Fintech in Islamic finance gains momentum with youth during 1st Oman Islamic finance youth forum

Organized by the College of Banking and Financial Studies in collaboration with Bank Nizwa.

Muscat: In an exclusive collaboration between the College of Banking and Financial Studies and Bank Nizwa, the 1st Oman Islamic Finance Youth Forum under the theme ‘The New Age (FinTech) Islamic Finance and the Youth of Oman’ was concluded. The event highlighted how FinTech can boost and grow the Islamic finance sector, while focusing on the role of Omani youth in leading this trend and the industry now and into the future. Held under the patronage of H.E. Tahir bin Salim bin Abdullah Al Amri, Executive President, Central Bank of Oman, the forum, saw the participation of a host of industry speakers from Oman and abroad including policy makers, regulators, auditors, academics, scholars, senior corporate professionals, and students.

The forum’s program was crafted carefully to tackle key opportunities and challenges related to FinTech in Islamic Finance and the role of youth. Kicking-off the event was H.E. Tahir bin Salim bin Abdullah Al Amri, Executive President, Central Bank of Oman. Other key speakers who shared their insights on the topic of the forum included: Dr. Sami Al-Suwailem, Director General of the Islamic Research and Training Institute (IRTI), the Islamic Development Bank Group, Jeddah, Saudi Arabia, Omar Mustafa Ansari, Secretary General, Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Bahrain, and Professor Dr Hussain Qadri, Chairman Board of Governance Minhaj University, Higher Education Commission, Pakistan.

Participating in the main panel discussion alongside other industry leaders was Khalid Al Kayed, Chief Executive Officer of Bank Nizwa. He said, “FinTech is a huge opportunity for the banking sector in Oman for all players and more so for Islamic finance to be more competitive in the marketplace.

Data and technology are converging, so, we are all service providers at the end of the day, and must deliver financial services that are progressive, yet provide value for customers whether retail or corporate. Ensuring that FinTech is streamlined is the key to enable Islamic finance to attract more customers, increase efficiency, but more importantly introduce a proposition for youth to be excited to join the industry and drive its development and growth.”

Source: Zawya

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