Digitalisation and Money
Growing interest and use of technology and digitalisation in the financial world has a potential to impact and change how we use money. Newer modes of value exchange systems and digitalised currencies are slowly taking the place of conventional paper money. Emerging technologies are attracting the attention of regulators and other financial stakeholders, who are watching closely as the dynamics of money and currencies change. With digital wallets such as M-Pesa in Kenya to cryptocurrencies and blockchain and beyond, large retailers, banks, mobile phone companies, and internet giants such as Facebook and Google all have competing proposals for what they see as future of money.
What is in it for me?
Technology has the potential to fundamentally change how we think about money. Mobile internet has already begun to take financial control out of the hands of bankers, while regulators are looking for ways to regulate this phenomena and innovators are finding newer ways of connecting us to our money. With technology, there is an increasing desire to take a slice of the banking, payments, market, and this desire is expanding at a rapid pace. This accelerated pace of technological advancements is sure to bring unpredictable changes in financial sector. It will be up to the stakeholders to either lead, be lead or perish altogether.
As digital technologies mature, more innovative and useful applications will arise and impact the financial market offerings host of opportunities for the technologically synced individuals and institutions.
Why is it important to discuss “The Future of Money and Islamic Financial Institutions (IFIs)”?
With fast growing Islamic financial services industry (IFSI) it is important for its stakeholders to embrace the emerging trends in financial technology and digital transformation to lead and leverage on its inherent strengths. IFSI must realise that this digital revolution has a potential to radically transform the way financial activities, including retail banking, investment management, takaful, wealth management, financing, cash management etc. are currently performed.
Where will IFSI stand amidst these technological advancements? What opportunities will this offer for IFSI? To what extent future digital and electronic development will be in line with Shariah framework? How will these developments impact consumers’ lives, pose challenges and offer opportunities to the banking and financial sectors?
All this and much more at CIBAFI Global Forum: “Essential Renovation of Banking Practices Towards Resilience and Shared Prosperity” | 8- 9 May 2017, Amman, Jordan
Please get in touch with CIBAFI Secretariat for any enquiries & registration, at email@example.com; or +973 17357300.