The Islamic Finance / FinTech industry, the former being heavily regulated, is one that FINTERRA is targeting with the upcoming launch of its WAQF chain. FINTERRA, a Malaysian based FinTech company, whose WAQF chain will be launched mid-February 2019, recently signed a Memorandum of Cooperation (MOC) with the International Shari’ah Research Academy for Islamic Finance (ISRA).
The MOC provides for collaboration and cooperation between both FINTERRA and ISRA in the area of Islamic FinTech, Financial Instruments, Shari’ah compliance, Financial Service Act and regulatory framework. This agreement propels the advancement of applied research in Islamic finance to drive development in the fields of Islamic social financing, Islamic Banking, Money services, Waqf Development fund raising, Blockchain and Technology.
Other areas covered by the MOC are Blockchain technology certification on Waqf- a process required to specialise in Waqf Blockchain that can be applied to individuals and companies. Also addressed under the MOC, is industrial training and internship placement, aiming to provide theoretical and practical exposure on blockchain technologies and its applications. This provides hands on experience, conducive for the learning process and the development of awareness programmes and co-sponsoring of international conferences, seminars, workshops and training.
This MOC will set the standard for Islamic Finance development for years to come.