 In this module, we shall briefly look into Islamic fintech. Islamic fintech sector is growing very fast in some countries faster than the others. Hence, having just one session on Islamic fintech may not be sufficient. However, given the limitations imposed by this course, we would be spending just one module on Islamic fintechs. What is a fintech? Fintech is actually a company which exclusively used technology for its business and operation. It is a tech-oriented financial services company. Traditional banks, of course, they use technology as well, but that technology is very rudimentary when we compare this with the fintech technology. In case of fintech, a lot of things which previously were done manually, now they are being done with the help of technology. Due diligence, for example, whenever someone about 20 years back would like to open a bank account, they would have to provide their identification. Or in case of United Kingdom, there was this driving license, any other form of identification, proof of address, and of course, proving that you are you. Now, this due diligence is being done by the technology. I can open an account with a digital bank without having to visit a branch. Actually, digital banks do not have branches. So, I have got my mobile phone. On my mobile phone, I would take a selfie. First of all, taking a selfie is considered a big shame in the beginning. I even now do not like selfies. However, that selfie is a requirement as part of due diligence. If you want to open an account with a digital bank, then you can scan your forms of identification with the help of your mobile camera, send it to them, and the technology would make sure in case of Pakistan, you put your thumb and you put your identity card, national identity card, whatever you call it, and all your information would be accessed by the digital bank automatically in a matter of seconds. And if you are eligible to get a bank account, you will receive it very quickly. So, these are fintechs. They are emerging very fast everywhere and anywhere in the world. There are some other companies which are known as techfins. Now, there is Amazon in Pakistan. Amazon is a very big store with a lot of physical facilities as well. But Amazon actually provides a lot of financial services as well, and some people call it techfin. And Amazon is not the only techfin. There are so many other companies like this one. They are different names. I am not a technology guy, so I would not know all those names, but sometimes they are called big tech or techfin or whatever. So, technology is ubiquitous. It is everywhere, and it is in financial services as well. Islamic fintech firms are the ones which use technology in a very significant way. Many Islamic fintechs, they do not use technology exclusively. Exclusively in the sense not all their operations are tech-oriented. They still use some aspects of manual operations as well, but still we call them Islamic fintechs because the markets they are operating in, there are a lot of regulatory concerns, regulatory limitations, and as a result of that, they may not be fully technology firms as compared to conventional fintechs. Examples of Islamic fintech include Atheist Crowd. Now, Atheist Crowd is a very impressive Islamic fintech company which originated from Indonesia slash Singapore, and now it has gone to Malaysia as well. It has a number of projects. One is our global Sadhaka platform. There is another crowding platform for investing into housing, low-cost housing projects in Indonesia and so on. So, this is a company which is talked about in Islamic banking and finance market in a very significant way. And it was set up by a very young guy like yourself. His name is Umar Munshi. Umar Munshi's parents were not happy with him that he has dropped out from the university and he wants to do something which should be meaningful. So, he actually came up with this very impressive Islamic fintech and a number of people and companies, they are trying to emulate his success. If you want to be an Islamic fintech guy, you must look into the business model of Atheist Crowd. Jilder's is another Islamic fintech which is based in United Kingdom and we would look into the details of their structure in a subsequent module. Just to give you a snapshot of some of the important Islamic fintech firms. Wahid Invest is a very impressive Islamic fintech firm. It offers robo-advisory as well. Now, I would not like to go into the details of robo-advisory, Google it. Then we have the likes of Jilder's here as well, Igloo. All these are fintechs. They are providing some kind of financial services in a Sharia compliant way. Forest Ventures, Islamic Finance, Guru and so on. I hope that one day I would hear that one of you has actually founded an Islamic fintech.