Manama: Mahmood Rafique, Editor: Rapidly changing digital landscape and technological evolution offer huge opportunity for the global Islamic banking industry.
This was the crux of a one-day hybrid event titled “Artificial Intelligence (AI) and Islamic Finance” held at BIBF, attracted prominent industry experts, thought leaders, and finance professionals from around the world.
An impressive lineup of speakers, Islamic banking and audit industries gurus stressed upon the need for adoption of Artificial intelligence (AI) by the Islamic banking industry that, according to them, would have a major impact on the growth and sustainability of the Islamic finance in the rapidly changing landscape of the global economy.
Organized by the Bahrain Chapter of the Institute of Chartered Accountants of Pakistan (ICAP), in collaboration with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Bahrain Institute of Banking and Finance (BIBF), successfully concluded its annual flagship event.
The conference marked a significant milestone in exploring the convergence of innovative technology and Islamic finance. Distinguished keynote speakers included Adnan Ahmed Yousaf, Chairperson of the Bahrain Association of Banks, who shed the light on the digitization of the Islamic banking, in his keynote address, as well as opportunities and challenges it offer to the Islamic banking industry.
Other speakers included Dr. Khalid Abdulla Taqi, Member of the Board of Trustees at the University of Bahrain, Omar Mustafa Ansari, Secretary General of AAOIFI and Noor Ur Rehman Abid, former managing partner E&Y Bahrain. These leaders, alongside other respected panelists, shared insights on how AI is transforming the Islamic finance landscape and shaping the future of the global financial industry.
The event featured robust discussions, panels, and presentations covering topics such as AI applications in Islamic finance, innovation in fintech, and the role of technology in enhancing industry standards. The event underscored Bahrain’s standing as a leading hub for innovation in Islamic finance and technology.
“We are truly proud of the impact this gathering has had. The insights shared today will undoubtedly pave the way for more advancements in AI within Islamic finance, and we look forward to fostering continued dialogue in the coming years,” Muhammad Saeed Butt, Chairman of ICAP Bahrain Chapter, said, adding that ICAP Bahrain Chapter extended its gratitude to First Motors Bahrain, for being the main sponsor of the event.
The event which widely covered across media platforms, with an expected combined social media outreach exceeding one million followers across the channels of supporting organizations. This broad visibility underlines the significance of AI in shaping the future of Islamic finance.
