Exploring fintech ‘will further boost Islamic banking sector’

Fully harnessing the power of latest technologies will help propel the Islamic banking industry towards a new stage in its development, said acting Director-General of the Islamic Research and Training Institute (IRTI), Dr Sami Al Suwailem. To ensure a sustainable development the Islamic banking industry will need to be proactive in taking up the new wave of ‘disruptive technologies’, he said.

Dr Al Suwailem was making his remarks in his keynote speech delivered during the 25th World Islamic Banking Conference. Speaking on the prospects and risks of latest technologies as it affects Islamic finance, Dr Al Suwailem said the Islamic financial industry stands to gain a lot from these technologies to provide innovative services for the benefit of the communities it serves. “The digital revolution we are witnessing is a great opportunity but also poses some risks.

Taking the lead in managing and taming this revolution will shape the future of Islamic banks and their economies,” he said. “First, it is a matter of survival. Those who refuse to change are doomed to perish, in one way or another. However, there are many encouraging reasons to embrace the change. It starts with the nature of Islamic finance.”