Lim Say Cheong
Chevening-Oxford Centre for Islamic Studies fellow
CEO Saudi Venture Capital Investment Company
Lim Say Cheong is an award-winning Islamic finance practitioner, senior executive, and strategic advisor with over 20 years of experience across banking, capital markets, asset management, venture capital, and digital finance. He is a Chevening–Oxford Centre for Islamic Studies (OCIS) Fellow (2025–2026), selected by the UK Government under its highly prestigious Chevening–OCIS Fellowship Award in recognition of his professional contributions and proposed research in Islamic finance, ethical markets, and financial innovation.
His career spans leadership and advisory roles across the GCC, ASEAN, Central Asia, Africa, and Europe, working closely with governments, central banks, regulators, sovereign entities, financial institutions, fintech platforms, and investors. In addition to Islamic finance and capital markets, his work increasingly extends into the broader halal economy, investment ecosystems, infrastructure financing, and tourism development, where Islamic finance serves as a key enabler.
Lim is particularly recognised for operating at the intersection of Islamic finance, Sukuk structuring, sovereign capital markets, economy development, real-world asset (RWA) tokenisation, AI-enabled finance, and regulatory architecture. He brings a blend of deep technical expertise, regulatory fluency, and strategic foresight, enabling him to translate complex Shariah, legal, and policy frameworks into practical, scalable solutions.
- From CEO to Ecosystem Builder
I have been fortunate to work across venture capital, sovereign Sukuk, banking, and more recently digital assets, often at moments when institutions or entire markets were going through transition. Those experiences have gradually reshaped how I see Islamic finance. It has become clear to me that the industry cannot grow in a meaningful or sustainable way if it remains fragmented into isolated products, institutions, or geographies.
My time working on sovereign Sukuk gave me a deep appreciation of how capital markets, regulation, and public policy come together in practice. Venture capital, on the other hand, introduced me to a very different rhythm. It is faster, less predictable, and far more comfortable with experimentation and failure. Digital assets and tokenisation added yet another layer, highlighting how critical infrastructure, data, and programmability are in shaping modern financial systems.
When I step back and connect these experiences, one theme stands out. The future of Islamic finance lies in integration. Capital markets, venture innovation, and technology need to work together as part of a single ecosystem, reinforcing one another. Only then can Islamic finance move beyond contractual compliance and begin to serve real economic needs in a way that is relevant, scalable, and impactful.
- Venture Capital and Islamic Finance Integration
During my time in venture capital, Shariah compliant ventures were never assessed on permissibility alone. Legal structure was only the starting point. Equal weight was given to economic substance, scalability, governance, and the ability of the business to solve a real problem in a sustainable way. This was particularly important in areas such as FinTech and digital banking, where it is easy to rely on Islamic branding while offering little genuine innovation.
What mattered most was whether a business model truly improved access, reduced friction, or created inclusion for customers who were previously underserved. Ventures that simply replicated conventional products with cosmetic changes rarely stood up to this level of scrutiny.
Venture capital plays a vital role in Islamic markets because it absorbs early stage risk at a time when traditional Islamic finance institutions are often not structured to do so. Banks and asset managers are naturally focused on capital preservation and regulatory constraints. Venture capital, by contrast, provides the space for experimentation, iteration, and learning.
Without this risk capital, innovation tends to stall and the industry falls back on familiar templates. With it, Islamic finance has the opportunity to move beyond replication and toward original value creation. This is especially powerful in areas such as payments, digital identity, SME financing, and embedded finance, where technology can unlock scale while remaining aligned with ethical and Shariah principles.
- Digital Transformation and Tokenisation
AI, blockchain, and tokenisation should not be seen as optional add on or experimental tools. They are fast becoming foundational technologies for the next phase of Islamic finance. As financial systems become more digital and data driven, Islamic finance needs to engage with these technologies thoughtfully rather than defensively.
In the context of Sukuk, tokenisation has the potential to meaningfully improve how instruments are issued, monitored, and traded. It can shorten issuance timelines, enhance transparency, and allow for more accurate tracking of underlying assets and cash flows. Over time, it can also help address one of the long standing challenges in Sukuk markets, which is limited secondary market liquidity.
