KUALA LUMPUR, Oct 4 — Islamic banks are not yet fully digitised but are moving forward in achieving the potential of Islamic fintech, said shariah scholar Tan Sri Mohd Daud Bakar.
The recipient of The Royal Award for Islamic Finance 2022 said Malaysian banks have started the transition of smart technologies into their systems.
“We have to transform everything to digitalisation. After that, I would imagine in the next few years or so, (we can see) some of the back offices, back end and banks’ operations managed by a system that is not tired or biased.
“The system can analyse 24/7 so people can apply for financing and get results at 3 am. So, this is the way forward we are looking at on functional perspective,” he told reporters after the award conferment ceremony here today.
The Royal Award was bestowed to Mohd Daud by Yang di-Pertuan Agong, Sultan Abdullah Sultan Ahmad Shah, accompanied by the Sultan of Perak Sultan Nazrin Shah.
Mohd Daud, who currently serves as Shariah Advisory Council chairman for both Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC), is widely recognised for his contributions to the development of the global Islamic finance industry.
He is a shariah board member of international financial institutions and organisations such as Amundi Asset Management (France), Bank of London and the Middle East, Dow Jones Islamic Market Index (New York), Morgan Stanley (Dubai), and Sedco Capital (Saudi Arabia).
He was also instrumental in developing the first shariah standard on gold issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
Mohd Daud has established a few shariah advisory services and fintech companies contributing to shariah-related framework and policies, product structuring, human capital development and technology solutions.
A prominent figure in Islamic finance thought leadership, Mohd Daud is an award-winning author with more than 40 books written in various genres.
His books shed light on modern scholars’ interpretation of shariah rulings and their practical application in the Islamic finance industry.
He has published numerous articles in academic journals, some of which were presented at established international conferences. — Bernama
