,
✅ Strategic approach for being a service bank for Fintechs and other companies in different sectors.
✅ The current technological trends in the fintech ecosystem and how financial institutions are adapting themselves in this digital era.
✅ The Fintech advancement in providing instant goods financing services using IFIN and the user experience of Retail customers.

IFIN Services - Islamic Finance Initiation Network
Kuveyt Türk Katılım Bankası
Ethis

The Third Panel of GIFS22 was ICD led, FinTech Challenges and Opportunities

The Panel covered:

✅ Challenges that face FinTech in developing countries such as Nigeria how they may be overcome
✅ Iran's booming FinTech potential and self-reliance necessity due to sanctions
✅ Progress of FinTech in banks, such as United Bank of Albania has implemented fingerprint identification to allow digital onboarding and lending for customers
ICD_PS United Bank Of Albania - UBA Ethis EthisX

Our second Panel of 3rd Global Islamic FinTech Summit was on Gold as an Alternative Payment Method.

The Panel was led by ADFIMI and covered:
✅ Gold as a payment method before and its importance in the Islamic Economic System
✅ Political aspects of Gold payments and its value versus the Dollar
✅ Steps taken by Turkiye to implement the usage of gold as a payment method, such as the B**A project of Takasbank

Adfimi Ziraat Katılım Takasbank

"We are being faced with the truth that in a world system where interest has gained a seat the rich get richer and the poor get more poor. We have to follow up with the technology. We should not focus on former problems but on future plans. We should catch the digital change and have a true knowledge about our domain. It is an important step on the parts of sector members who attend eagerly to the Islamic fintech summit for the 3rd time in order to fulfill the eras needs."
- İsmet Yıldırım, the mayor of Umraniye.

The mayor welcomed the guest of 3rd Global Islamic FinTech Summit in his city and encouraged the businesses to stand united.

The first panel of 3rd Global Islamic Fintech Summit 2022 was on Participation Finance: Vision 2025.

✅The panelists discussed how Islamic Finance has grown over the years and where it will be in the future.
✅The combination of technology, the opportunities and challenges, and the outlook of participation finance was the main discussion area of Panel 1.
✅The impact and the future of Participation Finance in Turkey was highlighted by the moderator and panelists.

Moderator: Tarik Akin
Panelists: Umer Suleman, & Ahmet İlyas Çöllü