AlHuda Centre of Islamic Banking and Economics (CIBE), a household name of Islamic finance services, partnered with MYTM, a prominent Islamic FinTech company.
Together, they plan to explore potential opportunities for collaboration, with the shared goal of reforming the Islamic banking and finance sectors.
The two companies signed a Memorandum of Understanding (MoU) in the presence of MYTM Chairman and former Minister of Commerce and Investment, Dr Sohail Zafar Cheema and AlHuda CIBE Chief Executive Officer (CEO), Mr Muhammad Zubair Mughal.
Other notable guests include the CEO of MYTM Pakistan, Dr. Zain Farooq, and the CEO of MYTM Kingdom of Saudi Arabia (KSA), Jawad Mahmood.
Recently, Islamic finance has boomed in popularity, propelled by increased awareness of interest-free financing solutions. As consumer preferences shift in favour of the sector, new opportunities for innovation and expansion emerge.
Additionally, the integration of FinTech in financial transactions has completely transformed traditional financial transactions. These changes have made transactions more convenient, efficient, and cost-effective for consumers and financial institutions.
Thus, MYTM presents its Islamic FinTech suite product, FINOVA.
Likewise, AlHuda is actively exploring Blockchain, Artificial Intelligence (AI), InsurTech, cryptocurrencies, NFTs, CBDCs, RegTech, Metaverse, AR, VR, Robo advisory, and Neo banking solutions. It also plans to incorporate FinTech solutions into its range of services.
Through this joint venture, MYTM and AlHuda CIBE can leverage each other’s distinctive areas of expertise. With AlHuda CIBE’s vast network, MYTM could market FINOVA in new regions.
The collaboration between AlHuda CIBE and MYTM acknowledges the crucial role of FinTech in shaping the future of Islamic finance. It emphasises the importance of adopting technologically advanced innovations to ensure the growth and sustainability of the Islamic finance industry.
Collaborations such as AlHuda CIBE and MYTM promote the potential of technology for the Islamic financial sector. Such collaborations can enhance the industry’s accessibility and sustainability.
