The digital transformation of global Islamic financial services industry has become a necessity for its growth, said State Bank of Pakistan (SBP) Governor Dr Reza Baqir.
Speaking at the 15th Islamic Finance Services Board (IFSB) Summit 2021 in Jeddah on Wednesday, he said that the industry needed to focus on innovative ways of service delivery that aligned with the expectations of today’s tech-savvy and convenience-driven customers.
The event was hosted by the Saudi Central Bank under the theme ‘Islamic Finance and Digital Transformation: Balancing Innovation and Resilience.’
Baqir, who is also Deputy Chairman of the Council of IFSB, chaired the session titled ‘Digital Transformation of Islamic Financial Services: Opportunities, Challenges, and Policy Implications’.
The SBP governor emphasised the need to digitalise financial services of Islamic finance industry and transform the processes to improve efficiency, reduce intermediation costs and increase outreach to larger segments of the society.
He pointed out that digitalisation of Islamic financial services offered tremendous opportunities to achieve a more inclusive financial system in Islamic countries.
Published in The Express Tribune, November 11th, 2021.