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The 15th IFSB Summit to Discuss on Islamic Finance and Digital Transformation: Balancing Innovation and Resilience

Date posted: 31 August 2021

Kuala Lumpur/Jeddah, 31 August 2021 - The Islamic Financial Services Board (IFSB) is pleased to announce that the 15th IFSB Summit will be held from 9 to 11 November 2021 in Jeddah, Kingdom of Saudi Arabia, hosted by the Saudi Central Bank (SAMA) - the fifteenth series of this biennial landmark event for the IFSB.

The theme of the IFSB 2021 Summit is “Islamic Finance and Digital Transformation: Balancing Innovation and Resilience”. The Summit will focus on ways to foster innovation, technological adoption, accessibility and sustainability in the Islamic financial system to boost its growth and development, as well as the policy implications arising from rapid digital transformation.

In addition, the summit will highlight the work that remains to be done moving forward to strengthen Islamic Finance Services’ resilience and stability. The rise of technology in financial services is shaping current sectors across banking, capital markets and takāful, and giving rise to new modes of financial intermediation such as crowdfunding and blockchain solutions. These exciting changes and developments require authorities and jurisdictions to balance resilience and innovation, which this Summit will explore over the course of the sessions.

Among the topics of discussion are:

  1. Digital Transformation of Islamic Financial Services
  2. Crypto-Assets and their Implications for Islamic Finance
  3. FinTech and Islamic Financial Services
  4. Achieving Synergy between Digital Islamic Finance and Sustainability
  5. Effective use of Supervisory and Regulatory Technology by Authorities

Fahad AlMubarak, the Governor of the Saudi Central Bank, said: “We in Saudi Arabia have the pleasure to host the 15th Summit of the Islamic Financial Services Board. The Kingdom is home to the largest Islamic Finance market in the MENA region and amongst the G20, and is continuing to grow and develop in the digital age. The Summit remains a unique opportunity for decision-makers and market players alike to exchange experiences and hold discussions on current and emerging matters of Islamic Finance.”

Dr. Bello Lawal Danbatta, The IFSB Secretary-General, said: “I am delighted to announce that the 15th edition of the IFSB Summit is to be held in 2021 in the Kingdom of Saudi Arabia. The IFSB Summit, a landmark event for the Islamic financial services industry (IFSI), constitutes a major high-level platform for key regulators, global market players and thought-leaders, to discuss issues relevant to steering the regulatory direction of the industry with the aim to further strengthen its resilience and stability. He added, “The Saudi Central Bank, Founding Member and Council Member of the IFSB, will host this year’s Summit and we are very pleased and look forward to collaborating with SAMA for its preparation.”

The Annual IFSB Summits aims to bring together industry leaders and professionals from all over the globe. In particular, participants of the previous Summits have included key players of the IFSI, especially members of the IFSB from among regulatory and supervisory authorities, international intergovernmental organizations and market players.

More information about the 15th IFSB Summit will be announced in due course. Enquiries on participation and sponsorship opportunities can be forwarded to ifsb_sec@ifsb.org.

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