Tuesday, 23 Jul 2019 | 20 Dhul Qidah 1440
Oman to host First Islamic Fintech Forum in June

Oman to host First Islamic Fintech Forum in June

Supported by e-Oman and Information Technology Authority, OiFF2019 aims to highlight the possible Islamic fintech has in order to create the economy and enhance monetary inclusion. The forum will offer a platform for worldwide Islamic institutions to showcase their encounter and good results stories. It will also facilitate company exchange and collaboration possibilities in between important stakeholders for the improvement of the market in Oman.

Elmangos believes that advertising fintech in Oman at this stage is in line with Oman’s 2040 vision to diversify the economy. OiFF2019 will shed light on the substantial contribution Islamic fintech can have on the nearby economy. The option of Islamic fintech stems out of the ambition to create the Islamic finance sector for the advantage of Muslim nations.

Abd el Mohaimen Mansi, founder &amp CEO of Elmangos stated, “Oman has great ambitions to diversify its economy and harness the power of technology to the well-being of its society. Oman 2040 Vision says it all and we are going this year to Oman to second the sultanate’s strategic plans, leverage on our network and expertise for the benefit of the industry’s stakeholders and create awareness on the importance of using technology to contribute to Islamic finance or the Islamic economy as a whole.”

One of the highlights of the occasion will be the launch of a new Waqf Blockchain answer for the initial time in the GCC area by Finterra, a major blockchain social options provider. It is the really initial and only platform in the globe that has especially created a blockchain-primarily based answer to crowdfund Waqf charity, Islamic investments, and peer-to-peer lending. Its founder Hamid Rashid stated, “Oman was among the early advocates of our Waqf blockchain solution. The sultanate’s ambitions to develop the Waqf and digitalise financial services can only be commended.”

Mughees Shaukat, head of Islamic Finance, College of Banking &amp Financial Studies added, “What is crucially noteworthy is that the fintech-driven finance is an application of 101 Islamic Finance, namely the models of Mudaraba and Musharaka. Schemes of crowdfunding, angel investing and P2P are few examples. Given the economic diversification prospects of Oman and the national programme of Tanfeedh, the sultanate is in a unique position to leverage on a ‘new age’ fintech model of Islamic finance as its brand. This will yield solutions for better financial inclusion, attract more FDI and develop the entrepreneurship ecosystem even further.”

In its efforts to diversify its economy, Oman unveiled its 5-year strategy (2016-20) outlining lowered dependency on oil and gas income. The nation is at present thinking about digitalisation and new technologies to increase financial development.

Information Source: Muscat Daily

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