KUALA LUMPUR (April 10): Islamic banking and finance players must be intensely invested in technologies to transform the way they conduct banking services and disseminate their products more effectively and efficiently.

In making the call, Prime Minister Tun Dr Mahathir Mohamad said the application of smart technology within the financial industry -- financial technology (fintech) -- has positively disrupted the industry, as well as other industries such as mobile payments, money transfers, loans, fundraising and asset management.

“The latest technology embraced by fintech leverages on the Internet, mobile devices, social media integration, big data analytics and artificial intelligence makes financial transactions more automated, user-friendly and more convenient, thus (giving) a superior customer experience.

“Fintech has also penetrated the Islamic finance space despite it (the technology) being considered in a very early stage.

“However, the potential disruptions to traditional Islamic finance should not be underestimated. The disruptions can swing both ways,” he said at the 15th Kuala Lumpur Islamic Finance Forum 2019 here today.