Jeddah (UNA) - Secretary-General of the General Council for Islamic Banks, Dr. Abdelilah Belatik, said that digital currencies are witnessing a wave of global developments in the field of financial technology, and may create a qualitative leap in the future of the financial sector in general and Islamic finance in particular. He called for the existence of a safe financial and environmental system that supports ways to employ these currencies in the global financial system, pointing to the existing cooperation between the Council of Islamic Banks and the Islamic Corporation for the Development of the Private Sector to spread the culture of digital currencies and their impact on the growth and development of Islamic finance. He added during the second virtual symposium of the General Council for Islamic Banks yesterday, Tuesday, Digital Currencies - A Double-Edged Sword: Challenges and Opportunities in the Islamic Financial Sector, that a working group for innovation and technology has been formed from members of the General Council and stakeholders to support these developments and begin preparing new initiatives that seek to integrate innovation into the growth of Islamic finance, with the aim of enhancing the adoption of financial technology within the Islamic financial industry, in addition to encouraging innovation and developing products in line with the objectives of Sharia and global developments. For his part, Ayman Sejiny, CEO of the Islamic Corporation for the Development of the Private Sector, highlighted the opportunities that sustainable development and financial inclusion programs can gain from the various applications of blockchain technology, including cryptocurrencies. He added: Compliance with Islamic Sharia will be a milestone in the Islamic banking industry by adapting the industry to modern innovations and the increasing number of financial institutions that have provided a number of financial services based on blockchain technology. Sejiny pointed out that the Islamic Corporation for the Development of the Private Sector has adopted the construction of a financial technology platform with the aim of providing financial services based on blockchain technology with the aim of reaching individuals and small enterprises that have limited benefit from the services of financial institutions or those not included in the system, by providing services based on digital currencies, such as issuing smart sukuk, financing projects, and collecting and managing zakat and charity funds with the aim of supporting sustainable development in member states. The symposium included dialogue sessions, the first session of which included fruitful discussions on the status and future of digital currencies, focusing on the effects of the emergence of digital currencies in the financial system and the decisions of regulatory authorities and supervisory bodies in this regard. The second session highlighted ways to adopt the use of digital currencies for the growth of the Islamic financial sector. (End)
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