Monday 22, October 2018 by Kudakwashe

Bahrain Fintech Bay launches Islamic finance centre

 

The Global Islamic & Sustainable FinTech Centre (GISFC) seeks to drive the Islamic and sustainability fintech development agenda focusing on providing expertise in Shari’ah compliant fintech.

Bahrain FinTech Bay (BFB) has launched the GISFC to bolster the use of fintech to drive the next phase of growth in Islamic finance.

The GISFC was launched in partnership with the Accounting and Auditing organisation for Islamic Financial Institutions (AAOIFI), the Islamic Corporation for the Development of the Private Sector (ICD), Al Baraka Banking Group as well as Al Salam Bank, Arcapita and Bahrain Institute of Banking and Finance.

Khalid Saad, the CEO of Bahrain FinTech Bay said that Islamic finance has the potential to onboard over a billion new customers through the use of technology, helping attain sustainable and long-term growth.

Also, Bahrain Fintech Bay partnered with Bahrain Islamic Bank, Finastra, GFH as well as Ithmaar Bank, Kuwait Finance House and Waqfe in launching the GISFC, reported TradeArabia.

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