Mobiquity launches global digital Islamic Banking prototype
Mobiquity, part of Hexaware, a full-service digital transformation enabler, launches a global digital Islamic banking MVP (minimum viable product) for the Muslim community.
The Shariah-compliant demo – front-end solution- enables financial institutions to enhance their offerings and deliver personalised, ethical digital Islamic banking to their customers. Focussing on a Murabaha car finance, the application is core banking platform agnostic and can be integrated and extended with any of the bank’s systems
With approximately 1.9 billion Muslims in the world today, access to Islamic finance is an essential part of daily life. The Islamic fintech market is expected to reach £128 billion by 2025 according to the 2021 Global Islamic Fintech (GIF) Report.
Mobiquity recognises the potential to evolve and serve the Islamic finance sector, by provisioning for Islamic banking – particularly in the Middle East, Asia, Africa and parts of Europe where there is a strong Islamic community.
From recent research it was found that a staggering 53 per cent of respondents would use Islamic banking if the product offering is easy to use, with a further 32 percent citing they do not have access to Sharia-compliant banks. The research also found that 24 per cent of respondents want more from their banks, and 23 per cent distrust banks fully complying with Islamic law.
Matthew Williamson, VP Global Financial Services, Mobiquity, said: “The future of Islamic finance is disrupting traditional models as more people, particularly the younger generation, seek banking solutions that meet religious needs and encourage an ecosystem of fair, ethical and moral responsibility. Mobiquity creates a global digital Islamic banking MVP that prioritises social and ethical consciousness.”
“Millennials make up a large percentage of Islamic banking customers. The UK has experienced the highest growth in Islamic fintech companies demonstrating the need to optimise this sector to meet customer expectations.
“To meet customer expectations, Islamic fintechs worldwide need to use technology that enables flexible banking solutions to suit their customers’ lifestyles. Customers increasingly want digital banking that they can trust and that are convenient to use.”
Omar Shaikh, Board Member, Islamic Finance Council UK (UKIFC) said: “Islamic banking continues to grow strongly across a number of emerging markets with younger average ages. These customers are moving from demanding to expecting highly efficient and effective digital banking services as the primary delivery channel. Focusing on digital along with Islamic finance presents a strong business model that leverages two of the highest growth segments within financial services. The enhanced transparency and choice that is enabled by digital solutions is a key asset when delivering faith based, ethical banking products.”