INCEIF collaborates with MIMOS to embark on Islamic fintech

Kuala Lumpur, 21 February 2018  INCEIF today inked a Memorandum of Understanding (MoU) with MIMOS Bhd that will see the national research and development centre in ICT collaborating with INCEIF, the global university of Islamic finance, to develop a blueprint for an Islamic finance based investment technology platform.

INCEIF President & CEO Prof. Dato’ Dr. Azmi Omar signed on behalf of INCEIF while MIMOS was represented by its President & CEO, Mr. Ahmad Rizan Ibrahim. The signing ceremony was held on INCEIF campus. 

INCEIF and MIMOS will collaborate in research and development of information and communications technology, in particular the Big Data Analytics, Deep Learning and Fintech. Both institutions would seek to exchange personnel for purposes that include teaching, research, training, study visits, internships or attachment. Further, INCEIF and MIMOS may also cooperate in undertaking other activities such as field-testing, technology transfer and commercialisation of technological products.

According to Dato’ Azmi, “This collaboration is a fine example of like-minded partners building on each other’s strengths and strategic focus. We look forward to translating the innovative ideas incubated through our research into a reality, be it a service or product which is of use to the society at large. As a global university specialising in postgraduate studies and applied research in Islamic finance, we are encouraged by this development and look forward to be part of the Fintech movement.”

Ahmad Rizan said: “FinTech – much less Islamic FinTech – is still in its infancy and growing in Malaysia.  MIMOS has established a couple of FinTech collaborations during the past few years, but the technologies behind it, in particular Big Data Analytics, Deep Learning and Artificial Intelligence have been some of the key thrust areas at MIMOS for quite some time.  Today we’re only building on the successful work that we have done in the past.”

The collaboration will create greater Islamic Finance development and facilitate a more exciting exploration of its total potential, he said.

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