In collaboration with the General Council for Islamic Banks and Financial Institutions (CIBAFI), the Securities and Commodities Authority (SCA) ran a workshop called “Digital Transformation Strategy in Islamic Financial Institutions” as part of its efforts to enhance cooperation and joint action to improve the Islamic finance industry and strengthen its digital capabilities, thus keeping pace with the accelerated developments that the financial sector has been witnessing.

The three-day workshop, hosted in Dubai by Finastra, brought together 40 representatives and participants from the SCA, Islamic banks and financial institutions, regulatory and supervisory authorities, international organizations, and relevant industries.   

His Excellency Mohammed Khalifa Al Hadari, Deputy CEO for Supporting Services, opened the workshop with a welcoming speech, thanking the organizers and asserting the SCA’s commitment to providing all forms of support to ensure that the Islamic finance industry plays a successful role in a manner consistent with the objectives of the memorandum of understating signed with the CIBAFI back in 2014. 

“This workshop reflects our commitment to enhancing joint action to promote the growth of the Islamic finance industry and support its digital transformation in line with international practices, thus fostering the growth and sustainability of this vital sector. We aim to equip participants with the knowledge and tools that assist them in crafting an ambitious and integrated strategy that meets their needs and help them occupy advanced positions within the Islamic financial services industry, both regionally and internationally,” H.E. Al Hadari said.

For his part, Dr. Abdelilah Belatik, Secretary General of the CIBAFI, said: “This collaboration with the Securities and Commodities Authority reflects our relentless efforts to improve the different aspects of the Islamic financial services industry. We are delighted to host the second edition of this technical workshop in Dubai to emphasize the importance of digital transformation to the region’s Islamic banks and financial institutions, of technological resilience in adapting to industry changes, of seizing the opportunities presented by advanced technologies in enhancing customer experience, and of gaining a competitive edge in markets. We, at the CIBAFI, are committed to incentivizing our members and stakeholders to adopt digital transformation and stay abreast of developments in the financial sector to produce desired objectives.”

The workshop ran for ten sessions and addressed key areas, including digital transformation trends and components; opportunities and risks facing Islamic banks; and the technical and structural considerations required for carrying out digital transformation, such as data privacy, cybersecurity, and talent management. It aimed to help participants identify, evaluate, and prioritize digital transformation options; provide them with the tools and techniques needed for leading digital transformation initiatives; and help them manage change, engage shareholders, and measure performance. 

In 2014, the SCA signed a memorandum of understanding with the CIBAFI to promote the efforts aimed at consolidating the UAE’s position as the capital of the Islamic economy. This was the second edition organized by the CIBAFI as part of the efforts to digitize Islamic financial institutions. The first took place in Bahrain in the last quarter of 2022. 

About CIBAFI

The General Council for Islamic Banks and Financial Institutions (CIBAFI) is an international institution established in 2001 in Bahrain. It is affiliated with the Organization of Islamic Cooperation (OIC) and formally represents the Islamic financial industry worldwide. The CIBAFI aims to support, develop, and protect the Islamic financial services industry. It helps foster cooperation between its members and financial institutions that share common objectives. It has over 130 members from 34 jurisdictions, including key players in the Islamic financial market, multilateral international institutions, and professional services firms. The CIBAFI is recognized as a key component of the international architecture of the Islamic finance industry.

About Finastra

Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses, and communities. Supported by the broadest and deepest portfolio of financial services software, Finastra delivers this vitally important technology to financial institutions of all sizes across the globe, including 90 of the world’s top 100 banks. Its open architecture approach brings together a number of partners and innovators. Together they are leading the way in which applications are written, deployed, and consumed in financial services to evolve with the changing needs of customers.