24 Jun, 2019
Acting Director General of the Islamic Research and Training Institute (IRTI), Dr. Sami Al-Suwailem, has attended a symposium organized by Alyousr Bank of Morocco. The symposium, held in Rabat on 17 June 2019 under the theme ‘The Role of Participatory Finance in Economic Development’, was attended by scholars and experts in Islamic finance, officials from Morocco Ministry of Finance, leaders of participatory banks in the country, as well as representatives from the business sector.
Dr. Al-Suwailem delivered a lecture on Islamic Finance in the 21st Century. The lecture highlights the main challenges facing Islamic finance in the 21st century, and the opportunities for the industry in responding to them. As the business model of commercial banking itself is changing due to the fintech revolution, Islamic banks has a unique opportunity to leverage on the nature of Islamic finance to integrate financing with real economic activities, particularly e-commerce. Using modern fintech strategies, Islamic finance is able to compete with conventional banks and add value to the economy.