Muscat: In an unique collaboration between the Faculty of Banking and Monetary Research and Financial institution Nizwa, the 1st Oman Islamic Finance Youth Discussion board below the theme ‘The New Age (FinTech) Islamic Finance and the Youth of Oman’ was concluded. The occasion highlighted how FinTech can enhance and develop the Islamic finance sector, whereas specializing in the function of Omani youth in main this development and the business now and into the longer term. Held below the patronage of H.E. Tahir bin Salim bin Abdullah Al Amri, Government President, Central Financial institution of Oman, the discussion board, noticed the participation of a bunch of business audio system from Oman and overseas together with coverage makers, regulators, auditors, lecturers, students, senior company professionals, and college students.
The discussion board’s program was crafted rigorously to deal with key alternatives and challenges associated to FinTech in Islamic Finance and the function of youth. Kicking-off the occasion was H.E. Tahir bin Salim bin Abdullah Al Amri, Government President, Central Financial institution of Oman. Different key audio system who shared their insights on the subject of the discussion board included: Dr. Sami Al-Suwailem, Director Common of the Islamic Analysis and Coaching Institute (IRTI), the Islamic Improvement Financial institution Group, Jeddah, Saudi Arabia, Omar Mustafa Ansari, Secretary Common, Accounting and Auditing Group for Islamic Monetary Establishments (AAOIFI), Bahrain, and Professor Dr Hussain Qadri, Chairman Board of Governance Minhaj College, Greater Schooling Fee, Pakistan.
Taking part in the principle panel dialogue alongside different business leaders was Khalid Al Kayed, Chief Government Officer of Financial institution Nizwa. He stated, “FinTech is a big alternative for the banking sector in Oman for all gamers and extra so for Islamic finance to be extra aggressive within the market. Knowledge and know-how are converging, so, we’re all service suppliers on the finish of the day, and should ship monetary companies which can be progressive, but present worth for purchasers whether or not retail or company. Guaranteeing that FinTech is streamlined is the important thing to allow Islamic finance to draw extra clients, enhance effectivity, however extra importantly introduce a proposition for youth to be excited to affix the business and drive its improvement and development.”
Dr Nasser Rashid Al Mawali, Dean, Faculty of Banking and Monetary Research stated, “In line with Thomson Reuters, the Islamic finance Business’s property are anticipated to achieve $3.9 trillion by 2023. Whereas, the worldwide challenges may sluggish that development in 2020, the sector has an abundance of potential in Oman and that’s why we’re right here immediately to debate how the younger tech-savvy era are the principle stakeholder who will drive the expansion of Islamic finance. We’re seeing a really thrilling and transformative journey achieve momentum by integrating FinTech into Islamic finance, to be able to disrupt the market and obtain sustainable development.”
Within the energy session concluding the discussion board and titled ‘What’s Subsequent: The Fintech Islamic banking & Finance because the Model of Oman: Key Prescriptions for the Business and Future personnel’, one of many key audio system inside this session was Prof Dr Humayon Dar, Chairman, Cambridge, IFA, U.Ok. who commented, “FinTech acts as an enabler of development and booster of competitiveness for Islamic Finance. You must stay related within the market, whereas making certain you could have a sound set of laws and Shari’a governance practices in place. What we lack when it comes to world unification of those practices, every market should over-compensate for with its personal algorithm and laws. He went on so as to add, “Governments play a paramount function in clearly speaking their methods, and targets for the Islamic finance sector to develop inside their borders and that can have a ripple impact throughout borders. At the moment, the dialogue about youth was of most significance as FinTech in Islamic finance is a really enticing proposition whether or not for the longer term consultants of the business or customers seeking to faucet into this chance.”
Dedicated to additional develop Islamic finance within the Sultanate, Financial institution Nizwa launched its very personal ‘Islamic Finance Data Sequence’, a nationwide marketing campaign that continues to empower native communities throughout Oman with data on Islamic finance. The financial institution additionally co-launched the Sultanate’s first roadshow that shed-light on the multifaceted advantages of Shari’a-compliant monetary instruments together with banking, insurance coverage and funding throughout a number of governorates. As well as, Financial institution Nizwa and since inception, has been an lively participant in joint collaborations with numerous non-public and public sector establishments, to guide and manage quite a few workshops, occasions and roadshows so as attain out to varied stakeholders of various pursuits with the advantages of Islamic monetary options. The first Oman Islamic Finance Youth Discussion board is the most recent initiative by the financial institution to contain the youth of Oman within the dialogue and draw a transparent map for the sustainable development of Islamic finance within the Sultanate in addition to the area.
The first Oman Islamic Finance Youth Discussion board was organized by the Faculty of Banking and Monetary Research, with Financial institution Nizwa being the Unique Companions, the Islamic Analysis & Coaching Institute (IRTI), member of the Islamic Improvement Financial institution (IsDB) Group, primarily based in Jeddah, Saudi Arabia (IsDB/IRTI) have been Data Companions, AAOIFI and the Worldwide Islamic Monetary Market (IIFM) have been Strategic Companions, and the Islamic Finance Information, Malaysia as International Media Companion.
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