Manama (UNA) – The General Council for Islamic Banks and Financial Institutions (CIBAFI) held a virtual seminar entitled “Digital Transformations: Their Impact on Islamic Banks and Adaptation Guidelines”, during which it launched a guide on the digital transformation of Islamic banks.
This seminar comes within the initiatives of the General Council Working Group on Innovation and Technology, which was established with the aim of encouraging Islamic banks and financial institutions to adopt technology in business and financial transactions.
The “Digital Transformations: Impact on Islamic Banks and Adaptation Guidelines” guide is a practical reference to provide practical guidance on the adoption of emerging technologies in the Islamic finance industry.
The symposium was opened with a speech by Dr. Abdelilah Belatik, Secretary General of the General Council, followed by a speech by Dr. Hilal Hussein, Assistant Director at the Islamic Development Bank Institute in the Kingdom of Saudi Arabia.
Dr. Belatik stressed that digital transformation has become a necessity, not an option, to achieve sustainable growth in Islamic banks and financial institutions, noting that the strategic guide will help Islamic banks successfully and smoothly navigate the digital transformation journey.
The seminar included a detailed presentation by Mr. Rashid Al-Taie, Business Development Manager at the General Council, where he highlighted the most prominent strategies and key recommendations.
The discussion session also witnessed the participation of a group of experts and speakers, including Mr. Andrew Cunningham, Dr. Okan Akar, Mr. Harun Shaaban and Ms. Azlina Idris.
The speakers discussed key topics that revolved around leveraging technology to drive innovation in Islamic banking, the essential elements of a digital transformation strategy, emerging trends such as artificial intelligence, decentralized finance, and cryptocurrencies, while highlighting the most prominent governance, risk, and compliance challenges in the digital age.
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