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
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.
on the workshop, Dr. Abdelilah Belatik, Secretary General of CIBAFI
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."
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."
workshop is attended by a number of senior representatives of Islamic banks and
financial institutions, as well as Regulatory and Supervisory Authorities
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.
wishes to thank its Strategic Partner, the Securities and
Commodities Authority, its Knowledge Partner, Finastra, and its
expert speakers for facilitating the workshop.
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.