Story: Mohammed A. Abu
A webinar held by the General Council for Islamic Banks & Financial Institutions(CIBAFI) concluded with a forward-looking perspective on the future of big data and its transformative potential in the Islamic financial industry, underscoring its role as a catalyst for growth and transformation, an official statement said in Manama, Bahrain, Tuesday.
CIBAFI’s Secretary General, Dr. Abdelilah Belatik, in his inaugural address, it said, underscored the critical significance of big data in Islamic finance emphasizing that, it goes beyond mere technological advancement and it is a strategic imperative as well.
Dr. Belatik highlighted its transformative impact, empowering financial institutions with actionable insights, facilitating problem-solving, fostering innovation, and supporting informed decision-making aligned with Islamic principles.
Held under the theme, “Big Data Analytics in Islamic Finance: Catalyst for Growth and Transformation”. the webinar gathered industry experts to explore the dynamic intersection of big data and the financial sector with a focus on Islamic finance
A panel session moderated by Mr. Rachid Ettaai, Business Development Manager, CIBAFI.featured industry experts who discussed key aspects of big data analytics, including its influence on financial products, emerging trends, and strategies for data-driven innovations.
They tackled challenges related to privacy, skills, and infrastructure, emphasizing ethical considerations in data processing. The speakers’ insights enriched the discussion, providing a comprehensive view of big data’s transformative potential in Islamic finance.
The panelists included Mr. Hamed Y. Mashal, Executive Manager – Head of Retail Banking, Kuwait Finance House – Bahrain and the Chairman of CIBAFI Information and Technology Working Group (ITWG); Ms. Faith Musonza, Strategy and Digital Financial Inclusion Expert, Acuma, United Emirates; and Dr. Maurice Schroff, Principal at Strategy&, Germany.