22nd January 2024, Manama, Kingdom of
Bahrain | The General Council for Islamic Banks and
Financial Institutions, the official global representative of Islamic financial
institutions (IFIs), successfully conducted a webinar today, titled “Big Data
Analytics in Islamic Finance: Catalyst for Growth and Transformation”. The webinar
gathered industry experts to explore the dynamic intersection of big data and the
financial sector with a focus on Islamic finance.
Big data analytics is crucial for financial sector growth, empowering institutions
in decision-making, risk management, and compliance. The webinar focused on
leveraging big data analytics for Islamic financial institutions to create
innovative, ethical products with real-time monitoring in the dynamic financial
CIBAFI Secretary General, Dr. Abdelilah Belatik inaugurated the
webinar by underscoring the critical significance of big data in Islamic
finance. He emphasized that it goes beyond mere technological advancement; it
is a strategic imperative. Dr. Belatik highlighted its transformative impact,
empowering financial institutions with actionable insights, facilitating
problem-solving, fostering innovation, and supporting informed decision-making
aligned with Islamic principles.
Following the opening, a panel of experts discussed key aspects of big
data analytics, including its influence on financial products, emerging trends,
and strategies for data-driven innovations. They tackled challenges related to
privacy, skills, and infrastructure, emphasizing ethical considerations in data
processing. The speakers' insights enriched the discussion, providing a
comprehensive view of big data's transformative potential in Islamic finance.
The panelists included Mr. Hamed Y. Mashal, Executive Manager -
Head of Retail Banking, Kuwait Finance House – Bahrain and the Chairman of
CIBAFI Information and Technology Working Group
(ITWG); Ms. Faith Musonza, Strategy and Digital Financial Inclusion Expert,
Acuma, United Emirates; and Dr. Maurice Schroff, Principal at Strategy&,
Germany. The session was moderated by Mr. Rachid Ettaai, Business
Development Manager, CIBAFI.
concluded with a forward-looking perspective on the future of big data and its
transformative potential in the Islamic financial industry, underscoring its
role as a catalyst for growth and transformation.