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The Islamic finance industry needs rapid digitization, says Reza Baqir

State Bank of Pakistan Governor Dr. Reza Baqir has said that the Islamic finance industry needs to take steps to accelerate the digitization of its services and improve efficiency, reduce costs and increase access to a wider segment of society.

According to Techburaq, addressing the 15th Islamic Financial Services Board (IFSB) Summit organized by the Saudi Central Bank in Jeddah, Raza Baqir said that the digital transformation of the global Islamic financial services industry is a key to its development. It has become a necessity and it needs to focus on innovation.

Dr. Reza Baqirjo, Deputy Chairman, IFSB, was presiding over a session on ‘Digital Transformation of Islamic Financial Services: Opportunities, Challenges and Policy Implementation’.

He said that the digitization of Islamic financial services has provided tremendous opportunities for Islamic countries to achieve a more comprehensive financial system, where a large portion of the population lacks banks.

He said that the development of Shariah and standards related to financial technology and digital banking through the Accounting and Auditing Organization of Islamic Financial Institutions and international standard-setting bodies like IFSB is important for the rapid development of the global Islamic finance industry. Will prove

He also briefed the session on the important steps taken by the State Bank of Pakistan over the last few years on the digital front, especially in the context of the Code 19 epidemic.

He spoke about the national payment system strategy, digital onboarding framework to bring banking services to consumers, digital on-boarding of merchants to facilitate the promotion of digital payments, and modern banking solutions to millions of people. Special mention was made of SBP’s initiatives for providing bright digital accounts.

Other participants in the summit included the governors of the central banks of Saudi Arabia, the United Arab Emirates, Bahrain, Indonesia, Oman, and Libya.

The event participants also discussed how digital transformation can be leveraged and bring significant opportunities to the Islamic finance industry to increase accessibility, convenience, fast payment transactions and increase operational efficiency.

He also highlighted the new regulatory and supervisory challenges for regulators in the financial sector from technological advancement.

They discussed the policy implications of digitalization, which focuses on maintaining a balance between financial innovation, integrity, and stability.

The theme of the summit was ‘Islamic Finance and Digital Transformation: Balancing Innovation and Flexibility, focusing on ways to promote innovation, technology adoption, accessibility, and sustainability in the Islamic financial system to support its future development.

The summit was attended by high-level participants from regulatory and regulatory authorities, government officials, Islamic financial services businesses, international organizations, multilateral development banks, academics, and think tanks.

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