Huge developments in fintech are taking place in the UAE and Malaysia, which are takaful market leaders, heralding that financial innovation (and disruption) is looming on the horizon for Islamic insurance. This is evident too from strong regulators’ support for fintech.
The financial free zone, Abu Dhabi Global Market (ADGM), in its bid to be the fintech capital in the Arabian Gulf, has proposed a “Regulatory Laboratory” (RegLab) that allows firms to deploy innovative technology in the financial services sector in a controlled and cost-effective environment. The RegLab is the first of such initiatives in the Middle East and North Africa region.
In Malaysia, Bank Negara plans to issue a regulatory framework by the end of this year to facilitate the adoption of technological innovation in the financial services industry.
For more on this story visit the following link: Takaful: Fintech is coming to Islamic insurance in a big way
Source: Asian Insurance Review