An overview of the lecture on “Digital Islamic Economy: Challenges and Prospects”

Date: 16 June 2022 Time: 12Noon (Kuwait time) Speaker: Mughees Shaukat, Chairman Advisory Board, FGI, Canada, Strategist Policy…

  • Date: 16 June 2022
  • Time: 12Noon (Kuwait time)
  • Speaker: Mughees Shaukat, Chairman Advisory Board, FGI, Canada, Strategist Policy Advisor; Fintech & Digital Banking Specialist; Pioneer Head of Islamic Finance, Oman & Vice Chairman AAOIFI Education Board, Bahrain
  • Organizer: Islamic Econmics Association, Faculty of Shariah and Islamic Studies, Kuwait University
  • Web: https://shariaa.org

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Introduction:

Islamic Economics Association at the Faculty of Shariah and Islamic Studies, Kuwait University is continuously constructing various types of events and lectures to promote Islamic Finance framework, strategies and standards. In regard to that the lecture on “Digital Islamic Economy: Challenges and Prospects” was held on 16 June 2022. Dr. Mohammad Mohiuddin, the Moderator of the session started the session and briefly introduced the Association and the speaker to all participants. The speaker Mr. Mughees Shaukat addressed the background of the topic of the lecture at the beginning and mentioned the content of the lecture. Then the lecturer discussed the digital Islamic economy, its challenges and risks and what are the possibilities.

Keywords: Islamic Finance. Monetization. Fintech. Digital Economy. Cyber Risk.

Objectives:

The objectives of the lecture are:

  1. Assisting the researchers, professionals and students to understand digital Islamic economy.
  2. Introducing the challenges in digital economy.
  3. Helping the attendees to understand the risks in digitization of economy.
  4. Addressing what are the prospects and possibilities in digital Islamic economy.
  5. Explaining Islamic/Halal finance version 2.0

Discussions:

Mr. Mughees Shaukat discussed the topic excellently and he highlighted the following contents in the discussion:

1. An overview of digital Islamic economy worldwide.

2. Discussion on disruption in 3 elements such as in business models, operational models and customer experience.

3. Three main components of fintech; financial service, digitalization and consumers’ behaviour.

4. Risk sharing Islamic Finance.

5. Cyber risks; the dark side of technology bliss.

6. Cyber hygiene.

7. Islamic/Halal Finance Version 2.0

Link:

https://www.youtube.com/watch?v=WeWgqMj7Zjs

May Allah accept all our good deeds and services.

Prepared by:

Dr. Mohammad Mohiuddin

Moderator of the session

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