I recently had the privilege of giving a keynote address at an Islamic Enterprise conference. I share HRH the Prince of Wales view that the traditional economic principles of Islamic Business and Finance have something to offer the West – just as the Islamic world is in much need of leading edge Western technology and innovation.
Anyway here is what I concluded about the future of banking:
Fractional reserve banking will become a perpetual slow growth heavily regulated utility and exciting growth will come from a new generation of FinTechs which can provide all of the growth we need without putting their or our survival at risk. These FinTechs will sometimes be stand alone companies and sometimes partner with existing banks , providing the innovation and digital transformation which seems beyond large banks. Islamic banks and next generation Islamic banking will become of increasing importance to the world’s financial system
And become increasingly differentiated and competitive with western Banks for Muslims and non Muslims alike.
These days I have IconicShift focused on supporting FinTechs aligned with this vision
If you are working on anything relevant in the FinTech space and you think you have an investable proposition (either to get it going or to grow) then type “Iconicshift Mike Harris” into google to see the latest.