Fintech is Key to Shaping Sustainable Islamic Finance
Wednesday, 05 15 2019, Category: Technology, Country: U.A.E
Emirates Institute for Banking and Financial Studies (EIBFS), a regional leader in banking and finance education and training, held an interactive workshop on the implications of Fintech in Islamic Finance in collaboration with the Dubai Islamic Economy Development Centre (DIEDC).
Zubair Ahmed, Senior Vice President, ENBD Group Operations & Transformation, delivered the keynote address at the event that was attended by senior representatives of banks in the UAE. Moosa Tariq Khoory, Head of Sharia, Dubai Islamic Bank, Ashar Nazim, Managing Director at Finocracy, Sohail Zubairi, Projects Advisor, DIEDC, and Mufaddal I. Khumri, Head of Consumer Asset Business, SAMBA Financial Group were among those that conducted the sessions.
The day-long workshop was held amid the growing uptake for fintech in the banking industry, which has enabled the sector to adopt new ways to make transactions quicker and easier. Fintech has particularly gained prominence in the Islamic banking sector for its ability to facilitate ease of operations.
Speaking on the increasing role of fintech in Islamic finance, Jamal Al Jassmi, General Manager of EIBFS, said: “Fintech is paving the way for an enhanced finance and banking environment. Although financial technology has come a long way, it is now beginning to have a greater impact on Islamic finance. Fintech is helping to unlock growth opportunities through easier and quicker execution and traceability. It also has the potential to enhance customer service and increase competitiveness with the traditional banking formats. Artificial Intelligence and Blockchain technologies likewise, will ensure increasing transparency and accountability of transactions.”
He added: “At EIBFS, we are committed to providing the right platform for banks, insurance companies and other financial organizations to track the latest trends in financial education. Fintech as a subject is prominent across the sector and Islamic finance will benefit considerably from adopting fintech solutions to ease process and operations for its customers. In line with our partnership with DIEDC, we look forward to conducting more such workshops as the fintech ecosystem continues to evolve and grow further. Courses in AI and Blockchain technology are also a part of our 2019 agenda.”
Source: Eye of Riyadh