After two years of holding events online, CIBAFI is back to physical venues with this workshop, held at Wyndham Grand Hotel, Manama, Kingdom of Bahrain. The three-day workshop which opened on Monday, October 3, will run until October 5.
Manama, Kingdom of Bahrain:The General Council for Islamic Banks and Financial Institutions, the global umbrella of Islamic financial institutions, successfully launched its Technical Workshop on “Digital Transformation Strategy for Islamic Financial Institutions (IFIs)”.
After two years of holding events online, CIBAFI is back to physical venues with this workshop, held at Wyndham Grand Hotel, Manama, Kingdom of Bahrain. The three-day workshop which opened on Monday, October 3, will run until October 5.
The spread of digital technologies and the emergence of disruptive forces are transforming business models and processes across all industries, including the financial services industry. The most difficult challenge for most institutions has been finding the best ways to benefit from incorporating digital technologies into their operations.
Developing a successful and effective digital transformation strategy is an important step in delivering unique outcomes in response to the constant changes in the financial industry.
The purpose of this Technical Workshop is to explore the Islamic financial institutions’ approaches which lead to effective digital transformation strategy. It also aims at highlighting the challenges and risks that can be encountered, with a focus on how IFIs could accelerate customers acquisition by providing digital products and services.
In her opening remarks, Ms. Zainab Al Owainaty, Director of Administration and Finance in CIBAFI welcomed all participants and emphasized how technological advancements are increasing market competition and customer expectations.
Simply developing a strategy or expressing a desire to transform will not result in the necessary change to keep up with increased competition; rather, there should be a strategic implementation approach that articulates and effectively implements the key pillars for a successful and effective transformation.
The workshop was attended by number of senior representatives of Islamic banks and financial institutions as well as Regulatory and Supervisory Authorities (RSAs).
The participants will gain key practical skills for identifying, evaluating, and prioritising digital transformation options for their institutions, by using a wide range of case studies and practical exercises.
In her opening remarks, Ms. Zainab Al Owainaty, Director of Administration and Finance in CIBAFI welcomed all participants and emphasized how technological advancements are increasing market competition and customer expectations.
CIBAFI wishes to thank its Knowledge Partner, Finastra and its expert speakers for facilitating the workshop. The workshop will also witness experience sharing sessions from CIBAFI member institutions and industry stakeholders.
CIBAFI Technical Workshop is aligned with the objective of Professional Development, which endeavors to enhance capacity building within the Islamic financial services industry (IFSI). These programmes are practical and targeted to 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.
About CIBAFI:
The General Council for Islamic Banks and Financial Institutions is an international non-profit organization founded in 2001 by the Islamic Development Bank (IsDB) and a number of leading Islamic financial institutions.
It is an affiliated organ to the Organisation of Islamic Cooperation (OIC). With over 130 members from more than 34 jurisdictions all around the world, CIBAFI is recognized as a key element in the international architecture of Islamic finance.
Its mission is to support the IFSI growth by providing specific activities and initiatives that leverage current opportunities while preserving the value proposition of Islamic finance.
CIBAFI office is located at Jeera III, 7th Floor, Office 71, Building 657, Road 2811, Block 428, Manama, Kingdom of Bahrain.
*********************************************************************
Readers
These are extraordinary times. All of us have to rely on high-impact, trustworthy journalism. And this is especially true of the Indian Diaspora. Members of the Indian community overseas cannot be fed with inaccurate news.
Pravasi Samwad is a venture that has no shareholders. It is the result of an impassioned initiative of a handful of Indian journalists spread around the world. We have taken the small step forward with the pledge to provide news with accuracy, free from political and commercial influence. Our aim is to keep you, our readers, informed about developments at ‘home’ and across the world that affect you.
Please help us to keep our journalism independent and free.
In these difficult times, to run a news website requires finances. While every contribution, big or small, will makes a difference, we request our readers to put us in touch with advertisers worldwide. It will be a great help.
For more information: pravasisamwad00@gmail.com