Saudi, Emirates Aber Digital Currency Joint Project, Innovative Model -Emirates Central Banker Says

Governor of Emirates’ Central Bank Khalid Muhammad Balama reaffirmed the keenness on enhancing cooperation with the SAMA, in order to achieve the aspirations of the two brotherly peoples.

In a speech delivered during the main session, as part of the 15th Islamic Financial Services Board Summit, organized by SAMA, under the motto: “Islamic Finance and Digital Transformation: Achieving a Balance between Innovation and Durability”, in Jeddah, he promised that the Aber project for the common digital currency between the Emirates and the Kingdom, will be an innovative model for the success of such a cooperation.

Digital transformation helps Islamic finance highlight its strengths and adopt sustainable development goals, as there are many potential opportunities for the development of digital services for Islamic finance, noting that the distributed ledger technology will contribute to providing Islamic banks with advanced payment systems, he explained.

“We support the strategic transformation of the Islamic Services Council, and we need a deeper understanding of technology to benefit from it, in the way, hopefully, would develop Islamic finance, he added.

 We also need to unify Sharia standards, in this regard, enhance cooperation and exchange experiences to develop financial services, he reasserted.

The fifteenth session of the annual summit of the Islamic Financial Services Board has started with five introductory activities, and its activities will continue, with the aim of creating an opportunity to bring together industry leaders, researchers and the professional community from around the world.

In order to hold discussions and exchange visions, aiming to discuss ways to enhance innovation, in the Islamic financial system, benefit from its services, adopt technology and ensure sustainability; as well as to drive growth and realize development opportunities, within this sector.