Islamic finance players urged to collaborate with fintech firms

MANAMA (Bahrain): Global Islamic finance players should develop data analytics ability in the Waqf, high-net worth individuals, stocks and infrastructure sectors to capture the additional US$1 trillion market which will be available over the next 12 to 18 months.

Urging the players to collaborate with financial technology (fintech) companies, Ernst and Young (E and Y) Global Islamic Banking Sector Partner, Ashar M.Nazim, said data analytics ability would help the players make better decisions, thus providing upward momentum for the industry, which is currently in a growth plateau.