IRTI and CIBFM Organize Executive Islamic Finance Training on Developing Innovative Islamic Financial Products

04 Oct, 2020

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The Islamic Research and Training Institute (IRTI), in partnership with Brunei Centre for Islamic Banking, Finance and Management (CIBFM) with the support of Autoriti Monetari Brunei Darussalam (AMBD), conducted a 3-day virtual Executive Islamic Finance Training Workshop under the theme of Innovative Islamic Financial Products Development.

Held from 29 September to 1 October 2020, the program was aimed to provide participants with advanced knowledge for applying financial technologies in developing Islamic financial products.

The workshop is a customized training program for officials from Brunei financial institutions. Sixteen participants attended the program, coming from different institutions in Brunei, including regulators, Shari’ah advisors, financial industry operators, and takaful industry.

The workshop provided an opportunity for the participants to learn about designing innovative financial products, understand the process of product design and implementation, with attention to Shari’ah requirements, economic feasibility and financial sustainability, and learn the principles, strategies and techniques for product development and evaluation.

In addition, the program discussed the rise of blockchain and fintech technologies and their application in designing and developing Islamic financial products.

In his opening speech, Dr. Rami Abdelkafi, head of training at IRTI, commended the partnership between IRTI and CIBFM in organizing training programs. He explained that the global crisis caused by the Covid-19 pandemic should not deter institutions from being optimistic, active and productive.

“As difficult as it is, the Covid-19 situation should also be perceived as an opportunity to encourage our institutions to cope and to prepare for a better innovative future and this is the main purpose of this workshop,” Dr. Abdelkafi added.

In her speech during the closing session, Dayang Hajah Sufinah binti Haji Sahat, Acting Chief Executive Officer of CIBFM, expressed her appreciation to IRTI for the cooperation in organizing and delivering the workshop.

The training sessions were delivered by two experienced facilitators from IRTI, the Acting Director General, Dr. Sami Al-Suwailem, and the Knowledge Solutions Team Leader, Dr. Hilal Houssain.

A panel discussion took place at the end of the workshop, moderated by Dr. Rami Abdelkafi, with President of INCEIF Dr. Mohamed Azmi Omar and the two training facilitators serving as panelists.

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