{"id":4957,"date":"2022-01-19T06:09:49","date_gmt":"2022-01-19T06:09:49","guid":{"rendered":"https:\/\/blog.ethis.co\/?p=4957"},"modified":"2022-11-03T15:51:02","modified_gmt":"2022-11-03T15:51:02","slug":"islamic-finance-new-breakthroughs","status":"publish","type":"post","link":"https:\/\/ethis.co\/blog\/islamic-finance-new-breakthroughs\/","title":{"rendered":"New Breakthroughs Help Harness the Power of the Community"},"content":{"rendered":"\n<p><strong><em>An Exclusive Interview with Nida Khan, CEO, Nash fintechX<\/em><\/strong><\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_51_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\" role=\"button\"><label for=\"item-69d8d15a7a495\" ><span class=\"\"><span style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input aria-label=\"Toggle\" aria-label=\"item-69d8d15a7a495\"  type=\"checkbox\" id=\"item-69d8d15a7a495\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/ethis.co\/blog\/islamic-finance-new-breakthroughs\/#Q_Nida_as_a_developer_of_some_pioneering_technological_tools_for_Islamic_finance_including_the_first_Islamic_finance_app_blockchain_consensus_mechanism_and_a_decentralised_app_for_crowdfunding_how_would_you_assess_their_impact_on_the_growth_of_Islamic_banking_and_finance_industry_as_a_whole\" title=\"Q: Nida, as a developer of some pioneering technological tools for Islamic finance, including the first Islamic finance app, blockchain consensus mechanism and a decentralised app for crowdfunding, how would you assess their impact on the growth of Islamic banking and finance industry as a whole?&nbsp;\">Q: Nida, as a developer of some pioneering technological tools for Islamic finance, including the first Islamic finance app, blockchain consensus mechanism and a decentralised app for crowdfunding, how would you assess their impact on the growth of Islamic banking and finance industry as a whole?&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/ethis.co\/blog\/islamic-finance-new-breakthroughs\/#Q_Any_ideas_to_share_on_how_more_technological_innovations_to_drive_Islamic_finance_can_be_pursued\" title=\"Q: Any ideas to share on how more technological innovations to drive Islamic finance can be pursued?\">Q: Any ideas to share on how more technological innovations to drive Islamic finance can be pursued?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/ethis.co\/blog\/islamic-finance-new-breakthroughs\/#Q_What_do_you_think_are_the_areas_that_Islamic_finance_should_be_focusing_on_especially_in_a_context_where_innovation_and_venture_capital_are_the_main_drivers_in_an_increasingly_competitive_world\" title=\"Q: What do you think are the areas that Islamic finance should be focusing on, especially in a context where innovation and venture capital are the main drivers in an increasingly competitive world?\">Q: What do you think are the areas that Islamic finance should be focusing on, especially in a context where innovation and venture capital are the main drivers in an increasingly competitive world?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/ethis.co\/blog\/islamic-finance-new-breakthroughs\/#Q_New_developments_like_fintech_and_crowdfunding_have_grown_exponentially_of_late_What_do_you_think_are_the_reasons_for_this_and_how_could_it_be_taken_forward_to_reach_its_maximum_potential\" title=\"Q: New developments like fintech and crowdfunding have grown exponentially of late. What do you think are the reasons for this and how could it be taken forward to reach its maximum potential?\">Q: New developments like fintech and crowdfunding have grown exponentially of late. What do you think are the reasons for this and how could it be taken forward to reach its maximum potential?<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Q_Nida_as_a_developer_of_some_pioneering_technological_tools_for_Islamic_finance_including_the_first_Islamic_finance_app_blockchain_consensus_mechanism_and_a_decentralised_app_for_crowdfunding_how_would_you_assess_their_impact_on_the_growth_of_Islamic_banking_and_finance_industry_as_a_whole\"><\/span><strong>Q: Nida, as a developer of some pioneering technological tools for Islamic finance, including the first Islamic finance app, blockchain consensus mechanism and a decentralised app for crowdfunding, how would you assess their impact on the growth of Islamic banking and finance industry as a whole?