Saudi Central Bank to host 15th Summit of Islamic Financial Services Board

Saudi Central Bank to host 15th Summit of Islamic Financial Services Board

Riyadh (UNA-OIC) – The Saudi Central Bank (SAMA) will host the 15th Islamic Financial Services Board (IFSB) Summit, to be held on 9-11 November 2021, in Jeddah, under the theme “Islamic Finance and Digital Transformation: Balancing Innovation and Resilience”.

The summit will focus on ways to foster innovation, technological adoption, accessibility and sustainability in the Islamic financial system to boost its growth and development, as well as the policy implications arising from rapid digital transformation.

The event will also highlight the work that remains to be done moving forward to strengthen Islamic Finance Services’ resilience and stability. The rise of technology in financial services is shaping current sectors across banking, capital markets and Takāful, and giving rise to new modes of financial intermediation such as crowdfunding and blockchain solutions. These exciting changes and developments require authorities and jurisdictions to balance resilience and innovation, which this Summit will explore over the course of the sessions.

Among the topics of discussion are:

  • Digital Transformation of Islamic Financial Services.
  • Crypto-Assets and their Implications for Islamic Finance.
  • FinTech and Islamic Financial Services.
  • Achieving Synergy between Digital Islamic Finance and Sustainability.
  • Effective use of Supervisory and Regulatory Technology by Authorities.

SAMA Governor Fahad Al-Mubarak said: “We in Saudi Arabia have the pleasure to host the 15th Summit of the Islamic Financial Services Board. The Kingdom is home to the largest Islamic finance market in the MENA region and amongst the G20, and is continuing to grow and develop in the digital age.”

“The Summit remains a unique opportunity for decision-makers and market players alike to exchange experiences and hold discussions on current and emerging matters of Islamic Finance,” he added.

On his part, IFSB Secretary-General Dr. Bello Lawal Danbatta said: “I am delighted to announce that the 15th edition of the IFSB Summit is to be held in 2021 in the Kingdom of Saudi Arabia. The IFSB Summit, a landmark event for the Islamic financial services industry (IFSI), constitutes a major high-level platform for key regulators, global market players and thought-leaders, to discuss issues relevant to steering the regulatory direction of the industry with the aim to further strengthen its resilience and stability.”

He went on to say that “The Saudi Central Bank, Founding Member and Council Member of the IFSB, will host this year’s Summit and we are very pleased and look forward to collaborating with SAMA for its preparation”.

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