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.

In his welcoming remarks, the Secretary-General of the IFSB, Dr. Bello Lawal Danbatta, stressed the importance of the first Innovation Forum as a platform for the regulators and market players to present ideas on technological developments that will foster the future growth of sustainable Islamic finance. In his keynote speech, the Governor of Bank Indonesia, H.E. Dr. Perry Warjiyo, gave three strategic drives for Islamic finance to embrace the digital era: policy innovation, technological innovation, and sustainable development innovation. These strategies will advance the development of the Islamic economy by fostering inclusive economic growth through innovations in the Islamic finance sector. 

A panel session allowed market players and innovators to showcase their Islamic finance products. The panel was led by Dr. Salma Abbasi, Chief Executive Officer of eWorldwide Group as the moderator. The panellists were distinguished market players:

·Dato’ Adissadikin Bin Ali, Managing Director of RHB Islamic Malaysia

·Mr. Hussam Sultan, Regional Head, Commercial & Transaction Banking (Islamic) at CIMB

·Mr.Matthew Martin, Blossom Finance - USA & Indonesia

·Ms. Joann Enriquez CEO of Raeed Holdings and its subsidiary, IAP Integrated Sdn Bhd

·Dr. Yahia Abdul Rahman, La Riba Banking Group - United States of America

·Mr. Han GuangYu (Abdullah), HLC Foundation and Technologies

They analysed digital innovations in the Islamic finance industry, in particular blockchain applications, that shall make business operations more efficient and sustainable.

For more information on the IFSB’s 1st Innovation Forum, 14th Summit 2019 and other Pre-Summit events, please visit the IFSB website, https://ifsbindonesia2019.com/

©  Press Releases 2019