The fifteenth session of the Islamic Financial Services Board Summit kicked off today in Jeddah, Saudi Arabia, under the theme “Islamic Finance and Digital Transformation: Balancing Innovation and Resilience”, hosted by the Central Bank of Saudi Arabia, in Jeddah, with the participation of representatives of central banks, financial institutions and regulatory authorities from More than 18 countries and attended by nearly 100 speakers.

Over the course of 3 days, the summit will host 15 discussion sessions and a workshop to discuss the political effects arising from rapid digital transformation, and highlight the efforts required in the future to enhance flexibility and achieve stability in the field of Islamic finance services, in addition to digital transformation in Islamic financial services, encrypted assets and their repercussions. on Islamic finance, financial technology and Islamic financial services.

The summit will discuss ways to achieve synergy between Islamic digital finance and sustainability, in addition to the effective use of technology in supervisory and regulatory activities by Islamic financial authorities and institutions.

The summit is considered one of the most prominent events in the Islamic financial services sector, as it constitutes a major platform for discussion and exchange of views between regulators, global market players and thought leaders. To discuss issues related to correcting the regulatory direction and updating the regulations applicable to this sector; In order to further enhance its flexibility and achieve its stability.

The Summit provides a unique opportunity for decision makers, regulators and global market players from all over the world; To exchange experiences, hold discussions and exchange visions on current and emerging issues in the field of Islamic finance and ways to enhance innovation in the Islamic financial system and benefit from its services, adopt technology and ensure sustainability in order to drive growth and achieve development opportunities within this sector.

It is noteworthy that the IFSB includes more than 188 members, 80 regulatory and supervisory authorities, 10 intergovernmental organizations, and 98 market players, including financial institutions, professional companies and union federations operating in 57 countries.