Event Detail

Target Audience:

IFSB members and non-members (RSA, market players, scholars and academics)

The progress of digital transformation has accelerated in the midst of pandemic due to rising digitalization trend. Some central banks have conducted assessments and exercises on pros and cons of digital transformation in the regulators policies and initiatives particularly to maintain the financial system stability, economic transaction and increase the policy impacts to the real sectors including the Islamic finance. The focuses are mainly on: (i) can the central bank digital transformation perform a better economic policy transformation mechanism in the digital era? (ii) how can the economic policies (fiscal, monetary, finance, etc) be relied on and applied in the digital era? (iii) how is the financial stability framework and mechanism be maintained by adopting the central bank digital transformation? (iv) how is Sharia view and thought on some digital initiatives applied by the regulators? (v) and other central bank strategic policies and digital transformation issues can also be deliberated and shared in the event.

Programme Outcome:

The conference intends to elaborate and possibly gains consensus among policy makers, experts and sharia scholars on the issues and ideas of the digital transformation in the policy, market practices and Sharia initiative. Representatives from the central banks, international standard setting bodies, industry players and sharia scholars among resource persons in the event. The expected outcomes of the event are: (a) comprehensive understanding and thought on digital transformation from regulatory perspectives (central bank, financial regulators) mainly its financial and economic impacts, policy responses and financial (b) discussions from the market and industry players on some applications of digital transformation in financial transactions (crypto asset trading, bitcoin, etc) (c) knowing the Sharia views and thoughts on digital initiatives in the payment system, financial market transactions, banking system, etc mainly with the issues of Riba, gharar and maysir (speculation) in the digital transaction.

Programme Approach:

Following are the overall programme approaches:

• Explanation and elaboration of the issue, policy, market experiences and Sharia thoughts from the speakers (policy makers, market players and sharia scholars).
• Interactive discussion, debate, pros and cons opinions on the topic among speakers and limited (by invitation) audience.
• Conclusions or pre-requisite consensus on the issues being discussed.
• Suggestions on policy responses or market responses on the issues.

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