Technological advancements are not only changing the way we interact with our daily reality but are also paving a path for a new and innovative future.
In recent years, emerging economies of the world have been experimenting with different technologies to facilitate the growing need for a more automatic, transparent and sustainable system of finance.
The Muslim world with its already established Islamic finance sector is also looking at more innovative ways to automate the current existing system. The overarching structure of economies whether Islamic or otherwise are investing heavily in research and experimentation of innovative technological platforms to facilitate the need for a sustainable economy of tomorrow.
The recently held Product Development & Shariah Compliance Forum session at IBA by the Centre for Excellence in Islamic Finance in collaboration with Usmani & Co, presented an idea that is not only innovative but is also cost-effective and sustainable. The Co-founder and group CEO of Cykube, UK Mr. Sharjil Ahmed were invited to speak on the topic of Blockchain: Applications and Opportunities for the Islamic Finance Industry. He shared that according to the research conducted by his team blockchain infrastructure can provide the required sustainability and is also an automatic and transparent platform for economies to explore. With the amalgamation of blockchain with a world-renowned Sharia compliance organization such as Usmani & Co can produce a platform for a more innovative Islamic economy.
He also pointed out how the Middle Eastern economies have already started establishing startups and applications to provide the economy with a stable platform to grow on. However, Blockchain is still in its infancy stage and will require investments in its research and development. That is something Mr. Sharjil Ahmed Co-founder of Cykube strongly emphasized during his session.
After the forum session was concluded, IBA CEIF along with Usmani & Co signed a memorandum of understanding with Cykube Ltd to further explore, research and implement the blockchain infrastructure at a national level. This is a big step for the current Fin-tech market of Pakistan. It also is an amazing accomplishment for Cykube Ltd to be partners with one of the finest business institutes of Pakistan along with being partners with a world-renowned Sharia compliance and advisory company such as Usmani & Co. Great times are coming ahead not only for Pakistan but also for the global economy at large.