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The IFSB’s 2021 Online Executive Programme in September to Divulge on Managing Digital Transformation Risks for Islamic Financial Institutions

Date posted: 31 August 2021

Kuala Lumpur, 31 August 2021 - The Islamic Financial Services Board (IFSB) will be organising its Online Executive Programme, themed, “Managing Digital Transformation Risks for Islamic Financial Institutions (IFIs)” on 30 September 2021, 14:30 - 17:30 (MYT).

The Covid-19 pandemic has given important lessons to global financial services industry (FSI) which the Islamic finance industry shall face, after the pandemic ends. One of them is the necessity in accelerating digital business transformation which include among others, changes in business models and operations, technical mechanism, supervising and monitoring the digital transformation including comprehensively enlarging its risk assessment and mitigation. Currently, Islamic finance players have started introducing digital elements into their products and services, for example, e-deposit, e- Ṣūkuk, insurTech, e-payment, etc that are being offered and operated using new business models and digital based systems, assimilating themselves in the integrated financial markets. The Islamic finance industry is now giving greater attention to Islamic social finance, funds, products and instruments including the Environmental, Social and Governance (ESG) perspectives. Ṣūkuk awqf, digital zakah and awqf payment and distribution mechanisms are amongst the recent innovations in Islamic finance industry most of which IFSB Standards have provided clear guidance for both regulators and market players.

The objectives of the IFSB Online Executive Programme are:

  • To enhance participants understanding regarding operational risks and regulatory concerns associated with accelerated digital transformation for the Islamic banking, Islamic capital market and takāful institutions.  
  • To elevate key skills and competencies of participants on regulation, supervision and monitoring including comprehensive risk assessment and mitigation of digital transformation associated risks for Islamic financial institutions (IFIs).  
  • To equip participants with understanding and acceleration of Islamic social finance including new and innovative instruments, mechanism and programmes. 

The Online Executive Programme aims to provide interactive platform and discussion for Islamic finance industry practitioners to engage directly with subject matter experts and also sharing of country and organisational experiences relating to the theme, using IFSB standards and technical notes as reference.

For more information on the Executive Programme kindly visit the website, www.ifsb.org. Ms. Noor Azmah Mohd Yusof (noor.azmah@ifsb.org) is the person in charge of the IFSB Online Executive Programme.

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