Page 69 - Full Book_24.4.2021

In Retrospect

|
The Will to Suceed

|
Achieving a Leading Repute
OPPORTUNITIES & TRENDS
The COVID-19 crisis is undoubtedly an opportunity for financial intermediaries to transform themselves and improve their long-term
positions. The crisis is shifting the dynamics in the industry and has put in motion new opportunities for Islamic finance markets by
accelerating trends such as digitalisation, socially responsible investing and commitment to sustainability.

|
Digital Acceleration is Creating a Nimbler Industry Demonstrating both technology and the rise in social finance,
a new insurance technology, or InsurTech, development in
The global lockdown has forced customers to only use digital Malaysia uses blockchain to channel waqf funds towards making
channels for their day-to-day banking needs, and this has takaful more affordable to lower income consumers. Sovereigns Paving the Way for a Sustainable Future
presented digital banks with the opportunity to expand their such as Malaysia also issued first digital Sukuk through online
business while many traditional banks have scrambled to develop channels such as mobile platforms while Indonesia also issued
their own digital services. Islamic banks can take this opportunity retail Sukuk that can be subscribed through online channels to
to implement aggressive and permanent measures to transform appeal to the young generation.
business models in order to offer clients a full digital experience.
Digital-based Islamic financial institutions other than banks
The pandemic has also been a game changer in that several and takaful operators are also accelerating the evolution of the 65
Islamic financial institutions have moved to offer their products industry in Africa and Southeast Asia, including Islamic wealth
via digital platforms so as to better serve their locked-down management services targeting the millennial investor.
customers, thereby speeding the advance of technology within
Islamic finance. Although Islamic fintech had already been making The online transformation of the industry is not limited to its
headlines in recent years, digital-based financial institutions have institutions, but to its surrounding ecosystem as well. Islamic
become much more popular during the pandemic, just as digital finance education is being increasingly offered online or through
solutions have leapt ahead in other economic sectors around the distance learning as the COVID pandemic makes it harder for Adhering to the Best Governance Practices
world. For Islamic banks and Sukuk, higher digitalisation and students to attend classes, while events such as conferences
fintech collaboration is strengthening their resilience in a more and seminars are also being hosted increasingly online. These
volatile environment and opening new avenues for growth. developments also make it easier for students or industry
stakeholders from other countries to take online courses or |
Laying the Foundation for Financial Growth
attend Islamic finance events, which will help the industry to
grow further and wider in the future.

|
Additional Information & Disclosure Summary

|
24 th AGM Information