12 – 14 June 2023, Manama, Kingdom of Bahrain, Abu Dhabi, UAE |  The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions and the Securities and Commodities Authority, have successfully launched their joint Technical Workshop today in Dubai, UAE. This Technical Workshop is themed: Digital Transformation Strategy for Islamic Financial Institutions (IFIs). The workshop is organised with the support of Finastra for three days.

Building on the success of the first edition, which took place in Bahrain in the last quarter of 2022, CIBAFI has conducted the second edition of this workshop, incorporating new content, case studies, and practical examples. This joint technical workshop aims to reinforce cooperation between CIBAFI and the Securities and Commodities Authority in developing the Islamic financial services industry (IFSI). The two institutions have signed an MoU to seal their commitment in providing initiatives and activities aimed at addressing and enhancing understanding of emerging topics and issues in the industry.

Commenting on the workshop, Dr. Abdelilah Belatik, Secretary General of CIBAFI said: ^"Our collaboration with the Securities and Commodities Authority is a keen manifestation of our commitment to work with industry leaders in providing the necessary support for the IFSI. We are delighted to hold the second edition of this workshop in Dubai to emphasise on the paramount importance of digital transformation for IFIs. It is very important for institutions to adapt to the changing landscape and capitalise on the opportunities of technology advancements for enhanced customer experiences and competitive advantage. We are as always, committed to continue spearheading initiatives and activities that raise awareness of the industry's latest trends and challenges."

H.E. Mohammed Khalifa Al Hadari, Deputy CEO of the Securities and Commodities Authority added: “This workshop builds upon the collaboration between the Securities and Commodities Authority and CIBAFI within the framework of the MoU which was signed in 2014. The MoU highlights our commitment to enhance the growth of the IFSI and support digital capabilities in line with global best practices.Technology has become one of the most vital components in the financial sector, and digital transformation is now an urgent necessity for achieving growth and sustainability in IFIs. Through this workshop, we aim to equip participants with the knowledge, capabilities, and necessary tools to develop a successful digital transformation strategy that meets the needs of all stakeholders. This will enable them to attain leading positions regionally and internationally within the IFSI."

The workshop is attended by a number of senior representatives of Islamic banks and financial institutions, as well as Regulatory and Supervisory Authorities (RSAs).

During the workshop, participants will delve into the tools necessary to develop a robust digital transformation strategy that caters to their specific needs and positions them as market leaders. They will also engage with successful case studies from the industry, enabling them to analyse and identify key pillars of success, including leadership, culture, and collaboration.

CIBAFI wishes to thank its Strategic Partner, the Securities and Commodities Authority, its Knowledge Partner, Finastra, and its expert speakers for facilitating the workshop.

The CIBAFI Technical Workshop is aligned with the objective of Professional Development, which aims to enhance capacity building within the Islamic financial services industry (IFSI). These programmes are practical and targeted towards 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.