Provost Kah Shares Insights on FinTech, Islamic Finance

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Financial Technology is growing and AUN is looking at introducing it as a concentration in Business Administration and in Information Systems.

Provost and Vice President for Academic Affairs, Muhammadou Kah, says it is among the disciplines of the future...the newest frontier.

Other disciplines of the future include Artificial Intelligence (AI), Blockchain, Big Data, and Machine Learning.

“We at AUN want to develop the next generation of professionals in this area.”

At the February 19 Europe-Muslim World Democracy Forum that took place at European Union Headquarters in Brussels, Provost  Kah was one of the panelists.

He shared his thoughts on Financial Technology at the Forum. Often shortened to FinTech, it is the unfolding technology and innovation used in delivering financial services.

Prof. Kah opined that FinTech has come to stay, adding that its futuristic benefit is equally huge.

One challenge he sees in FinTech is the human resource needed to be able to drive it and scale it up even though the number of youths who are writing applications in delivering financial services is on the rise.

Prof. Kah said FinTech is increasingly being embraced by not only Muslims but also non-Muslims.

“Muslim youths who are very creative and innovative are getting into the FinTech world, to write applications using sharia-compliant principles and regulations.

He said one good thing about Islamic finance products and services is that it is more risk-tolerant.

The Islamic financial sector has the potential to contribute to the achievement of sustainable economic development in many ways. It helps to improve access to finance, be an effective tool in reducing poverty, and empower capital markets.

The Executive Director of the National Film and Video Censors Board of Nigeria, Adedayo Thomas, was also a participant at the Forum. He likened it to giving community service and said it is going to have a multiplier effect in the long run.

“So, Islamic funding has come into place to at least give the lower level cadre of businessmen and women the opportunity to grow their businesses.”

Another panelist, Mohammed Saqub, Partner & Head of Islamic Finance & Inward Investment, Shakespeare Martineau, explained how Islamic finance plays an important role in society.

 

Reported by Omorogbe Omorogiuwa