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IFSB 3rd CEO's Forum Unveils Insights on Navigating the Future of Islamic Finance

Date posted: 14 August 2023

14 August 2023, Riyadh, Saudi Arabia – In a dynamic gathering at the distinguished Fairmont Hotel in Riyadh, the Islamic Financial Services Board (IFSB) convened the impactful 3rd CEO's Forum. Under the theme "Navigating the Future: Unleashing the Potential of Islamic Finance," this insightful event provided a platform to explore the evolving landscape of Islamic finance and its responses to emerging challenges and opportunities.

The forum commenced with an opening address by Dr. Bello Lawal Danbatta, Secretary-General of the IFSB, setting the tone for enlightening discussions ahead. The event’s essence encapsulated in the theme aimed at fostering robust conversations on the future trajectory of Islamic finance.

In the first session themed "Navigating Emerging Issues", the discussion shed light on the seismic shifts within the Islamic financial landscape. Delving into evolving industry trends, rapid digitalisation, and the need for innovation, the session aimed to address pressing questions.

Distinguished panelists for Session One included:

• Mr. Zeiad Idris, Chief Executive Officer, Algbra Group Limited
• Dr. Umar Oseni, Chief Executive Officer, The International Islamic Liquidity Management Corporation (IILM)
• Mr. Shina Akeem Oyewale, Chief Executive Officer, Marble Capital Limited

The session was ably moderated by Mr. Omar Ansari, Secretary-General of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

In the second session, "Navigating a Challenging Macroeconomic Environment," the focus shifted to the unique challenges Islamic financial institutions encounter amidst global uncertainties. The aftermath of market turbulence in specific regions was analysed to glean lessons applicable to Islamic banking. The esteemed speakers for Session Two included:

• Sharifatul Hanizah, Executive Director of Islamic Capital Market (ICM), Securities Commission Malaysia (SC)
• Mr. Ijlal Ahmed Alvi, Chief Executive Officer & Secretary to the Board, International Islamic Financial Market (IIFM)
• Mohd Muazzam Mohamed is the Group CEO of Bank Islam Malaysia

Guiding the session’s discourse was Mr. Suhail Issa Al Zadjali, Assistant Secretary-General for Implementation & Resources of IFSB.

The forum concluded with a reflective and insightful closing address by Dr. Bello Lawal Danbatta, Secretary-General of the IFSB. His remarks offered a poignant end to the discussions, leaving attendees with valuable insights to ponder upon.

Dr. Danbatta extended gratitude to the panellists, moderators, and attendees for their participation, noting the significance of the shared insights and collaborative engagement among industry leaders.

The 3rd CEO's Forum not only achieved its goal of exploring the future landscape of Islamic finance but also fostered dialogue among key industry players. The IFSB continues its commitment to catalysing constructive discussions that shape the future of Islamic finance on a global scale.