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LONDON, July 5, 2021 /PRNewswire/ — The Islamic Finance sector was celebrating a year of strong growth when COVID-19 broke out, and the pandemic turned the industry on its head. Islamic banking’s exposure to SMEs, which faced greater disruption to their cash flows and revenues during the coronavirus crisis, spelled trouble for the sector.
Despite these challenges, a number of institutions showcased their willingness to adapt and innovate amid extraordinary circumstances. These firms are celebrated in the latest edition of World Finance. The 2021 Islamic Finance Awards applaud the top firms in the sector, with winners including Jordan Islamic Bank, Kuwait International Bank and ICS Financial Systems.
While these groups certainly faced challenges, they also took advantage of opportunities within the fast-growing Islamic finance sector. Although Shariah-compliant institutions account for only a small portion of the global financial sector, there remains a lack of representation of Islamic finance in countries with large Muslim populations, indicating a clear avenue for continued growth.
However, the sector must continue adapting to the changing landscape. Digitisation driven by new working from home arrangements will have a great impact on the performance of real estate and construction industries, which account for a large segment of Shariah-compliant financing.
Yet the digital transformation has also spurred more Islamic finance institutions to invest in mobile platforms, enabling them to better serve their customers. What’s more, technological adaptations could also spark a revolution in Islamic finance education and awareness. With conferences and seminars moving online, a wider range of industry stakeholders can now take part in digital events, ensuring that Islamic finance takes centre stage.
To find out the companies that are at the top of their game in the Islamic finance sector, pick up the latest issue of World Finance, available online, on mobile and in print now.
World News Media, the parent company of World Finance, is a leading publisher of quality financial and business magazines, which enjoys a global distribution network that includes subscriber lists of prominent decision-makers around the world.
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SOURCE World News Media