Islamic finance industry needs to be technology savvy

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Amwaj Island: Islamic finance has come a long way to become a vital pillar of the global economy and with the changing spectrum of the global economy it needs to be technology savvy industry.

The pre WIBC 2016 session witnessed the inauguration of an exclusive event on FinTech and Digital Banking – Enterprise Excellerate (E2) and the IIFM seminar on Sukuk and Islamic Trade Finance. In attendance were Islamic finance leaders, FinTech and digital banking leaders, entrepreneurs, tech start-ups, venture capitalists and investors from the region, as well as across the globe.

E2 is a fresh concept introduced by WIBC with the strategic support of the Bahrain Economic Development Board for visionaries in the tech industry to explore prospects in the financial sector. The venture aims to converge key players and investors in the GCC region to Bahrain, leveraging the country’s strong record in supporting growth in the Middle East, its leadership in Islamic finance, and initiatives to foster an entrepreneurial ecosystem.

The very first edition had a superb start with an engaging keynote speech by David Parker, Executive Director – Financial Services of the Bahrain Economic Development Board, who spoke about the importance of establishing an entrepreneurial ecosystem in Bahrain to attract investments from abroad and to support startups and SMEs within the region

The exciting sessions of E2 includes talks on the Fintech revolution, global FinTech trends, blockchain and cryptocurrency, the rise of robo-advisors, crowdfunding and the exclusive launch of the Bahrain Venture Capital Report.

Alongside E2 was the IIFM seminar that once again returned this year with their insightful sessions on Sukuk and Islamic Trade Finance. The IIFM is a globally renowned standard-setting organization for the Islamic financial services industry focusing on standardization of Islamic financial contracts and product templates relating to the Capital & Money Market, Corporate Finance and Trade Finance segments of the industry. It promotes market unification by developing best practices and achieving Shari’ah harmonization to create a more robust, transparent and efficient Islamic finance industry. The sessions at the IIFM imparted industry leaders with insights on Islamic Hedging & Liquidity Management instruments, as well as a comprehensive coverage of the nuances of and myriad topics on Islamic financial markets.

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