The 1st IFSB Innovation Forum: Revitalising creativity and sustaining competitive value

13 November 2019, Jakarta, Indonesia - The Islamic Financial Services Board (IFSB) Innovation Forum was inaugurated in Jakarta to showcase innovative Islamic finance products and services with a strong impact on financial inclusion, economic growth and sustainable development. The innovations will advance the economic value propositions of Islamic finance and bring the industry to its next level of development.

The forum took place on 12 November 2019 along with the 14th IFSB Summit at the Jakarta Convention Center, Jakarta, Indonesia. The IFSB Innovation Forum is a new biennial event to enhance knowledge about latest technological developments, coordinate initiatives, and provide a platform for exchanging views on most recent innovative Islamic finance instruments and regulatory approaches. “Revitalising Creativity and Sustaining Competitive Value” was the theme of the event with the aim to push Islamic finance to the next frontier. The focus was on technological innovations that are needed to create a competitive edge for the Islamic financial services industry in the digital era, while simultaneously identifying potential regulatory and supervisory concerns.

The Innovation Forum provides a platform for regulators, policy makers, Islamic Financial Institutions, start-ups and FinTechs, academic and research institutions, financial services providers, legal practitioners, Shariah advisors and other stakeholders to cultivate innovative thinking and dialogue in the Islamic financial services industry (IFSI). It shall foster the understanding and development of an efficient, competitive, sound and innovative IFSI in a rapidly changing global socio-economic environment.