3rd – 5th October 2022, Manama, Kingdom of Bahrain | The General Council for Islamic Banks and Financial Institutions, the global umbrella of Islamic financial institutions, successfully launched its Technical Workshop on “Digital Transformation Strategy for Islamic Financial Institutions (IFIs)”. After two years of holding events online, CIBAFI is back to physical venues with this workshop, held at Wyndham Grand Hotel, Manama, Kingdom of Bahrain. The workshop will run for three days from today.
The spread of digital technologies and the emergence of disruptive forces are transforming business models and processes across all industries, including the financial services industry. The most difficult challenge for most institutions has been find the best ways to benefit from incorporating digital technologies into their operations. Developing a successful and effective digital transformation strategy is an important step in delivering unique outcomes in response to the constant changes in the financial industry.
The purpose of this Technical Workshop is to explore the Islamic financial institutions’ approaches which lead to effective digital transformation strategy. It also aims at highlighting the challenges and risks that can be encountered, with a focus on how IFIs could accelerate customers acquisition by providing digital products and services.
In her opening remarks, Ms.Zainab Al Owainaty, Director of Administration and Finance in CIBAFI welcomed all participants and emphasized how technological advancements are increasing market competition and customer expectations. Simply developing a strategy or expressing a desire to transform will not result in the necessary change to keep up with increased competition; rather, there should be a strategic implementation approach that articulates and effectively implements the key pillars for a successful and effective transformation.
The workshop was attended by number of senior representatives of Islamic banks and financial institutions as well as Regulatory and Supervisory Authorities (RSAs). The participants will gain key practical skills for identifying, evaluating, and prioritising digital transformation options for their institutions, by using a wide range of case studies and practical exercises.
CIBAFI wishes to thank its Knowledge Partner, Finastra and its expert speakers for facilitating the workshop. The workshop will also witness experience sharing sessions from CIBAFI member institutions and industry stakeholders.
CIBAFI Technical Workshop is aligned with the objective of Professional Development, which endeavors to enhance capacity building within the Islamic financial services industry (IFSI). These programmes are practical and targeted to the staff of Islamic banks and financial institutions, regulators, and practitioners. In addition, they aim to engage participants in the discussion on the current environment of the Islamic banking industry.