IFN, with the support of the Islamic Development Bank as the multilateral strategic partner, hosted World Islamic Finance Dialogues 2023 on Dec. 12, at Wyndham Grand Manama.
The keynote address was delivered by Khalid Hamad Al-Hamad, executive director — banking supervision, Central Bank of Bahrain, and was then followed by the first session. It served as a platform to discuss the building of momentum through the growth of Islamic financial markets. This discussion explored the notable achievements and milestones of Shariah-compliant financial and capital markets over the past year and regulatory environments’ influence over the growth and development of the Islamic markets. It also included amendments that could be made to market regulations, and the development of the Islamic capital market including increasing market depth and liquidity, driving product innovation and widening the investor base, funding routes for corporates, ongoing innovations within Islamic finance markets and how Shariah-compliant structures can be further applied to the funding of clean energy projects and infrastructure.
The second session focused on reaching new heights through innovation, transformation and digitization of Islamic financial services. Some of the topics included the notable milestones and key developments within Islamic banking over the past year, and what the current outlook is for the sector. It also featured the digitization of Islamic financial services: what is working, what is not and what this means for the evolution and transformation of Islamic financial services, the prudential regulatory environments, discussions on Tier-1 and Tier-2 sukuk and what they offer to Islamic financial institutions, funding options and more.
With an attendance of more than 120 delegates, World Islamic Finance Dialogues 2023 provided a platform for fruitful engagement, capacity-building and networking opportunities.
Bahrain is a prominent figure in the world of Islamic finance, continuing to be a trailblazer in advancing knowledge capital and promoting innovation in the industry. Home to influential global Islamic standard-setting bodies such as AAOIFI, International Islamic Financial Market and the General Council for Islamic Banks and Financial Institutions, the country has been at the forefront of developments in Islamic fintech and digital transformations.
