As part of its efforts to support the training and development needs of the local and regional financial sector, The Bahrain Institute for Banking and Finance (BIBF) held a Financial Technology seminar (FinTech) focusing on the upcoming trends in FinTech pertaining to Bahrain and the wider GCC market.
The seminar was led by experts from Europe and the GCC including MasterCard and Upaid. The experts discussed the upcoming trends in FinTech especially focusing on payment solutions – the single most important area for the Middle East as a whole. The experts also collaborated with the attending audience to discuss how to integrate these solutions as part of Islamic banking operations and activities.
Commenting on the announcement, the BIBF’s Deputy Director. Dr. Ahmed Al Shaikh said: “The BIBF strives to provide comprehensive business solutions and exceptional learning opportunities that match local and regional market conditions. This seminar comes as part of these efforts, shedding light on the inventive and ingenious financial technology solutions that have transformed the sector, and presents a framework for how these solutions can be integrated as part of enormously successful Islamic finance sector.”
Head of the BIBF Islamic Finance Center, Mujtaba Khalid showcased a customisable app that facilitates Islamic retail banking consumers to manage their finances, make Shariah compliant investments and make both online and offline payments. This app was developed in-house by the BIBF Islamic Finance Centre in partnership with European based UPaid. This is in-line with BIBF Islamic Finance Center’s strategy to leverage technology to help progress the global Islamic finance industry. The Islamic Finance Centre is launching its online e-Learning portal on the 26th of February 2017 in a globally exclusive partnership with AAOIFI, whereby all AAOIFI Standards will be brought online in an e-Learning format. The Islamic Finance Centre is also working on a global first of its kind offering which simulates the entire working of an Islamic bank and the BIBF dealing room will be used to run these simulation trainings.