Two major factors are challenging the status of today’s banks: digital disruption and changing consumer behaviours.
The former has accelerated the transition to digital financial services, while the latter relates to ethics – a paradigm shift in attitudes towards the environmental, social and governance impact of corporate behaviour.
In short, consumers want to manage their money digitally and in real time – and with the knowledge that their money isn’t damaging the natural world or their communities. These new dynamics provide the world of Sharia-compliant finance with enormous opportunities.
To bring innovative Islamic finance to life – and to a wider audience – banks and FinTech firms need to collaborate. We have seen significant partnerships in Islamic finance in our region over recent years.
Examples include the Ethical Finance Innovation Challenge and Awards (Efica) organised by the Abu Dhabi Islamic Bank. It was launched in 2013 to recognise and reward innovation in ethical and Islamic finance.
A Bahrain-based digital Islamic financing company, Islamic Finance Initiation Network (IFIN), won the top prize in the sixth edition of the awards in 2021. Having beaten off competition from more than 200 applications globally, IFIN won Dh300,000 in prize money for its Sharia-compliant, cloud-based, buy-now-pay-later FinTech solution.
Initiatives like Efica are proof of Islamic finance’s global growth and its ability to resonate with a wider audience due to its underlying ethical principles, according to Manar Abbas, chief operating officer of IFIN.
The IFIN links Islamic banks and finance companies with retailers, small and medium enterprises, corporates and regulators, which is critically important in accelerating and enriching the Islamic FinTech ecosystem, the company’s chief executive Shaher Abbas said.
Benefits of Islamic banking
By doing so, innovators like IFIN are making it easier for Muslims and non-Muslims to access Sharia-compliant financial services, which are inherently inclusive and responsible.
The truth is that all traditional banks – Islamic and non-Islamic – have little choice but to work with others. They must bring innovators into the fold
Osaid Kilani,
global head of internal Sharia control, Abu Dhabi Islamic Bank
For those searching for ethical banking, Islamic finance speaks a very clear purpose. By eliminating the risk of interest based lending (Riba), customers are supposed to be treated fairly. It also prohibits investments in industries that harm the society and guarantees total transparency by avoiding contractual ambiguity.
By leveraging artificial intelligence, analytics, blockchain, biometrics and digital-only banking products, Islamic banks can ethically support customers in all important financial stages in their lives.
But to do that, leading Islamic banks must work hard to future-proof their operations by rigorously simplifying and centralising their operating models and by working together with FinTech innovators and developers to deliver on consumers’ needs – all without compromising Sharia principles.
If they succeed, they have an enormous opportunity to tap into the nearly 90 per cent of consumers in the GCC who said they are more likely to choose digital banking services over visiting a physical branch this year.
The survey, which came from a partnership between the FinTech firm Backbase and the digital polling company YouGov, also showed consumers prefer digital self-service banking solutions that are delivered to them as conveniently as e-commerce, entertainment and transport solutions.
Catering to digitally fluent consumers
For Islamic banks that recognise that digitalisation is an enabler of human potential, the future is bright. Those that lead the digital revolution will reap the rewards by widening access to a form of banking that is as inclusive as it is ethical.
For instance, ADIB was the first bank in the UAE to provide customers with remote account opening services through a government-linked facial recognition system. Doing so enabled it to serve its customers securely, while also streamlining its processes, reducing costs and ensuring that its more than 700,000 digitally-enabled customers received convenient, seamless and uninterrupted banking services.
The truth is that all traditional banks – Islamic and non-Islamic – have little choice but to work with others. They must participate in open banking and bring innovators into the fold.
Those that choose to partner in Islamic finance innovation will have the opportunity to stay relevant and deliver for tomorrow’s digitally fluent, ethically conscious consumers. History will show that only collaboration can unlock the future of Islamic finance.
Osaid Kilani is the global head of internal Sharia control at Abu Dhabi Islamic Bank
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Reading List
Practitioners of mindful eating recommend the following books to get you started:
Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung
How to Eat by Thich Nhat Hanh
The Mindful Diet by Dr Ruth Wolever
Mindful Eating by Dr Jan Bays
How to Raise a Mindful Eaterby Maryann Jacobsen
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE currency: the story behind the money in your pockets
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Mohammed bin Zayed Majlis
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Heather, the Totality
Matthew Weiner,
Canongate
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UAE currency: the story behind the money in your pockets
More from Neighbourhood Watch:
Abu Dhabi Desert Challenge – Rally schedule:
Saturday: Super Special Spectator Stage – Yas Marina Circuit – start 3.30pm.
Sunday: Yas Marina Circuit Stage 1 (276.01km)
Monday: Nissan Stage 2 (287.92km)
Tuesday: Al Ain Water Stage 3 (281.38km)
Wednesday: ADNOC Stage 4 (244.49km)
Thursday: Abu Dhabi Aviation Stage 5 (218.57km) Finish: Yas Marina Circuit – 4.30pm.
Feeding the thousands for iftar
Six industrial scale vats of 500litres each are used to cook the kanji or broth
Each vat contains kanji or porridge to feed 1,000 people
The rice porridge is poured into a 500ml plastic box
350 plastic tubs are placed in one container trolley
Each aluminium container trolley weighing 300kg is unloaded by a small crane fitted on a truck
Day 5, Abu Dhabi Test: At a glance
Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.
Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.
The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.
THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
Killing of Qassem Suleimani
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
UAE currency: the story behind the money in your pockets
The view from The National
UAE SQUAD
Omar Abdulrahman (Al Hilal), Ali Khaseif, Ali Mabkhout, Salem Rashed, Khalifa Al Hammadi, Khalfan Mubarak, Zayed Al Ameri, Mohammed Al Attas (Al Jazira), Khalid Essa, Ahmed Barman, Ryan Yaslam, Bandar Al Ahbabi (Al Ain), Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmin (Al Wasl), Adel Al Hosani, Ali Hassan Saleh, Majed Suroor (Sharjah), Ahmed Khalil, Walid Abbas, Majed Hassan, Ismail Al Hammadi (Shabab Al Ahli), Hassan Al Muharrami, Fahad Al Dhahani (Bani Yas), Mohammed Al Shaker (Ajman)
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When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
