The Securities and Commodities Authority (SCA) of the UAE has collaborated with the General Council for Islamic Banks and Financial Institutions (CIBAFI) to run the ‘Digital Transformation Strategy in Islamic Financial Institutions’ workshop,.
The workshop, which ran for 10 sessions, aimed to help participants identify, evaluate and prioritize digital transformation options, opportunities and covered risks facing Islamic banks and the technical and structural considerations required for carrying out digital transformation, such as data privacy, cybersecurity, and talent management. Participants included representatives from the SCA, Islamic banks and financial institutions, regulatory and supervisory authorities.
The workshop falls under a 2014 MoU signed between the SCA and CIBAFI to promote the efforts aimed at consolidating the UAE’s position as the capital of the Islamic economy. This was the second edition organized by the CIBAFI as part of the efforts to digitize Islamic financial institutions. The first took place in Bahrain in the last quarter of 2022.