Nida Khan is the developer of the first Islamic Finance educational app that aims to create mass awareness of the basic concepts of Islamic Finance. We asked Nida to share her unique story with us. See below our conversation:
Yurizk: Please give a brief introduction about yourself and about your journey to Islamic Finance industry.
Nida: I am a Certified Islamic Finance Expert and a Certified Takaful Professional. I am an Honors graduate in Computer Science and Engineering. I am presently doing a Master Diploma in Islamic Finance from AIMS and a course in finance from Stanford Online. I have worked as the International Client Relationship Manager at Dananeer, an Islamic finance consulting and training company based in Luxembourg.
I have been residing in Luxembourg for more than 5 years now with my husband and 3 boys, having left my home country India around 7 years back. The need to satisfy my intellectual cravings propelled me to study something when my kids were not at home. In fact my husband was the one who proposed Islamic Finance to me, whereas I wanted to go for a CFA. Thus the credit for the onset of my journey in this industry goes to him. Besides the industry is also in sync with my passion to read about Islam.
Yurizk: The Islamic Finance app that you released is indeed very useful addition in Islamic Finance education platform, tell us briefly about the app and its contents.
Nida: Thank you. Surprisingly the app is the first of its kind in the Islamic Finance industry, which is around 25-30 years old, whereas the iOS platform was launched in 2007. The app introduces Islamic Finance to those who lack the know-how about this industry, in a very simple and easy to understand manner. The App provides some useful links to those who want to take their studies on to the next level.
It also features a news section, which provides both the conventional finance news as well as the news of this industry from all across the globe and through various sources. The app also has a quiz for those interested in testing their newly gained knowledge.
Yurizk: What was your motivation behind launching mobile application for this industry?
Nida: The effect of mobile applications on the masses is profound as the trend nowadays is to use smartphones and tablets more for all sorts of data communication than desktops or laptops.
If statistics are to be believed mobile applications have gone viral over the past two years. iOS and Android device adoption is growing 10 times faster than PC adoption did in the 1980s. By 2015, mobile app development projects will outnumber PC projects by a 4-to-1 ratio.
The urge to fill the vacuum in this industry, which had no such application for users, motivated me to develop the Islamic Finance App to create mass awareness of this industry. Moreover I also had to make my final project for an online computer science course from Harvard, offered through the platform of edX, and the app accomplished both the goals.
Yurizk: What kind of responses are you receiving from the users? Are you facing challenge in marketing the app?
Nida: The responses are very encouraging. The app was able to attain ranks in the finance category in 14 countries despite the stiff competition in the market and use of only social media advertising. I have received emails appraising its utility and the novelty of its appeal but I still have to know of its contribution towards changing the mindsets of a lot of my fellow brothers and sisters, who were skeptical about this industry.
Unfortunately I could not dive into the area of marketing on account of scarcity of time and my personal engagements. The iOS platform is very well developed with a strong competitive environment, and marketing is a full-fledged industry for mobile apps now, which requires methodical planning and time devotion.
Yurizk: What opportunities do you see in Islamic Finance education industry with the use of mobile technology?
Nida: I envisage that the opportunities are tremendous as Islamic Finance education is no different from other educational streams, which are benefitting a lot by the use of mobile technology. Mobile technology is here to stay and is not some transient fad. More and more youngsters are using their mobile devices as opposed to other mediums. Mobile technology has the power to overcome geographical boundaries, blur socioeconomic boundaries, and create a level playing field for all students.
For example thousands are benefitting from the Khan Academy app to satisfy their educational needs. Similarly the iTunes U app offers complete courses from leading universities and other institutions. I have personally benefitted from one such course on this app by Stanford for iOS programming.
Devices based on mobile technology will clearly have a winning edge in the educational sector. In these times of austerity, such methods of imparting education will prove to be both cost and time efficient.
Yurizk: You have taken lead in a niche area that is also a timely example of potential entrepreneurship opporunity for the young professionals. What message do you have for them so that they can be inspired to think beyond the traditional job search process?
My message to all young professionals out there is that they should believe in themselves and their power to make a difference in the lives of the people around them. They should not wait for opportunities to come walking to them but should try to create their own paths.
Entrepreneurship has been much encouraged in Islam and one should focus towards this end too instead of just following the traditional job search process. There is a valid reason why Muslim economies endowed with natural resources have not become as successful as the ones without them. The reason is that the wealth in a resource-based economy goes to a small number of people at the top, and they might be at the top due to reasons other than skill or productivity.
In a vibrant, competitive economy, wealth tends to accrue to innovators and efficient operators, and someone with a new idea or better way of doing things has a chance to get to the top. The onus to build this vibrant economy lies on the shoulders of the youth.
The Islamic Financial entrepreneur can contribute greatly towards the shaping up of such an economy by starting up or joining small or medium enterprises. Further entrepreneurship helps in job creation facilitating one to help others too.
See Nida's App Description from iTunes: http://bit.ly/17ZjLLg
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