IFSB Innovation Forum for Islamic Financial Services Industry Market Players Kicks Off in Doha

The Fourth IFSB Innovation Forum for Islamic Financial Services Industry (IFSI) Market Players has kicked off under the auspices of the Qatar Central Bank (QCB) in collaboration with the Islamic Financial Services Board (IFSB) based in Malaysia and the Qatar Financial Center (QFC).

Under the theme “Innovations for Sustainability and Regulation of Financial Services”, the 4th IFSB Innovation Forum brought together many specialists and people interested in international Islamic and sustainable finance.

In a speech at the inauguration of the forum, HE the Governor of the Central Bank of Qatar, Sheikh Bandar bin Mohammed bin Saud Al-Thani, said that the Islamic banking assets of four Islamic banks in the State of Qatar amounted to $154 billion in June 2022, representing 28% of banking assets.

His Excellency added that the latest IFSB report ranked the State of Qatar among the top five countries in the Islamic finance industry thanks to its strong regulatory and supervisory policies that adhere to relevant international standards.

The report is also ranked as systemically important among the 15 countries where Islamic banking has achieved more than 15 percent market share, His Excellency noted, attributing the results to four decades’ experience of the state of Qatar in Islamic banking.

The country’s banking sector continues to play an important role in driving economic growth and meeting infrastructure financing requirements for the FIFA World Cup Qatar 2022, to be held on November 20, His Excellency said, noting that QCB’s dual banking system ensures a level playing field for Islamic and conventional banks in Qatar, and aims to develop a regulatory framework that promotes growth and innovation in the financial sector, and is committed to playing a leadership role leader in the development of the financial technology ecosystem in Qatar.

In this regard, His Excellency noted that digital transformation and climate change have recently attracted the attention of the real economy, the financial sector and the private sector, transforming the role of banks and central banks in the services sector. financiers into a role that empowers the market. , digital acceleration and innovation. His Excellency added that both areas fall under the Qatar National Vision 2030, highlighting the digital transformation strategies launched by national banks that demonstrate the importance of financial digitization as the future of the banking sector.

His Excellency highlighted QCB’s multiple initiatives ahead of the upcoming FIFA World Cup to enable secure, fast and affordable digital payments, including its first license in the country to provide digital payment services by launching Google Pay last month. in Qatar. On the regulatory front, the QCB has issued several guidelines that regulate and license various payment activities in the country, His Excellency pointed out.

His Excellency added that the growing importance of environmental sustainability and social responsibility makes more urgent the need to rebuild the world with sustainable and environmentally friendly investments. Qatari banks have already embarked on the transformation to green banking by issuing green bonds, setting up green loans and increasingly standardized ESG disclosures.

His Excellency further pointed out that the global financial system has witnessed unprecedented developments over the past two decades, intensified by the continued challenge faced by financial regulators to deal with a wide range of issues ranging from unconventional monetary policies following the unprecedented COVID-19 global financial crisis. pandemic scenarios, His Excellency said, calling for collective action to achieve new benefits amid the challenges of digital transformation and green finance.

IFSB Secretary General Dr. Bello Lawal Danbatta said global Islamic financial services industry assets grew by 11.3% year-on-year with an estimated total value of 3 .1 billion in 2021, explaining that the progress made by the Islamic financial services industry, despite the challenges imposed by the COVID-19 pandemic, is a testament to the growing interest in Islamic finance products and services among broader financial sector stakeholders, including non-Muslim majority countries.—Zawya News

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