&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A: The<a href=\"https:\/\/ethis.co\/blog\/islamic-finance-explained\/\" title=\"Islamic Finance Explained: Financing for a Better World\"> Islamic finance<\/a> app has been very well received with Android so far&nbsp;depicting 10k+installs. The apps were the output of creative pursuits to know the development environments in iOS and Android and were launched as a service. The apps helped in increasing awareness of the industry. The IP rights of the decentralised app for <a href=\"https:\/\/ethis.co\/blog\/crowdfunding-grow-wealth\/\" title=\"Crowdfunding: A New Way to Grow Your Wealth\">crowdfunding <\/a>and other similar projects, that I did, are owned by ConexCap and are yet to be launched in the market. I conducted educational sessions around them, many of which were organised by ConexCap.&nbsp;<\/p>\n\n\n\n<p>These helped in streamlining the focus of the industry towards blockchain and AI. The blockchain consensus mechanism was a part of my PhD research work and has not been commercialised till now. I see Solana blockchain is also using a similar idea of keeping time as the consensus mechanism I came up with using Lamport\u2019s logical clocks, but everything in the ecosystem depends on how fast you deliver a product\/ service to the market, which in turn depends on receiving the necessary funding as a young entrepreneur. My initiatives so far have impacted the course of the industry at large in pivoting it towards a technology-grounded domain. I am hopeful that my contributions will greatly benefit the digital transformation journey we are going through.&nbsp;<\/p>\n\n\n\n<p>My latest offering is GreenChainX, a blockchain-based software, which helps to prevent greenwashing and provides a secondary market for trading carbon credits using NFTs. The software has a GUI to remove the complexities associated with the use of blockchain. Additionally, the software uses a blockchain platform that is green so there is no energy consumption by virtue of mining of Bitcoin and Ethereum. I am confident that GreenChainX, will tackle the present issues of climate change in a goal-oriented and structured way.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"536\" src=\"https:\/\/ethis.co\/blog\/wp-content\/uploads\/2022\/01\/331-1024x536.png\" alt=\"Islamic Finance\" class=\"wp-image-4958\" srcset=\"https:\/\/ethis.co\/blog\/wp-content\/uploads\/2022\/01\/331-1024x536.png 1024w, https:\/\/ethis.co\/blog\/wp-content\/uploads\/2022\/01\/331-300x157.png 300w, https:\/\/ethis.co\/blog\/wp-content\/uploads\/2022\/01\/331-768x402.png 768w, https:\/\/ethis.co\/blog\/wp-content\/uploads\/2022\/01\/331.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"Q_Any_ideas_to_share_on_how_more_technological_innovations_to_drive_Islamic_finance_can_be_pursued\"><\/span>Q: Any ideas to share on how more technological innovations to drive Islamic finance can be pursued?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A: Technological innovations would come when there is a demand for them in the Islamic finance market. My perception is that the Islamic finance industry is not very active in the R&amp;D area, which lays down the fertile ground for innovations. The general population, too, is focused on putting forward innovative solutions in domains, where investment would come easily, which further drives away innovative minds from pouring their creative zeal into finding solutions for the industry. We are living in an age of transformation so if novel ideas don\u2019t receive funding and novel solutions are not supported, we would soon face a time where the industry would be secondary consumers of products, developed and tested by the finance community in general.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"536\" src=\"https:\/\/ethis.co\/blog\/wp-content\/uploads\/2022\/01\/341-1024x536.png\" alt=\"Islamic Finance\" class=\"wp-image-4960\" srcset=\"https:\/\/ethis.co\/blog\/wp-content\/uploads\/2022\/01\/341-1024x536.png 1024w, https:\/\/ethis.co\/blog\/wp-content\/uploads\/2022\/01\/341-300x157.png 300w, https:\/\/ethis.co\/blog\/wp-content\/uploads\/2022\/01\/341-768x402.png 768w, https:\/\/ethis.co\/blog\/wp-content\/uploads\/2022\/01\/341.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"Q_What_do_you_think_are_the_areas_that_Islamic_finance_should_be_focusing_on_especially_in_a_context_where_innovation_and_venture_capital_are_the_main_drivers_in_an_increasingly_competitive_world\"><\/span><strong>Q: What do you think are the areas that Islamic finance should be focusing on, especially in a context where innovation and venture capital are the main drivers in an increasingly competitive world?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A: I would say the automation of document processing, which has become a dire need in the wake of the pandemic and the increase in demand for digital services. Sustainability is another focus area where efforts should be made to provide solutions for combatting climate change. Another focus area, which is the foundation of all other financial sub-sectors, is data harnessing for deriving insights, providing personalised services and making predictions. In terms of technology, the major ones that would help to steer the industry forward are artificial intelligence, graph databases, blockchain, and IoT.