Saturday, May 24, 2025

Fintech Frontiers in the Middle East: Insights from Dr. Abbas Sharif Alaskari

 

In a region rapidly transforming into a hub of digital innovation, Dr. Abbas Sharif Alaskari stands at the crossroads of financial tradition and technological disruption. As a seasoned academic and trusted advisor to emerging fintech ventures, Dr. Alaskari brings a rare blend of deep institutional knowledge and visionary thinking to the future of Middle Eastern finance.

With more than two decades of experience in trade finance, a PhD focused on regional trade corridors, and ongoing involvement with startups at Abu Dhabi’s Hub71, Dr. Alaskari is helping shape the contours of a smarter, fairer, and more inclusive fintech ecosystem.

A Scholar Meets Startups

As Professor of International Trade Finance at Khalifa University, Dr. Alaskari’s research has long focused on the mechanics of global trade, currency systems, and cross-border payment infrastructure. But his passion lies in application: “Theory means little if it doesn’t translate into practical innovation,” he often says.

This philosophy led him to actively mentor fintech startups tackling some of the region’s most pressing challenges — from inefficient remittance systems to opaque trade documentation and lack of SME financing.

His role at Hub71 allows him to work closely with innovators who are building Sharia-compliant digital banking tools, AI-based fraud detection for trade finance, and blockchain-powered customs documentation systems — technologies that promise to overhaul how trade and finance are conducted in the GCC.

Ethics at the Core of Innovation

Unlike many voices in the tech world, Dr. Alaskari insists that ethics must drive innovation, especially in regions where regulation is still catching up to technology. He advocates for:

  • Transparent and compliant digital finance platforms

  • Culturally and religiously aligned solutions, especially in Islamic banking

  • Inclusive access to fintech for micro and small enterprises, often left behind by traditional finance

“Technology should not be neutral,” he emphasizes. “It should serve justice and progress, not just efficiency.”

Building the Infrastructure of Trust

Beyond startup mentoring, Dr. Alaskari’s insights influence regional policy development. His advisory work includes helping UAE ministries craft frameworks for regtech, sandbox licensing, and digital identity systems — critical elements in building public trust in new financial platforms.

In his book “Currency Currents,” he explored the delicate interplay between risk, reform, and regulation in Islamic trade finance — issues that remain central to the current fintech debate in the Middle East.

A Vision for the Region

Dr. Alaskari envisions a Middle East where fintech not only enhances trade and finance but also empowers underbanked communities, boosts youth entrepreneurship, and strengthens intra-regional cooperation.

He believes the UAE, with its forward-thinking leadership and investment in smart cities, is uniquely positioned to become a global model for ethical fintech development.

“We have the history, the capital, and now the talent,” he says. “What we need is a framework that aligns innovation with impact.”

The Road Ahead

As the Middle East embraces a new era of digital finance, leaders like Dr. Abbas Sharif Alaskari are essential guides. His work bridges the worlds of academia, policy, and entrepreneurship, ensuring that fintech doesn’t just disrupt — it uplifts, includes, and transforms.

With his eyes on the future and feet firmly grounded in principle, Dr. Alaskari is helping ensure that the region’s fintech evolution is not only cutting-edge — but conscious.

Saturday, April 26, 2025

Dr. Abbas Sharif Alaskari Explores Risk, Regulation, and Growth in Islamic Trade Finance

 In a rapidly globalizing economy, Islamic trade finance has emerged as a vital engine for fostering ethical and sustainable growth, particularly across the Middle East, Africa, and Southeast Asia. Dr. Abbas Sharif Alaskari, Professor of International Trade Finance at Khalifa University and head of the Center for Trade and Financial Innovation (CTFI), shares critical insights into the evolving landscape of Islamic finance and its potential to reshape global trade.

Navigating Risk with Ethical Foundations

Unlike conventional financial systems that heavily rely on interest-based transactions, Islamic trade finance is built on risk-sharing principles. According to Dr. Alaskari, "Islamic finance, at its core, promotes transparency, fairness, and partnership. Risk is not transferred unfairly but distributed between all parties involved." This structure not only fosters greater trust between trade partners but also encourages investment in real assets, a factor that can stabilize volatile markets.

Regulation: Balancing Tradition with Modern Compliance

Regulatory frameworks for Islamic trade finance are increasingly adapting to global standards while maintaining Sharia compliance. Dr. Alaskari emphasizes the importance of creating robust governance models that can balance traditional Islamic principles with modern regulatory expectations. "The challenge," he notes, "lies in crafting laws and guidelines that allow Islamic financial products to remain competitive globally without compromising their ethical foundation."

In recent years, collaborative efforts between international regulatory bodies and Islamic financial institutions have led to significant advancements. Dr. Alaskari points to initiatives like the Islamic Financial Services Board (IFSB) and partnerships with the Basel Committee as critical milestones in this journey.

Growth: Unlocking New Markets and Opportunities

The growth trajectory for Islamic trade finance is promising. Dr. Alaskari identifies Africa and Southeast Asia as "emerging powerhouses" where demand for Sharia-compliant financial solutions is expanding rapidly. "Trade corridors connecting the Gulf Cooperation Council (GCC) countries with these regions are prime opportunities for Islamic finance to shine," he asserts.

Moreover, technological innovation, particularly in the realm of fintech, is opening up new avenues. Blockchain, smart contracts, and digital platforms tailored for Islamic finance are reducing operational risks and increasing efficiency, a trend Dr. Alaskari believes will define the next decade of trade.

The Way Forward: Ethical Globalization

Dr. Abbas Sharif Alaskari remains a firm advocate for ethical globalization, where trade and finance uplift societies rather than marginalize them. "Islamic trade finance is not just a financial alternative; it is a blueprint for a more inclusive, equitable global economy," he concludes.

Through continued innovation, rigorous regulation, and a steadfast commitment to ethical principles, Islamic trade finance stands poised to lead the future of global commerce, creating prosperity rooted in shared success.

Fintech Frontiers in the Middle East: Insights from Dr. Abbas Sharif Alaskari

  In a region rapidly transforming into a hub of digital innovation, Dr. Abbas Sharif Alaskari stands at the crossroads of financial tradit...