CIBAFI launches comprehensive report on digital transformation and adaptability for Islamic Banks, attracting over 400 articipants

Zawya

04-03-2025

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.
About CIBAFI:
CIBAFI is an international non-profit organisation founded in 2001 by the Islamic Development Bank (IsDB) and a number of leading Islamic financial institutions. CIBAFI is affiliated with the
Organisation of Islamic Cooperation (OIC). With more than 140 members from over 30 jurisdictions all around the world, CIBAFI is recognised as a key piece in the international architecture of Islamic finance.
In its mission to support the Islamic financial services industry growth by providing specific activities and initiatives that leverage current opportunities while preserving the value proposition of Islamic finance, CIBAFI is guided by its Strategic Objectives, which are, 1) Advocacy of Islamic Finance Values and Related Policies & Regulations; 2) Sustainability and Innovation Integration; 3) Industry Research and Analysis; and 4) Professional Development.
CIBAFI office is located at Deema tower, 7th Floor, Office 71, Building 657, Road 2811, Block 428, Manama, Kingdom of Bahrain.