Rasheed Mohammed Al Maraj

#Malaysia-#Bahrain Should Lead World's Islamic #Fintech

Malaysia and Bahrain should take the lead in exploring the potential of introducing the world’s first Islamic financial technology (fintech). According to Bahrain Economic Development Board (EDB) Director David Parker, the favourable initiatives undertaken by regulators from both countries provide a positive edge for Islamic fintech. In Malaysia, Bank Negara Malaysia Governor, Datuk Muhammad Ibrahim said a regulatory framework to enable the adoption of fintech would likely be announced by year-end. During the 23rd Annual World Islamic Banking Conference held here, Bahrain Central Bank Governor Rasheed Mohammed Al Maraj hinted that the bank would soon issue regulations to facilitate fintech solutions. Bahrain Islamic Bank CEO Hassan Amin Jarrar described the need to introduce Islamic fintech to the world Islamic financial market as "critical" and if Malaysia and Bahrain do not take the first step, other big countries will snatch away the advantages.

Bahrain banks doing well

Bahrain Central Bank Governor Rasheed Mohammed Al Maraj said that so far it hasn't been seen any kind of adverse impact on the country’s banking sector. All banks are operating normally and transactions are handled at normal levels.
About withdrawals from banks due to concerns over the situation, he said he could not comment on expectations or speculations.

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