Bitcoin Association sponsors Islamic Fintech Week 2020

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Bitcoin Association has joined the inaugural Islamic Fintech Week 2020 as a sponsor and ecosystem partner. The three-day event will bring together stakeholders, regulators and innovators to chart the future of financial technology in the Islamic world.

This year’s IFW2020 will be hosted in Malaysia from September 7-10. It will feature a themed series of panel debates, roundtable sessions and masterclasses. The sessions will be curated to address some of the local and global challenges facing the Islamic world and how financial technology can solve them.

Bitcoin Association Founding President Jimmy Nguyen remarked, “Islamic finance requirements can be especially well-satisfied by a global public data ledger, such as Bitcoin SV, which records transactions in timestamped chronological order with transparency, auditability and honesty. We are excited to educate Islamic finance professionals, about how the Bitcoin SV blockchain can improve efficiency and transparency of asset-based liquidity management, streamline multi-party profit sharing and expand business opportunities in their sector.”

The Association will be represented at the event by Ella Qiang, its Southeast Asia manager and Masumi Hamahira, Bitcoin Association’s Ambassador for Malaysia . Qiang will be a member of a panel that will delve into how blockchain can be leveraged for positive impact. Qiang tells CoinGeek:

“I’m delighted to join the Islamic FinTech Week and share with the audience how Bitcoin SV blockchain could address some of the common challenges that are specific to Islamic finance. As a proven scalable and regulatory-friendly public ledger, Bitcoin SV can facilitate tokenized asset recording and exchange that are tamper-proof and easy to audit, which could drastically improve the efficiency and reduce error in an asset-based financing system in Islamic finance. Smart contract capability on the Bitcoin SV blockchain could support automated profit and loss sharing mechanism with multi-parties that are commonly used in Shariah-compliant finance platforms.”

Hamahira is also among the speakers. A globally recognized expert in Islamic finance, he currently serves as an executive advisor for Islamic Banking Window at MUFG Bank in Malaysia.

“The lead partner of Islamic FinTech Week is Malaysia Digital Economy Corporation (MDEC) which is a Malaysia government agency under the Ministry of Communications and Multimedia Malaysia to lead the ICT and digital economy growth. Thanks to this initiative by MDEC, the speakers and audience are not limited to Malaysia, but will be global, including guests from Indonesia, Saudi Arabia, Kuwait, Turkey, UK, Germany, Luxembourg and Portugal,” Hamahira told CoinGeek.

Hamahira, who is also a member of the Bitcoin SV Technical Standards Committee, will speak about how Bitcoin SV can underpin business applications that fulfill Islamic finance requirements.

“Islamic FinTech Week is a great opportunity for Bitcoin SV community to bring regulators, financial institutions, VCs and Angel investors from the Islamic Fintech industry into the Bitcoin SV ecosystem. I look forward to presenting a keynote to show the great potential for Bitcoin SV to be the ‘one world, one chain’ protocol, set in stone like TCP/IP protocol for the Internet. I will highlight the advantage of Bitcoin SV in scalability, immutability and traceability which will cater for requirement of Islamic law what we call Shariah which Islamic Fintech should comply,” he noted.

Topics on the agenda for the virtual event will include the role of Shariah in Islamic fintech, how Malaysia can become a global finance hub, fintech’s role in the recovery from the COVID-19 pandemic and the social impact of Muslim women in finance.

Digital currencies and blockchain will also feature heavily in the event, with various guests set to address how they can be integrated into the Islamic finance industry.

The speakers will include Azura Othman, the CEO of the Chartered Institute of Islamic Finance Professionals; Nabilah Alsagoff, the co-founder of Indonesia’s largest digital payments company Doku; and Irwan Abdalloh, the head of Islamic Capital Market Division at the Indonesian Stock Exchange.

Tickets for the Islamic Fintech Week 2020 are currently open and free for the public. Grab yours now!