EIBFS holds workshop on ‘Fintech in Islamic Finance’

Business Bureau, Gulf Today

The Emirates Institute for Banking and Financial Studies (EIBFS), a regional leader in banking and finance education and training, held an interactive workshop on the implications of Fintech in Islamic Finance in collaboration with the Dubai Islamic Economy Development Centre (DIEDC).

Zubair Ahmed, Senior Vice President, ENBD Group Operations & Transformation, delivered the keynote address at the event that was attended by senior representatives of banks in the UAE. Moosa Tariq Khoory, Head of Sharia, Dubai Islamic Bank, Ashar Nazim, Managing Director at Finocracy, Sohail Zubairi, Projects Advisor, DIEDC, and Mufaddal I. Khumri, Head of Consumer Asset Business, SAMBA Financial Group were among those that conducted the sessions.

The day-long workshop was held amid the growing uptake for fintech in the banking industry, which has enabled the sector to adopt new ways to make transactions quicker and easier. Fintech has particularly gained prominence in the Islamic banking sector for its ability to facilitate ease of operations.

Speaking on the increasing role of fintech in Islamic finance, Jamal Al Jassmi, General Manager of EIBFS, said: “Fintech is paving the way for an enhanced finance and banking environment. Although financial technology has come a long way, it is now beginning to have a greater impact on Islamic finance. Fintech is helping to unlock growth opportunities through easier and quicker execution and traceability. It also has the potential to enhance customer service and increase competitiveness with the traditional banking formats. Artificial Intelligence and Blockchain technologies likewise, will ensure increasing transparency and accountability of transactions.”

He added: “At EIBFS, we are committed to providing the right platform for banks, insurance companies and other financial organizations to track the latest trends in financial education. Fintech as a subject is prominent across the sector and Islamic finance will benefit considerably from adopting fintech solutions to ease process and operations for its customers. In line with our partnership with DIEDC, we look forward to conducting more such workshops as the fintech ecosystem continues to evolve and grow further. Courses in AI and Blockchain technology are also a part of our 2019 agenda.”

In his keynote address, Zubair Ahmed said: “Islamic finance is a growing industry and requires the involvement of technology to regulate it. The popularity of fintech has surged immensely over the years and has added great value to the sector. In Islamic finance, we have seen it creating necessary checkpoints to ensure smooth transactions. With a healthy combination of fintech along with AI and Blockchain technologies, we are confident that Islamic finance will thrive and offer phenomenal benefits in the short to long term.”

Moosa Tariq Khoory said: “Islamic sharia encourages research and innovation to meet the evolving needs of the society. The use of technology will undoubtedly help the Islamic finance industry achieve sharia and regulatory compliance.”

For his part, Ashar Nazim said: “Fintech is the way forward for the banking sector, Islamic finance will benefit manifold from leveraging this technology across all services.”

EIBFS has been at the forefront of advanced financial education and capacity-building. In March 2019, the EIBFS Technical Advisory Committee entered a strategic partnership with PwC’s Academy Middle East to offer three new professional certificate courses in Fintech, Blockchain and Data Analytics.  In addition, EIBFS’s 2019 annual training programme places high emphasis on techno-functional skills, featuring 13 courses on Fintech, Digital, Blockchain, AI, IoT, Cybersecurity, and Business Analytics, among other focus areas.

Earlier, the EIBFS signed a memorandum of understanding with Al Etihad Credit Bureau (AECB) to promote financial literacy in the UAE.

Jamal Al Jassmi, General Manager of EIBFS, and Marwan Lutfi, Chief Executive Officer of AECB, inked the agreement at the EIBFS Dubai campus.

The MoU mandates the two parties to launch joint financial education initiatives with the aim of fostering responsible money management habits among consumers in the UAE. EIBFS and AECB are also tasked with co-hosting trainings and thought leadership events to familiarise the finance professionals with the latest developments in the banking industry.

Jamal Al Jassmi said: “In a world of growing economic complexities, we firmly believe that financial literacy is a core life skill and the key to a well-informed and financially sound society. As such, it is also the subject of an important ongoing conversation in the UAE.”

He added: “In line with our commitment to helping bridge the knowledge gap for a more secure financial future, and long-term growth and prosperity, we recognise the crucial need to expand and enhance personal finance education in our country. As part of this priority, we are pleased to partner AECB to provide citizens and residents of the UAE with the necessary knowledge to make prudent financial decisions.”