The 1st IFSB Innovation Forum: Revitalising Creativity and Sustaining Competitive Value

This forum which is scheduled to take place on 12 November 2019 along with the 14th IFSB Summit at the Jakarta Convention Centre, Jakarta, Indonesia

  

Kuala Lumpur - The Inaugural Islamic Financial Service Board (IFSB) innovation forum to showcase innovative Islamic finance products, services, mobile applications and other offerings, exploring their economic value propositions and impact on financial inclusion, economic growth and sustainable development.

This forum which is scheduled to take place on 12 November 2019 along with the 14th IFSB Summit at the Jakarta Convention Centre, Jakarta, Indonesia, is a new biennial event series by the IFSB to enhance, coordinate initiatives and provide the platform for exchange views and assessment on most recent innovative Islamic Finance instruments and regulatory procedures for efficient operations and risk management in the global Islamic Finance Industry. It is aimed to push Islamic finance to the next frontier in tandem with technological innovation by bringing the brightest minds from the industry to focus on enhancing Islamic finance solutions and creating the competitive edge needed in sustaining Islamic financial services going forward while simultaneously identifying potential regulatory and supervisory concerns. The IFSB innovation forum is professionally organized to ensure that participants improved their understanding of the latest value propositions and technological innovations in Islamic finance.

The Innovation Forum is also aimed to provide a platform for regulators, policy makers, Islamic Financial Institutions, start-ups and FinTechs, academic and research institutions, financial services providers, legal practitioners, Shariah advisors and other stakeholders to potentially cultivate the discussion on the culture of innovative thinking and development in the Islamic financial services industry (IFSI). The forum offers integrated dialogue among the speakers, regulators and delegates to foster the understanding and development of an efficient, competitive, sound and innovative Islamic finance in a rapidly changing global socio-economic environment.

It is hoped that by the end of this program, participants will have enriched their understanding and thinking on:

  • The role of technology and innovation in the development of the Islamic finance industry;
  • efficient cross-border payments and the use of blockchain;
  • The contribution of big data and blockchain to Islamic capital markets, project and SME financing and wealth management; and
  • Innovative Islamic banking products and their impact on inclusiveness and sustainable development.

The 1st IFSB Innovation Forum will feature regulators and top industry leaders with recent innovations by their respective organizations as speakers to share their idea of synthetization between technological innovation, new value propositions and risks for Islamic finance.

The Forum is also structured to uncase the gap between Islamic finance and technological innovation through a higher-level of interaction among the delegations. It seeks not only to raise awareness on Islamic financial services industry but to also strengthen the pillars that ensures sustainability in the reinvigorating and fast changing financial services preferences in the era of technology. Indeed it is an event not to be missed.

For more information on the IFSB’s 1st Innovation Forum, 14th Summit 2019 and other Pre-Summit events, please register your participation, at the IFSB website, https://www.ifsb.org/IFSBS2019/index.php 

About the Islamic Financial Services Board (IFSB)

The IFSB is an international standard-setting organisation that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets, and insurance sectors. The IFSB also conducts research and coordinates initiatives on industry-related issues, as well as organises roundtables, seminars and conferences for regulators and industry stakeholders. Towards this end, the IFSB works closely with relevant international, regional and national organisations, research/educational institutions, and market players. The members of the IFSB comprise regulatory and supervisory authorities, international inter-governmental organisations, market players, professional firms and industry associations. For more information about the IFSB, please visit www.ifsb.org

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