On July 31st and August 1st, the World Trade Centre in Kuala Lumpur became a hub of innovation as industry leaders, regulators, and visionaries gathered for Malaysian Blockchain Week 2024. Tokenize Malaysia’s CEO, Chan Wei Chi, had the privilege of being invited to moderate a panel discussion on August 1st. He was joined by distinguished experts Jaafar Rihan, Head of Islamic Finance at Labuan Financial Services Authority, and Fuad Alhabshi, Executive Director at Halogen Capital, to explore the intricate yet promising intersection of Islamic finance principles—Riba (interest), Maysir (gambling), and Gharar (uncertainty)—with the rapidly evolving world of decentralized finance (DeFi).
Shaping the Future of Islamic Finance in DeFi
The discussion underscored the importance of maintaining Islamic finance principles while pushing the boundaries of innovation within the DeFi space. The panelists highlighted the critical role that regulatory frameworks play in the sustainable growth of Islamic finance, not just in Malaysia but across neighboring regions.
In summarizing the panel, Chan Wei Chi emphasized that it’s not just about financial value; it’s about integrating finance with technology to benefit society from the ground up. His words resonated with both the panelists and the audience, underscoring the broader mission of creating financial products that are socially impactful in the digital age.
The panel also issued a powerful call to action, urging regulators across jurisdictions to step up and match the rapid technological advancements in the financial sector. “We need regulators across every jurisdiction to pick up their pace in accordance with the rapid growth,” they emphasized, highlighting the crucial role of regulatory bodies in guiding the evolution of Islamic finance to create meaningful, socially beneficial outcomes.
Looking Ahead: A Collaborative Future
Malaysian Blockchain Week 2024 was more than just a conference—it was a catalyst for collaboration and innovation in the financial sector. Tokenize Malaysia is proud to have played a pivotal role in this important dialogue and is committed to continuing its efforts in shaping the future of Islamic finance and digital technology.
This session not only provided valuable insights but also laid the groundwork for future developments in the field of Islamic finance and technology. We look forward to continuing our journey alongside industry leaders and innovators, working together to build a future where finance serves the greater good.