We have witnessed the unfolding of transformative trends in Islamic Fintech Malaysia, so it’s no surprise that Malaysia ranked 1st on the Global Islamic Fintech (GIFT) Index according to the Global Islamic Fintech Report 2022. Amidst the backdrop of Malaysia’s robust regulatory framework, supportive government policies, diverse talent pool, advanced infrastructure, and vibrant capital market, our country is at the forefront of this financial revolution and at Bank Islam, we are committed to leading the way, embracing these changes to deliver the very best to our beloved nation.

Some recent initiatives include the fresh guidelines on Islamic Capital Market Products and Services (ICMPS Guidelines) issued by the Securities Commission Malaysia at the end of 2022. It stressed the potential of Islamic Fintech to enhance financial inclusion, social impact and sustainability, and is seen as a pivotal springboard for new ICMPS offerings targeted at new and sophisticated investors alike.
The world is witnessing a surge in the adoption of Islamic Fintech solutions. The emergence of digital Islamic banking, innovative peer-to-peer Islamic financing platforms, and technology-driven ethical investment tools are all developments that resonate with the global shift towards sustainable and ethical finance. In Malaysia, companies like Ethis and Capsphere have thrived by offering ethical and accessible investment options. These stories demonstrate how addressing the needs of a specific demographic can lead to success, reflecting a global trend towards niche markets and financial inclusion.

At Bank Islam, we have adapted swiftly to this changing landscape. We are digitally enhancing our traditional Islamic finance offerings, making them accessible and convenient. With the launch of Be U by Bank Islam in 2022, the nation’s first 100% digital Islamic banking proposition, through a carved out division, Centre of Digital Experience, here at Bank Islam, we are delivering on our commitments to proliferate Islamic Finance, foster responsible financing and inculcate financial literacy, while aligning ourselves with the global push for digital transformation in finance.
Our mission to promote financial inclusion is stronger than ever. Leveraging technology, we are reaching underserved populations, extending services to the unbanked, offering solutions for gig workers and contributing to the global goal of financial inclusion.
In this journey, we face challenges, including navigating the complex regulatory landscape, ensuring Shariah compliance, and safeguarding against cybersecurity threats. Opportunities lie in Malaysia’s potential to become a global leader in ethical and sustainable finance.
Our commitment to promoting financial literacy and education continues to anchor our objectives in building informed and responsible consumers. Together with like minded thought leaders, let us navigate this dynamic landscape, embracing innovation in Islamic finance, and building a more sustainable and inclusive future.

Yours sincerely,
Noor Farilla Abdullah
Group Chief Digital Officer, Bank Islam