The first Global Islamic Fintech Summit (GIFS) was opened yesterday at Menara Kembar Bank Rakyat, Kuala Lumpur.

The summit was organised by Elmangos, a Dubai-based events management company who previously events in collaboration with Albaraka Turk Participation Bank, one of the major supporters of the entrepreneurship ecosystem in Turkey.

As one of the key markets for Islamic finance, Malaysia has seen many innovations in Islamic finance, driven by homegrown as well as international financial institutions. Malaysia is also home to a vibrant startup ecosystem, partly due to Government support and resources into making SMEs the primary driver of the economy.

GIFS 2018 saw the participation and support of leading Islamic financial institutions and organizations, including Dubai International Financial Centre (DIFC), MBSB Bank Malaysia and Finterra. Keynote sessions showcasing new fintech platforms and panel discussions were held, together with an exhibition of players in the Islamic fintech space.

Abd Elmohaimen Mansi, founder and CEO of Elmangos said, “We realized, during the GIEEC Islamic FinTech panel last year, that Islamic Fintech has a huge public demand and has great potential in contributing to the Islamic digital economy. Nonetheless, there is no dedicated platform for further exploration and development. GIFS 2018 will be the platform to engage Islamic economy with Fintech.”