Oman To Host First Islamic Fintech Forum
After UAE, Malaysia, and Turkey, Elmangos brings its expertise in organizing fintech events to Muscat and launches Oman’s First Islamic Fintech Forum (OiFF2019).
Supported by e-Oman and Sultanate of Oman Information Technology Authority, the event is the first of its kind in the Sultanate and is taking place on 26-27 June 2019 in Muscat.
OiFF2019 aims at highlighting the potential Islamic Fintech has in order to develop the economy and improve financial inclusion. The forum will provide the platform for global Islamic institutions to showcase their experience and success stories. It will also facilitate business exchange and collaboration opportunities between key stakeholders for the development of the industry in Oman.
One of the highlights of the event will be the launch of a new Waqf Blockchain solution for the first time in the GCC region by Finterra, a leading blockchain social solutions provider. It is the very first and only platform in the world that has specifically developed a blockchain-based solution to crowdfund Waqf charity, Islamic investments, and peer-to-peer lending. According to its founder Hamid Rashid, “Oman was among the early advocates of our Waqf blockchain solution. The Sultanate’s ambitions to develop the Waqf and digitalize financial services can only be commended.”
In another statement, Mughees Shaukat, Head of Islamic Finance College of Banking & Financial Studies commented saying: “What is crucially noteworthy is that the fintech-driven finance is an application of 101 Islamic Finance, namely the models of Mudaraba and Musharaka. Schemes of crowdfunding, angel investing and P2P are few examples. Given the economic diversification prospects of Oman and the national program of Tanfeedh, the Sultanate is in a unique position to leverage on a ‘New age’ fintech model of Islamic finance as its brand. This will yield solutions for better financial inclusion, attract more FDI and develop the entrepreneurship ecosystem even further”.
In its efforts to diversify its economy, Oman unveiled its five-year plan (2016-2020) outlining reduced dependency on oil and gas revenue. The country is currently considering digitalization and new technologies to boost economic growth. Elmangos believes that promoting Fintech in Oman at this stage is in line with Oman’s 2040 vision to diversify the economy. OiFF2019 will shed the light on the significant contribution Islamic Fintech can have to the local economy.
The theme of this first edition will be “Embracing Digital Transformation” with a particular focus on the banking sector, namely the Islamic segment. In their report on Oman Banking Perspectives (April 2018), KPMG highlighted that “major developments in technology and regulation are likely to have a transformative effect on the current and future landscape of the banking sector in Oman”. The event will be an adequate opportunity to discuss how each type of Fintech can be of value to the banking sector and how regulation should accommodate the digital transformation.
The choice of “Islamic Fintech” stems out of the ambition to develop the Islamic Finance sector for the benefit of Muslim countries. In his statement, Mr. Abd El Mohaimen Mansi, Founder & CEO of Elmangos said that: “Oman has great ambitions to diversify its economy and harness the power of technology to the well-being of its society. Oman 2040 vision says it all and we are going this year to Oman to second the Sultanate’s strategic plans, leverage on our network and expertise for the benefit of the industry’s stakeholders and create awareness on the importance of using technology to contribute to Islamic finance or the Islamic economy as a whole.
While some neighboring countries pioneered in adopting Fintech, Oman plans to benefit from their experience and tailor-make its own success story. OiFF2019 will set the stage for Islamic Fintech experts to meet and share their expertise in order to assess Oman’s potential in embracing Islamic Fintech to enhance financial inclusion and digitalize its traditional banking services. Featuring regional and international leaders in FinTech and Islamic finance, the event will include keynote sessions, panel discussions, workshops and MoUs exchange between different parties.
Originally published on www.gulftoday.ae