4th March 2025,
Manama, Kingdom of Bahrain | The General Council for Islamic Banks and Financial Institutions
(CIBAFI) successfully launched its latest guide through a webinar titled
“Digital Momentum: Impact on Islamic Banks and Guidelines for Adaptability.”
This webinar is part of CIBAFI’s ongoing
initiatives under its Innovation and Technology Working Group (ITWG), which was
established to encourage IFIs to integrate technology into their operations.
The session featured the introduction of CIBAFI’s guide, Digital Momentum:
Impact on Islamic Banks and Guidelines for Adaptability, which provides Islamic
banks with insights and practical guidance on adopting emerging technologies in
the industry.
The webinar opened with welcoming remarks
from Dr. Abdelilah Belatik, Secretary General of CIBAFI, and featured a
speech by Dr. Hilal Houssain, Associate Manager at the Islamic
Development Bank Institute, Saudi Arabia.
Commenting on CIBAFI’s efforts to promote
innovation and technology, Dr. Belatik said: "Digital transformation is
not just an option — it is imperative for the sustainable growth of IFIs. As
part of CIBAFI’s commitment to technology-driven initiatives, we are pleased to
publish this guide, which provides a strategic roadmap to help Islamic banks
navigate their digital journey successfully." He added, "We hope this
guide will serve as a valuable reference, supporting banks in their efforts to
embrace digital transformation. Beyond providing guidance, CIBAFI is also keen
to support the industry in integrating digitalization through concrete
implementation initiatives that drive meaningful progress."
The session continued with a detailed
presentation by Mr. Rachid Ettaai, Business Development Manager at
CIBAFI, on the newly launched report. He highlighted its key strategies and
recommendations.
The webinar also featured an engaging panel
discussion with distinguished industry experts, including Mr. Andrew
Cunningham, Founder and Managing Director of Darien Analytics, UK; Dr.
Okan Acar, Chief Digital Banking and Payment Systems Officer at Kuveyt
Türk, Türkiye; Mr. Haroon Shahban, Director at EY Bahrain; and Mrs.
Azleena Idris, Senior Director and Head of Strategy & ESG Office at
Payment Network Malaysia. The panel addressed key topics such as leveraging
technology for innovation in Islamic banking, building blocks for a digital
transformation strategy, and emerging trends like AI, DeFi, and
cryptocurrencies. They also discussed governance, risk, and compliance
challenges in the digital era.
This guide was developed with the support
of the Islamic Development Bank Institute (IsDBI). CIBAFI acknowledges and
appreciates IsDBI’s contributions to advancing digital transformation in
Islamic finance.
CIBAFI remains committed to supporting the
growth and development of the Islamic finance industry by providing thought
leadership, innovative solutions, and capacity-building initiatives.