On 5th September 2018, an interview of Dr Nawazish Mirza, Deputy Program Director - Global MBA and MGB, and Associate Professor and Area Head - Finance, was featured in China Daily Asia Weekly edition’s print and online versions in an article titled ‘Wealth of Opportunity for Islamic Finance’.
The article highlights how blockchain technology can help in boosting Islamic finance. The interview was largely based on Dr Mirza’s recent publications in two top academic Journals – Economic Modelling (Impact Factor 1.84) and Pacific Basin Finance Journal (Impact Factor 2.01).
In the interview, Dr Mirza said sharia-compliant products would usually require numerous contracts for profit and loss sharing, agency arrangements and partnerships that can lead to higher overheads for Islamic banks. By using blockchain an Islamic bank can cut cost and simplify the process of drawing up contracts, he said.
“A digital architecture can handle multiple contracts and product lines simultaneously, which will enhance transparency while reducing contractual overheads and administrative costs,” Dr Mirza told China Daily Asia Weekly.