This would be in line with the Fourth Industrial Revolution (4IR), where individual technologies are rapidly developing and reinforcing one another.
He noted that the requirements to participate and invest in the 4IR were immense.
“Islamic finance cannot be left out of the new forms of fintech.It may be said to be ideally suited for it, given our established participatory profit-and-loss sharing financing schemes,” he said in his opening speech at the 14th Kuala Lumpur Islamic Finance Forum (KLIFF) 2017 here, today.
Sultan Nazrin also stressed that the “one-shoe-fits-all” approach to financing must eventually be discarded in favour of more tailored or structured financial solutions.
“This is now possible with the vast amounts of big data being generated, provided that Islamic finance institutions can manage, analyse and customise products for corporations and individuals alike,” he said, adding, regulatory authorities need to have the vision to facilitate developments.
He said Islamic finance also needs to be able to connect with the fast changing nature of global finance, while remaining absolutely uncompromising in terms of faithfulness to Shariah principles and ethics
Islamic finance should venture into financial technology (fintech) in tandem with the global financing requirements, said the Sultan of Perak, Sultan Nazrin Shah