Mobiquity launches global digital Islamic banking prototype at Money 20/20
Mobiquity, a full-service digital transformation enabler, today launched a global digital Islamic banking minimal viable product (MVP) for the Muslim community.
Announced at Money 20/20 in Europe, the Shariah-compliant MVP was developed in six weeks. The Islamic banking MVP enables Australian financial institutions to enhance their offerings and deliver personalised, ethical Islamic banking services to their customers.
As a growing community of 1.2 million people, Australian Muslims are actively seeking financial services that accommodate their religious beliefs but lacking the opportunity to do so. One in three Australian Muslims admitting to keeping significant cash savings at home because of a lack of suitable finance options and to avoid earning interest — which is seen as non-Sharia.
Through the development of this MVP, Mobiquity recognises the potential to further evolve and serve the Islamic finance sector, by provisioning for Islamic banking. Mobiquity sees Islamic banking as an essential part of everyday life and a unique opportunity for global financial service providers to enhance inclusivity.
Matthew Williamson, VP Global Financial Services at Mobiquity, confirmed the opportunity is ripe for the taking with an emerging generation actively seeking banking solutions that meet their religious beliefs.
“The future of Islamic finance is disrupting traditional models as more people, particularly the younger generation, seek banking solutions that meet religious needs and encourage an ecosystem of fair, ethical and moral responsibility. Mobiquity has created a global digital Islamic banking MVP that prioritises social and ethical consciousness.”
“To meet customer expectations, Islamic fintechs worldwide need to use technology that enables flexible banking solutions to suit their customers’ lifestyles. Customers increasingly want digital banking that they can trust and that are convenient to use,” said Williamson.
With approximately 1.9 billion Muslims in the world today, the Islamic fintech market is expected to reach AU$220 billion by 2025 and it’s tipped that APAC will become a focus region due to its growing Muslim population.
Gustavo Quiroga, APAC General Manager of Mobiquity confirmed the opportunities to not only deliver an inclusive service to the broader community, but extend the realm of innovation to delight customers.
“Research shows that almost half of Australian Muslims who have taken out a mortgage with a traditional bank were reluctant to do so, as the interest earnings run contrary to their religious beliefs. There’s now an opportunity to use our Islamic banking MVP to extend culturally ethical banking services that truly delight and exceed expectations of customers.
“Built in only six weeks, this MVP marks the start of uneartheathing Islamic banking’s potential in Asia Pacific — a region that’s home to a growing Muslim community. Our team is beyond excited to grow our services in this space and partner with like minded financial institutions who see the value in investing in such ethical practices,” said Quiroga.
Omar Shaikh, Board Member, Islamic Finance Council UK (UKIFC) said the Islamic finance market is continuing to grow in demand globally.
“Islamic banking continues to grow strongly across a number of emerging markets with younger average ages. These customers are moving from demanding to expecting highly efficient and effective digital banking services as the primary delivery channel. Focusing on digital along with Islamic finance presents a strong business model that leverages two of the highest growth segments within financial services. The enhanced transparency and choice that is enabled by digital solutions is a key asset when delivering faith based, ethical banking products,” said Shaikh.