In Islamic liquidity management, these technologies open new possibilities. Programmable, shorter tenor instruments can be designed in a way that fits central bank operations and the balance sheet needs of Islamic banks. This is an area where the industry has struggled for decades, often relying on imperfect workarounds rather than purpose built solutions.
Perhaps most importantly, tokenisation has the ability to restore something that Islamic finance originally stood for. It creates a clearer and more auditable link between finance and real assets. Ownership, usage rights, and cash flows can be recorded and verified with far greater precision than traditional systems allow.
Tokenised Sukuk, in this sense, is not a gimmick or a marketing exercise. When designed properly, it is a natural step in the evolution of Islamic capital markets. That said, the direction of travel matters. Tokenisation in Islamic finance must be led by regulators, grounded in real assets, and supported by strong governance frameworks. It should serve economic clarity and trust, not speculation or hype driven crypto narratives.
- Partnership and Global Institutional Collaboration
Working across multilateral institutions, development finance platforms, and international investors has reinforced a simple but important lesson. Successful cross border Islamic finance depends on alignment rather than uniformity. Each market operates within its own legal frameworks, development priorities, and risk sensitivities, and effective collaboration begins with recognising and respecting those differences.
Every institution brings something different to the table. Some contribute policy credibility and the ability to engage public sector stakeholders. Others bring balance sheet capacity, risk mitigation tools, or deep familiarity with local market conditions. Real progress happens when these complementary strengths are aligned around a shared purpose.
The key lies in thoughtful structuring. Transactions need to meet global investor expectations on governance, transparency, and risk management, while remaining adaptable to local regulatory and institutional realities. When this balance is achieved, trust builds naturally among all participants.
Well-designed global partnerships play a crucial role in capital formation. They help attract private capital that might otherwise remain cautious, reduce perceived risks in emerging and frontier markets, and create reference transactions that others can learn from and replicate. Over time, this process supports deeper, more resilient Islamic capital markets across regions.
- Building in the DIFC: Lessons and Strategy
The DIFC offers three clear strategic advantages: regulatory clarity, international credibility, and a dense, high quality ecosystem. Building a Shariah compliant entity there was a valuable learning experience because it imposed discipline from the very beginning. Governance structures had to be robust, documentation had to withstand scrutiny, and transparency was not optional. That process can feel demanding, but it ultimately strengthens the institution and builds long term trust with regulators, partners, and investors.
One of the less discussed benefits of operating in the DIFC is the quality of engagement it enables. Regulators are accessible, commercially aware, and open to dialogue, provided the underlying structure is sound. This creates a constructive environment for innovation, especially when dealing with new areas such as digital assets, tokenisation, or hybrid Islamic finance structures.
The challenges are real. Costs are higher and regulatory expectations are rigorous. However, that rigor is precisely what makes the DIFC effective as a gateway. It forces institutions to meet international standards from day one, which in turn makes cross border expansion far smoother. What works in the DIFC is more likely to be accepted in other major financial centres.
Perhaps most importantly, the DIFC brings together Islamic finance, FinTech, professional services, and global capital in one place. That proximity encourages collaboration and cross pollination of ideas. For me, the DIFC is less about geography and more about platform. It is a place where Islamic finance can evolve, experiment responsibly, and connect meaningfully with the global financial system.
- Credit Scoring and Financial Inclusion
One of the most promising applications of AI in Islamic finance lies in credit scoring and financial inclusion. For many small businesses and underserved individuals, access to finance has traditionally depended on collateral, formal credit histories, or personal guarantees. These requirements often exclude exactly the people Islamic finance is meant to serve.
AI driven credit models allow the focus to shift away from static collateral and toward a richer understanding of real economic activity. Cash flow patterns, transaction behaviour, and alternative data can paint a far more accurate picture of creditworthiness, especially for SMEs and informal businesses that operate outside traditional systems.
