Latest news with #AlMheiri
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Fintech to elevate the banking industry, says Ibrahim Al Mheiri
Demand for seamless, convenient and accessible transactions is driving uptake of fintech solutions while AI-driven solutions have also enhanced Islamic investment options, providing hyper-personalised results that comply with Islamic principles, says an industry veteran. Ibrahim Al Mheiri, Head of Islamic Banking, Mashreq, said Shariah-compliant banking is actually suitable for every customer, including non-Muslim customers. 'We are seeing increased demand for financial solutions that align with customers' ethical principles, and by its very nature, Islamic banking meets that demand,' Al Mheiri told BTR. In an exclusive interview, Al Mheiri deep dives into how Islamic finance can harness the potential of open banking and embedded finance have made financial transactions seamless, more convenient and accessible. Excerpts from the interview: Fintech has changed banking and sets new benchmarks. How did it revolutionise Islamic banking? As with conventional banking, fintech has had tremendous impact on Islamic banking. Innovations such as open banking and embedded finance have made financial transactions seamless, more convenient and accessible, while digital banking and mobile apps have allowed customers — especially in underserved regions — access Shariah-compliant financial services easily, as well as making transactions faster and more efficient. Technology such as blockchain has enabled greater transparency in Islamic financial contracts, such as Murabaha and Sukuk, increasing compliance. Predictive analytics based on artificial intelligence (AI) and generative AI (GenAI) now help Islamic banks assess creditworthiness in a Shariah-compliant way, avoiding interest-based credit scoring, and sophisticated fraud detection and compliance monitoring tools enhance operational security and regulatory adherence. AI-driven solutions have also enhanced Islamic investment options, providing hyper-personalised solutions that comply with Islamic principles. How do you see fintech will drive Islamic banking in the coming years? Do you think it will help promote Shariah-compliant products? The more fintech — and the associated technology and innovation — makes Shariah-compliant banking and financial solutions more accessible and convenient, the more it will drive uptake of Islamic banking. Essentially, we will see parallels between fintech in conventional banking and fintech in Islamic banking; it stands to reason that what will drive trends in one will be replicated in the other. A key area in which fintech will help promote Islamic banking is in ethics and principles; with tech and innovation enabling ever greater transparency and compliance, the involvement of fintech will make it easier for customers to choose financial products and services that match their religious and ethical requirements. What are the key factors influencing the Islamic banks to adopt fintech and promote its usage in today's day-to-day banking? As with conventional banking, the technology and innovation with which fintechs are associated are enabling something of a revolution, as are shifts in consumer expectations and developments in operational processes. Demand for seamless, convenient and accessible transactions is driving uptake of fintech solutions such as those made possible by open banking and embedded finance, while automation of everyday processes behind the scenes is enabling banks to enhance the customer experience to keep pace with expectations of always-available service. Financial inclusion, a core tenet of Islamic finance, is also a key factor; by adopting fintech solutions and the associated technology and innovation, we can expand our reach, increase financial inclusion and ensure the unbanked and underbanked can access the financial solutions they need. Underscoring all of this is the simple fact that Shariah-compliant banking is actually suitable for every customer, including non-Muslim customers. We are seeing increased demand for financial solutions that align with customers' ethical principles, and by its very nature, Islamic banking meets that demand. Do you see any adverse impact of fintech on Islamic banking? While developments such as automation — with technology and innovation taking over many of the more mundane, previously human-led processes — can naturally cause concern in the banking industry thanks to changes in human capital deployment, we see such changes as an opportunity. Instead of having their time taken up with routine tasks, our teams can focus on customers, and on providing a vastly enhanced customer experience. Automation also means quicker processes with fewer errors, benefiting everyone, and more time to focus on more complex tasks means customers can have their needs met faster and more intuitively. How do you expect fintech to lift Islamic banking in the next five years? We expect fintech to elevate the banking industry, whether conventional or Islamic. Technology and innovation are opening whole new avenues for banks and their customers, with vast enhancements to the customer experience and to operational efficiency. Key areas of evolution will be in driving innovation, enhancing efficiency, expanding reach, and increasing financial inclusion. With the continued acceleration of digital transformation, Islamic finance will become ever more accessible, transparent, and competitive, both in the GCC region and across the globe.
The National
26-02-2025
- Business
- The National
Investment platform 2PointZero to be listed on ADX by end of year, CEO says
Abu Dhabi-based investment platform 2PointZero aims to list its shares on the Abu Dhabi Securities Exchange by the end of this year amid the continued momentum for initial public offerings in the UAE. The company 'is extremely welcoming of partnerships across the globe, and aims to expand in Asia, Latina America and Africa,' group chief executive Mariam Al Mheiri told the Investopia conference in the UAE capital on Wednesday. She did not provide details of the total size of the planned offering or how much 2PointZero aims to raise through the transaction. Abu Dhabi's International Holding Company set up last year 2PointZero year with a total asset base of Dh100 billion ($27.2 billion). Companies under 2PointZero include private investment firm Chimera as well as its subsidiaries Lunate and Beltone. International Resources Holding, which is focused on energy transition minerals, Sagasse Investments, which had total assets of Dh8 billion as of 2023 and Citadel Technologies, which operates a crypto mining plant in Abu Dhabi and specialises in Bitcoin extraction, are among other businesses in the new holding company. Earlier this month, IRH bought Cairo-based digital financial service provider Maseera Holding and revealed plans to invest up to $1 billion over the next few years to support its expansion. Last year, IRH completed the acquisition of Mopani Copper Mines in Zambia, to expand its operations in the mining sector, with the value of the deal resting at $1.1 billion. Ms Al Mheiri said the Zambia mine is delivering about 100,000 tonnes of copper, with a plan to increase output to 220,000 tonnes. "IRH is a fully integrated mining company, exploration, mining all the way up to trading. So it's not just buying assets in the mining sector, but actually operating," she said. The listing plans come as IPO momentum continues in the Middle East, with the region's economies moving ahead with their diversification strategies. Last year, a number of companies listed their shares on regional stock markets including food delivery platform Talabat Holding, Lulu Group, Oman's oil and gas company OQEP, ADNH Catering, a unit of Abu Dhabi National Hotels, NMDC Energy, a unit of Abu Dhabi contractor National Marine Dredging Company, and Alef Education, among others. On Wednesday, UAE technology company Alpha Data said it raised Dh600 million from its IPO on the ADX.
