Islamic Financial Services Summit 15th Edition, Inaugurated

The Islamic Financial Services Council Summit, in 15th session was launched, under the motto: Islamic Finance and Digital Transformation: Balancing Innovation and Resilience”, hosted by the Central Bank of Saudi Arabia, in Jeddah, with participation of representatives of central banks, financial institutions and regulatory authorities, from more than 18 country and attended by nearly 100 speakers.

Over the course of 3-day, the gathering will host 15 discussion sessions and a workshop to tackle the political effects arising from rapid digital transformation, and highlight the efforts required, in the future, to enhance flexibility and achieve stability, in the field of Islamic finance services, in addition to digital transformation in Islamic financial services, encrypted assets and their repercussions the on Islamic finance, financial technology and Islamic financial services.

The summit will discuss ways to achieve synergy between Islamic digital finance and sustainability, in addition to the effective use of technology, in supervisory and regulatory activities, by Islamic financial authorities and institutions.

Such a significant summit is considered among the most prominent events, in the Islamic financial services sector, as it constitutes a major platform for discussion and exchange of views between regulators, global market players and thought or opinion leaders.

They will highlight issues related to correcting the regulatory direction and updating the regulations applicable to this sector; in order to further enhance its flexibility and achieve its stability.

It provides a unique opportunity for decision makers, regulators and global market players from all over the world; to exchange experiences, hold dialogue and exchange visions on current and emerging topics, in the field of Islamic finance and ways to enhance innovation in the Islamic financial system and benefit from its services, adopt technology and ensure sustainability, in order to drive growth and achieve development opportunities, within this sector.

It is noteworthy that the IFSB includes more than 188 members, 80 regulatory and supervisory authorities, 10 intergovernmental organizations, and 98 market players, including financial institutions, professional companies and union federations, operating in as many as  57 countries.