CIBAFI Launches Comprehensive Report on Digital Transformation and Adaptability for Islamic Banks, Attracting Over 400 Participants
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Tribune
2 days ago
- Daily Tribune
Bahrain firm powers UAE launch
TDT| Manama Bahrain's fintech leadership is driving digital change in the UAE, with Bahrain-based Arab Financial Services (AFS) powering the launch of a fully app-based credit card solution in collaboration with Mawarid Finance. The new platform lets customers apply, receive, and manage credit cards instantly, without visiting a branch or signing a single form. Bahrain-built, region-ready The end-to-end solution, developed and enabled by AFS, marks a major milestone in the GCC's shift toward mobile-first financial services. Regulated by the Central Bank of Bahrain, AFS is playing a growing regional role in delivering seamless digital finance tools across borders. The app allows users to complete the full credit card journey - from application to approval to daily account management - directly from their smartphones. It eliminates the need for physical paperwork or in-person appointments and offers real-time access to spending data and account controls. Shariah-compliant and secure Mawarid Finance, the UAEbased Islamic finance group, partnered with AFS to design the solution to be both fully Shariah-compliant and aligned with modern security standards. Executives from both companies signed the agreement at a recent ceremony, underscoring their shared commitment to digital innovation. 'This platform reflects our commitment to making secure, efficient, and simple financial access a reality for our customers,' said Rashid Al Qubaisi, CEO of Mawarid Finance. AFS CEO Samer Soliman noted: 'Our partnership with Mawarid proves the strength of Bahrain's fintech sector in enabling advanced digital services across the region. It's a model of how traditional institutions and fintech can work together to deliver scalable, intuitive solutions.' Founded in Bahrain in 1984, AFS has become the region's leading digital payment solutions provider, with operations in Bahrain, Egypt, Oman, and the UAE. The launch with Mawarid adds to a growing list of projects where Bahrain-grown fintech tools are transforming user experience far beyond its borders.
Daily Tribune
3 days ago
- Daily Tribune
Al Baraka posts strong quarterly turnaround
TDT | Manama Al Baraka Group has reported a strong financial turnaround in the first quarter of 2025, reversing last year's losses and delivering a 19% rise in net income attributable to shareholders. The Group registered USD 34 million in total comprehensive income during the quarter, a sharp contrast to a USD 60 million loss in the same period of 2024. Earnings rebound The Group's net income attributable to the parent company's shareholders rose to USD 46 million in Q1 2025, up from USD 39 million last year. Total net income also saw a 19% increase, reaching USD 91 million. Executives credited the gains to rising financing volumes, expanded activity in key markets including Turkey, Jordan, and Egypt, and lower foreign currency translation losses. Basic earnings per share improved to 3.84 US cents, compared to 3.23 US cents in Q1 2024. Strengthening capital Al Baraka's total equity attributable to shareholders and sukuk holders rose 2% to reach USD 1.28 billion, while total equity grew to USD 2.03 billion by the end of March. The Group also recorded a 4% increase in total assets, which stood at USD 27.24 billion, driven by stronger customer deposits and business growth in core markets. Chairman Sheikh Abdullah Saleh Kamel said the Group's performance was anchored in its commitment to strategic expansion, disciplined risk oversight, and continued support for the communities it serves. Innovation focus Group CEO Houssem Ben Haj Amor highlighted the Group's resilience in the face of global uncertainty, citing its focus on long-term financial sustainability, investment returns, and digital banking innovations. Recent initiatives such as the 'Trade Finance Platform' and 'Borderless Banking' are part of the Group's drive to enhance competitiveness across its international network. With operations in 13 countries and over 600 branches, Al Baraka continues to position itself as a key Islamic financial player committed to growth and innovation in a changing global environment.
Biz Bahrain
28-05-2025
- Biz Bahrain
Khaleeji Bank Launches its New Summer Campaign for Credit Cardholders
Khaleeji Bank, one of the leading Islamic banks in the Kingdom of Bahrain, has announced the launch of its new promotional campaign for its credit cardholders this summer. The campaign offers clients the chance to enjoy an amazing summer holiday with rewarding cashback opportunities and cash prizes up to BD 3,000, in addition to a host of exclusive and premium benefits for all Khaleeji credit cardholders. The campaign runs from 1st June until 31st August 2025, granting one winner the chance to win a cashback of up to BD 3,000 when spending BD 500 or more during the campaign. Additionally, four other winners will have opportunities to win cashback of up to BD 500 each, provided they spend any amounts using Khaleeji's credit cards for summer travel expenses, booking airline tickets, hotel stays, shopping, and all other international transactions while travelling abroad during the summer holidays. In addition to this exceptional offer, clients will enjoy a range of other exclusive benefits when transferring their outstanding credit card balances to Khaleeji. These benefits include a free three-month grace period, no down payment or minimum payment required, as well as the opportunity to earn up to 3% cashback. This includes 3% cashback on foreign currency expenditure, 2% on subscription services, and 1% at all other merchants. On this occasion, Ms. Ameera Ahmed Al Abbasi, Head of Retail Banking at Khaleeji Bank, commented 'At Khaleeji Bank, we are always keen to enhance our valued clients' experience throughout the year, responding to their aspirations and providing added value by offering the best banking initiatives and services. In this regard, we are pleased to announce the launch of our credit card campaign for the 2025 summer season, through which we aim to make Khaleeji cards the first choice for our clients during their travels, enabling them to enjoy a fun and rewarding summer holiday.' She continued 'This new promotional campaign reflects Khaleeji's ongoing commitment to providing banking solutions tailored to our clients' needs all year round, encouraging them to maximise the benefits of their Khaleeji credit cards. I would like to take this opportunity to urge our valued clients to take advantage of this outstanding campaign, which includes exceptional opportunities for cashback and prizes of up to BD 3,000, as well as many other exclusive benefits and offers when transferring their outstanding credit card balances to Khaleeji. These benefits include a free three-month grace period, with no down payment and no minimum payment required, as well as the opportunity to earn up to 3% cashback. What sets the Khaleeji credit cards apart from others is that they are the only cards that allow clients to benefit from cashback in addition to earning Gulf Air miles, simultaneously. We wish all clients the best of luck and a wonderful summer using their Khaleeji credit cards during the holidays.' Khaleeji is a leading Islamic Bank that strives to achieve clients' ambitions through an Islamic Banking model that offers a comprehensive range of high quality Shari'a-complaint banking services and investment opportunities to individuals and companies.