The core Shariah principle at stake here is fairness. Technology should reduce information asymmetry between the financier and the customer, not deepen it. If left unchecked, AI can easily replicate existing biases or create new ones that are harder to see. This is why governance, transparency, and accountability are essential.
When designed and governed properly, AI gives Islamic finance a powerful tool to fulfil its ethical promise. It enables wider access to finance while protecting against exploitation and over indebtedness. The opportunity is particularly significant in emerging markets, where conventional credit infrastructure is limited and where responsible innovation can have a genuine impact on livelihoods and economic resilience.
- Funding Journeys: Seed to Series C in Islamic Ventures
Islamic FinTech ventures often find themselves walking a narrow path, especially as they move from early idea to scalable business. In the early stages, many founders struggle to access true risk capital. A large part of the Islamic investor base is understandably cautious and tends to favour asset backed or already cash flow generating models. That makes sense from a preservation of capital perspective, but it can leave genuinely innovative early stage ventures underfunded.
As these companies grow and begin to look beyond seed and Series A, a different challenge emerges. Conventional venture capital investors may question whether Shariah constraints will limit scalability, speed, or exit options. Founders are then caught between two worlds, neither of which fully understands the other.
Bridging this gap requires thoughtful translation rather than compromise. Ventures need to be structured in a way that speaks clearly to both audiences. This starts with strong governance, transparent decision making, and clear unit economics that demonstrate commercial viability. At the same time, Shariah structures must be designed to support growth and innovation, not applied as a layer after the business model is already fixed.
In my experience, the most successful Islamic ventures are those that embed Shariah principles from the very beginning, shaping how value is created, shared, and scaled. When a company is Islamic by design rather than by afterthought, the conversation with both Islamic investors and conventional venture capitalists becomes far more natural and productive.
- The Future of Sovereign and Corporate Sukuk
Sovereign and corporate Sukuk will undoubtedly continue to grow in size and visibility, but the next phase of development will be less about volume and more about quality. What matters going forward is diversification, depth, and purpose.
We are likely to see more Sukuk issued in local currencies, which will help deepen domestic capital markets and reduce overreliance on foreign funding. There will also be a gradual shift toward more project linked and use of proceeds based Sukuk, particularly in infrastructure, energy transition, and social development. These structures bring Sukuk closer to the real economy and make the link between financing and impact more tangible.
Another important change will be the broadening of the investor base. Beyond traditional Islamic investors, Sukuk will increasingly attract conventional asset managers, pension funds, and ESG focused investors who are looking for stable, transparent, and purpose driven instruments.
That said, real innovation is still needed. Secondary market liquidity remains thin in many jurisdictions, which limits pricing efficiency and investor participation. Risk sharing structures are still underused, and too many Sukuk continue to rely on familiar templates rather than thoughtful design. Stronger alignment with development and sustainability objectives is also critical if Sukuk are to play a meaningful role in long term economic transformation.
If these issues are not addressed, Sukuk issuance may continue to grow in headline numbers, but its broader economic and social impact will remain limited.
- Final Vision: Islamic Finance in 2030
By 2030, I see Islamic finance becoming digitally native, venture-backed, and ecosystem-driven. Instead of operating in parallel or in isolation, banks, capital markets, startups, regulators, and technology providers will function as parts of a connected system, each reinforcing the other. Innovation will no longer sit at the edges of the industry but will be embedded into its core.
What will matter most is not the number of products launched, but how well the underlying systems work. If I had to identify one change that would most accelerate this journey, it would be a shift in mindset. Islamic finance needs to move away from a narrow focus on product-level compliance and place greater emphasis on designing the right systems from the start.
These systems need to be digital by default, capable of scaling across borders, and genuinely inclusive in how they serve individuals, businesses, and communities. When this foundation is in place, product innovation becomes a natural outcome rather than a forced exercise.
At that point, Islamic finance can move beyond replication and defensive comparisons with conventional finance. It can begin to express its own identity, one that is rooted in fairness, participation, and real economic impact. More importantly, it can become a credible and relevant part of the global financial system, offering solutions that are not only Shariah-aligned, but also practical, resilient, and future-ready.