KUALA LUMPUR, Sept 14 — Most leading Islamic finance professionals expect the adoption of open banking in the sector by financial institutions, governments, financial technologies (fintech), and other stakeholders will increase by 2025, according to research by IslamicMarkets.com.
The research, which was conducted among 346 leading Islamic finance professionals working across sectors showed that the growth of open banking in Islamic finance would partly be driven by more and better regulations.
“Almost a third of Islamic finance professionals who were questioned predicted a dramatic increase in regulation, with another 59 per cent forecasting a slight increase in regulation,” it said in a statement today.
IslamicMarkets.com, a platform that provides access to expert knowledge and financial opportunities, said the research also found that open banking would mean greater use of fintech innovations in Islamic finance such as Waqf, Zakat, and Sadaqah.
The research was conducted to support the Global Islamic Finance Forum 2022. — Bernama