&nbsp;<\/p>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"Q_New_developments_like_fintech_and_crowdfunding_have_grown_exponentially_of_late_What_do_you_think_are_the_reasons_for_this_and_how_could_it_be_taken_forward_to_reach_its_maximum_potential\"><\/span>Q: New developments like fintech and crowdfunding have grown exponentially of late. What do you think are the reasons for this and how could it be taken forward to reach its maximum potential?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A: The consumer of today has a lot of options in the market and this drives consumption towards those services that incur a minimal cost, are offered in real-time, involve minimum effort on the side of the consumer and are tailored to his preferences. This has led to fintech initiatives by young players as existing financial institutions are not able to adapt to the changes in market dynamics with the agility depicted by a smaller team.&nbsp;<\/p>\n\n\n\n<p>Similarly, the average consumer has more investment avenues available&nbsp;on account of the digital infrastructure gaining ground. Young businesses now capitalise&nbsp;on the power of the community through crowdfunding, where amateur investors are driven more by market sentiment than the rigorous due diligence output by traditional investors. Thus, the requested capital is gained easily. If the idea and team are good, the business sees success resulting from faster delivery of the promised product on account of early market adoption and revenue enhancement.<\/p>\n\n\n\n<p>If traditional financial organisations support new fintech players, then the association can be mutually symbiotic that benefits both parties. The fintech players can easily achieve whereas the traditional financial organisation would take a long time like developing a technical solution to cater to an emerging market need. The fintech player would thus gain an advantage by the existing trust enjoyed by the older organisation and capital provided by it. Similarly, if crowdfunding campaigns are supported by an established investor, then it would be easier to raise capital from the public.\u00a0<\/p>\n\n\n\n<p>Read more about Islamic Finance &amp; Syariah Investment at <a href=\"https:\/\/ethis.co\/blog\/\" target=\"_blank\" rel=\"noreferrer noopener\">Ethis Blog<\/a><\/p>\n<div class=\"rns\" data-title=\"New Breakthroughs Help Harness the Power of the Community\" data-tags=\"\" data-categories=\"The Halal Journal\" data-comments=\"0\" data-date=\"1642572589000\" data-author=\"Anis Shakirah\" data-single=\"\" data-url=\"https:\/\/ethis.co\/blog\/islamic-finance-new-breakthroughs\/\"><\/div> <!-- Check out https:\/\/reactandshare.com -->","protected":false},"excerpt":{"rendered":"<p>An Exclusive Interview with Nida Khan, CEO, Nash fintechX Q: Nida, as a developer of some pioneering technological tools for Islamic finance, including the first &hellip; <span class=\"read-more-link\"><a class=\"read-more\" href=\"https:\/\/ethis.co\/blog\/islamic-finance-new-breakthroughs\/\">Read More &rsaquo;<\/a><\/span><\/p>\n","protected":false},"author":58,"featured_media":4963,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":""},"categories":[2013],"tags":[],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/ethis.co\/blog\/wp-content\/uploads\/2022\/01\/321.png","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbDwgm-1hX","_links":{"self":[{"href":"https:\/\/ethis.co\/blog\/wp-json\/wp\/v2\/posts\/4957"}],"collection":[{"href":"https:\/\/ethis.co\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ethis.co\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ethis.co\/blog\/wp-json\/wp\/v2\/users\/58"}],"replies":[{"embeddable":true,"href":"https:\/\/ethis.co\/blog\/wp-json\/wp\/v2\/comments?post=4957"}],"version-history":[{"count":3,"href":"https:\/\/ethis.co\/blog\/wp-json\/wp\/v2\/posts\/4957\/revisions"}],"predecessor-version":[{"id":6466,"href":"https:\/\/ethis.co\/blog\/wp-json\/wp\/v2\/posts\/4957\/revisions\/6466"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ethis.co\/blog\/wp-json\/wp\/v2\/media\/4963"}],"wp:attachment":[{"href":"https:\/\/ethis.co\/blog\/wp-json\/wp\/v2\/media?parent=4957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ethis.co\/blog\/wp-json\/wp\/v2\/categories?post=4957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ethis.co\/blog\/wp-json\/wp\/v2\/tags?post=4957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}