CIBAFI Launches Comprehensive Report on Digital Transformation and Adaptability for Islamic Banks, Attracting Over 400 Participants
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.
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