CIBAFI conducted Digital Transformation Strategy for IFIs workshop

Manama, Oct. 3 (BNA): The General Council for Islamic Banks and Financial Institutions launched its Technical Workshop on Digital Transformation Strategy for Islamic Financial Institutions (IFIs). After two years of holding events online, CIBAFI is back to physical venues with this workshop that will run for three days from today. The spread of digital technologies and the emergence of disruptive forces are transforming business models and processes across all industries, including the financial services industry. The most difficult challenge for most institutions has been finding the best ways to benefit from incorporating digital technologies into their operations. Developing a successful and effective digital transformation strategy is an important step in delivering unique outcomes in response to the constant changes in the financial industry. The purpose of the Technical Workshop is to explore the Islamic financial institutions’ approaches which lead to effective digital transformation strategy. It also aims at highlighting the challenges and risks that can be encountered, with a focus on how IFIs could accelerate customers’ acquisition by providing digital products and services. CIBAFI Administration and Finance Director Zainab Al Owainaty emphasized how technological advancements are increasing market competition and customer expectations. Simply developing a strategy or expressing a desire to transform will not result in the necessary change to keep up with increased competition; rather, there should be a strategic implementation approach that articulates and effectively implements the key pillars for a successful and effective transformation, she said.