The launch of the Malta Islamic Finance Association has led to an inundation of queries with respect to Islamic Fintech companies registering in Malta. More interestingly, is the fact that three Stock exchanges are looking into Malta for Shariah Listings. This has indeed been an interesting development for Malta as it comes together with the various other Virtual Assets stock exchanges on the island.
The unprecedented high interest which is estimated at some 50 organisations showing interest in the Islamic block chain in Malta within a span of a month, has also led to a change in the massive Delta Summit that is to happen in Malta in October which will not include also an Islamic Finance Session. This proposition came directly from Honourable Mr Silvio Schembri who is the Junior Minister heading Financial Services in Malta.
In the meantime, the Malta Financial Services Authority has been launching various consultation papers in order to encourage the industry to participate in this phase of build-up in regulatory environment. The Authority has put a deadline on itself which is the 1 October in order to ensure that it is geared up for all registration of VFA Agents and licencees. One must say that this is a commendable target for the Authority’s Unit which is taking care of this process and which is headed by Dr. Christopher Buttigieg together with his team.
The measures and consultation documents published so far bode well also for the Islamic Fintech industry and will add more credibility to the sector given the level of consumer protection that is being proposed in the various regulations. This robust regulation together with the various incentives that Malta offers is largely resulting in Islamic Fintech organisations and Islamic financial institutions looking into Malta as the world centre for Islamic Fintech Institutions.