02 Oct, 2022
Acting Director General of the Islamic Development Bank Institute (IsDBI), Dr. Sami Al-Suwailem, participated in the second Arab Conference for Islamic Banks held on 27 September 2022 in Cairo, Egypt, where he delivered a speech on the future of Islamic finance.
Themed ‘Fintech and its Role in Promoting the Islamic Banking Industry’, the conference was jointly organized by the Arab Administrative Development Organization (ARADO) of the Arab League, the Egyptian Islamic Finance Association (EIFA), and Abu Dhabi Islamic Bank (ADIB).
The event was a valuable forum for deliberation on contemporary and emerging issues related to harnessing the potential of financial technologies to promote Islamic banking and finance.
In the opening session of the conference, two speeches were delivered, by Dr. Nasser Al-Hatlan Al-Qahtani, Director General of ARADO (delivered on his behalf by Mr. Hassan Diab, Head of Strategic Group at ARADO), and Dr. Mohamed El-Beltagy, President of EIFA.
This was followed by three technical sessions on the topics: the Importance of Fintech to Islamic Banking Industry, Practical Application of Fintech in Banking Markets, and the Reflection of Fintech on the Development of the Islamic Financial Industry.
In his speech during the first session, Dr. Sami Al-Suwailem delivered a speech entitled “Future of Islamic Finance”. He highlighted how technological developments could help make banking services more efficient and faster.
Dr. Al-Suwailem also suggested that e-commerce financing through Murabaha mode could serve the liquidity management needs of Islamic banks. The process can be further enhanced by Sukuk issued through blockchain technology.