The unprecedented contractions experienced by economies due to measures implemented to contain the COVID-19 pandemic are likely to also have implications for the Islamic financial services industry (IFSI). Many Islamic financial institutions have had to make significant adjustments to adapt to the new environment. The growth rate of the financial sector is also likely to be affected because of the significant shock to the economy. It is essential in this circumstances, for institutions offering Islamic financial services (IIFS) to effectively address the financial and operational challenges posed by the COVID-19 pandemic, ensure resilience and support the recovery of the economy.
There are also many new opportunities for IIFS in the post-COVID-19 environment, including digitalisation as well as a greater role for Islamic social finance instruments among other things, providing an opportunity to unlock the long-term potential of the IFSI.
The forum aims to bring together industry leaders across the globe to discuss the challenges as well as the opportunities created by the COVID-19 pandemic, strengthening the resilience of the IFSI and the way forward post-COVID-19.
Mr. Ahmed Barakat (tel: +603 9195 1441, email: firstname.lastname@example.org) is the person in charge of the membership affairs at the IFSB, and he would be pleased to respond to any further enquiries.
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