Manama (Jona) – The General Council of Islamic Financial Institutions held a virtual symposium entitled “Digital Transformation: Impact on Islamic Banks and Impact on Adaptation Guidelines.” Meanwhile, there was evidence of the digital conversion of Islamic banks.
The symposium belongs to the initiative of the General Council on Innovation and Technology Working Group, established with the aim of encouraging Islamic banks and financial institutions to adopt technology in business and financial transactions.
“Digital Transformation: Impact on Islamic Banks and Impact on Adaptation Guidelines” is a reference to guidance to provide practical guidelines for adopting emerging technologies in the Islamic finance industry.
The symposium was held in a speech by Dr. Abdel Ira Bharatik, Executive Director of the General Council, followed by a speech by Dr. Hilal Hussein, assistant director of the Institute of Islamic Development Bank, Kingdom of Saudi Arabia.
Dr. Baltic emphasized that digital transformation is necessary and an option to achieve sustainable growth in Islamic banks and financial institutions, and pointed out that strategic evidence can help Islamic banks pass their digital transformation journey well and smoothly.
The symposium included a detailed presentation presented by Rashid Al-Taya, Director of Business Development at the General Council.
The discussion session saw the participation of a group of experts and speakers, including Mr Andrew Kenningham, Dr. Okan Akal, Mr. Harun Shaban and Mrs. Ezelina Idris.
The speaker discussed the fundamental elements of Islamic banking services innovation, digital transformation strategies, and the most important topics that benefited from technology to bolster emerging trends such as artificial intelligence, decentralized financing and cryptocurrency.
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