Some Food For Thought

Life in the world of Islamic Finance appears to be getting more and more interesting as the debate regarding the future of the industry starts to hot up. As indicated last week there is a lot of discussion going on regarding FINTECH, Regulation, Shariah Compliance, new business models and new products; to name but a few. One thing is certainly agreed upon. There will be major disruption.

A recurring theme of Relevance, Trust and Impact. #RTI appears to be emerging quite regularly. Indeed, this was the case when I had the pleasure to address the 4th MFPC International Conference on Saturday morning. About 200+ Islamic Wealth Management and Financial Planning Practitioners were present to debate and discuss a theme centred on “Islamic Wealth Management and Fintech Solutions.” During my keynote I was able to deliver some messages which could be the basis of some Food for Thought. These focused on the clear alignment between the Objectives of Maqasid al Shariah and the 17 UN SDG’s. In addition, the fact that 40% of the USD 168 Trillion of global invested assets were ESG and UN PRI compliant (again demonstrating alignment with the objectives of the Maqasid). Finally that there will be over 2 billion millennials by 2020 and in a recent UN PRI report, it was found that over 90% of them wanted to a) Impact Invest – (Make investments in companies that had a direct and positive impact on the SDG’s) and b) only wanted to work for companies that aligned themselves with the SDG’s and would therefore have an immediate impact.

The world is changing fast and the young people are already beginning to lead the way. Relevance, Trust and Impact are very much their watchwords.

As ever, there is much to do and not a moment to lose #MTDANAMTL


Daud Vicary Abdullah