Financial Technology in Islamic Finance, Trends and Features

Organizing partners: Russian Centre for Islamic Economy and Finance

Venue: International Exhibition Centre Kazan Expo, Kazan

Time: May 19, 2023, 10:00–11:40

Moderator: Ruslan Khaliullin, Head of the Department of Ethical Financial Instruments of “AK BARS CAPITAL” Management Company

Speakers:

Rustem hazrat Nurgaleev, Scientific Secretary of the Ulema Council of the Spiritual Administration of Muslims of the Republic of Tatarstan, Doctor of Islamic Sciences, Vice-Rector, Senior Lecturer of the Department of Religious Disciplines of the Kazan Islamic University;

Dr. Muhammad Ayman Az-Zahrawi, Professor of the Bulgarian Islamic Academy;

Muhammad Shahid Khan (ICRYPEX.com Cryptocurrency Exchange), member of the Board of Directors of “WEB 3.0 and Islamic Finance”;

Irina Akopdzhanova, General Director of “National Non-State Pension Fund” JSC;

Rustam Abdulla ugli Rakhmatov, Director and Co-Founder of IMAN company;

Artur Nurmukhametov, General Director of “Sahih Invest” project.

In recent decades, financial institutions and instruments compliant with Islamic law have expanded their presence in many countries, including the post-Soviet region. The future of Islamic finance is closely tied to digitalization. Fintech companies are setting new standards of interaction in the financial world: ease of use, fast access, and continuous improvement to maximally adapt to the customers’ needs. Islamic finance experts and practitioners told about current trends and features of modern financial technologies in Islamic finance.

Rustem hazrat Nurgaleev drew attention to the fact that today Islamic finance raise an array of questions from the consumers who practise the Muslim faith (Is it permissible to use a bank account? Is it OK to use cards with deferred payment plans? etc.), as well as from the Islamic banking itself (with regard to factoring, network marketing, marketplaces, etc.). The speaker tried to provide answers from the viewpoint of theology, having outlined the major trends.

Dr. Muhammad Ayman Az-Zahrawi drew attention to the standards and prohibitions in the sphere of electronic currency trading guarantees.

Muhammad Shahid Khan, a representative of a Turkish company, shared the practice of WEB 3.0 adaptation to Islamic finance. In the context of company, he mentioned such trends as the movement towards environmentalization, social responsibility. Moreover, WEB 3.0 gives an idea of the shift of paradigm concerning the desirable future of Internet.

Irina Akopdzhanova spoke about the development of the non-state pension fund at the present stage in Russia, having noted that it has accumulated almost 7 trillion roubles.

Rustam Abdulla ugli Rakhmatov described the history and achievements of his company. He drew attention to the prospects in this sphere, taking into account that almost 71% of Muslims around the world need services related to Islamic finance. However, there are just 1% of banks that can satisfy this demand.

Artur Nurmukhametov focused the audience’s attention on the achievements of “Sahih Invest” which bases in Innopolis. He described the programs, services and mobile apps developed by the company over recent years.