PM: Islamic banking players must invest in technologies

Malaysian Prime Minister Tun Dr Mahathir Mohamad said Islamic banking and finance players must be intensely invested in technologies. He said the application of smart technology has positively disrupted the industry, however, the potential disruptions to traditional Islamic finance should not be underestimated. The disruptions can swing both ways. Dr Mahathir delivered his speech at the 15th Kuala Lumpur Islamic Finance Forum 2019. He said that Malaysia had spearheaded a number of innovative developments in Islamic finance, such as the issuance of the first Sustainable and Responsible Investment Sukuk and Green Sukuk, as well as the launch of the Investment Account Platform. He believes that Islamic finance can be a catalyst for the growth of green developments globally.