COVID-19 has shifted the dynamics in the global Islamic financial services industry (IFSI). The necessary public health measures have created the need for businesses to change their course of action and overall outlook for the future. Beyond the immediate economic implications, COVID-19 is creating new opportunities by forcing the IFSI to adapt to rapidly evolving market conditions and speeding up the pace of emerging trends in socially responsible investing, sustainability, and digitalization to mitigate the impact of the outbreak.

 

The Covid-19 outbreak has led to growth in the IFSI in some areas by accelerating trends such as socially responsible investing and a stronger focus on social sustainability.  The impact of Covid-19 presented a window of opportunity for the Islamic capital market sector, particularly regarding the issuance of sovereign sukuk as a part of the government’s strategy to diversify its funding for financing fiscal deficit and to meet the fiscal requirements for combating Covid-19.

 

In the business sectors, some IFSI have started to convert their ongoing business models into a more digital and virtual based businesses. Digital payment, monitoring, recording, reporting and even the Islamic financial institution and instrument themselves have become fully digital (virtual) which are now commonly called as digital banking, e-Sukuk, etc. in line with the issue of digital currency.

 

Objectives: 

 

• To discuss the recovery initiatives within the Global Islamic Financial Services Industry 
• To discuss the limitation for IFSI and identify specific risk factors that might arise in relation to specificities of Islamic Finance
• To provide a better understanding on the challenges faced by the industry, particularly related to Cybersecurity Risk due to accelerated digitalisation and liquidity risk management.

Register Now