Rahul Preeth
Doha
Digital innovation has started to emerge as a priority for Islamic banking in Qatar, according to Qatar Financial Centre Authority (QFC) CEO Yousuf Mohamed al Jaida.
"The fourth industrial revolution, driven forth by digital innovation and the ever-increasing digitalisation of the economy has touched virtually every aspect of business and banking. Islamic Finance is of course no exception to this,” Jaida said while addressing a media conference announcing March 19 as the date for the fifth Doha Islamic Finance Conference.
The digital world has single-handedly altered the financial services industry and has in fact given rise to an entirely new subsector, financial technology or Fintech, he said.
"The changes that we are witnessing every day have significant implications for Islamic Finance, especially considering the industry’s importance and potential for growth.”
Islamic Finance assets are forecast to be worth $3.2 trillion by 2020, Jaida said, citing Thomson Reuters. It is clear that an industry of this size must embrace the unstoppable wave of digitalization, which presents many benefits and advantages, he added.
In the past five years, the growth of Islamic banking industry assets in Qatar has outpaced that of the conventional banking industry, with Islamic banking assets valued at $97 billion by the end of 2017. It constitutes 81 percent of the total Islamic finance assets.
"This demonstrates the undeniable robustness and resilience of Qatar’s Islamic banking sector,” Jaida said.
Additionally, in 2018, the Qatar Stock Exchange listed the world’s largest single-country Islamic exchange-traded fund and all of these point to Qatar’s prominent position as an international and regional hub for Islamic Finance, he added
Jaida said the Qatar National Vision 2030 lays great emphasis on both digitalisation of the economy as well as sustainable development. He said the QFC is committed to aggressively pursue both the objectives.
"Islamic Finance is a key area of focus for the QFC, and is included as one of our main target industries in our recently-announced strategy,” Jaida said.
The Qatar Financial Centre on Sunday launched an ambitious multi-pronged strategy for 2022 that will see the centre aggressively pursue growth opportunities in specific service industries in four sectors — sports, digital, media and financial services.
The QFC’s strategy, Jaida said, would particularly focus on two areas of its financial service offering — Islamic Finance and Fintech.
Doha
Digital innovation has started to emerge as a priority for Islamic banking in Qatar, according to Qatar Financial Centre Authority (QFC) CEO Yousuf Mohamed al Jaida.
"The fourth industrial revolution, driven forth by digital innovation and the ever-increasing digitalisation of the economy has touched virtually every aspect of business and banking. Islamic Finance is of course no exception to this,” Jaida said while addressing a media conference announcing March 19 as the date for the fifth Doha Islamic Finance Conference.
The digital world has single-handedly altered the financial services industry and has in fact given rise to an entirely new subsector, financial technology or Fintech, he said.
"The changes that we are witnessing every day have significant implications for Islamic Finance, especially considering the industry’s importance and potential for growth.”
Islamic Finance assets are forecast to be worth $3.2 trillion by 2020, Jaida said, citing Thomson Reuters. It is clear that an industry of this size must embrace the unstoppable wave of digitalization, which presents many benefits and advantages, he added.
In the past five years, the growth of Islamic banking industry assets in Qatar has outpaced that of the conventional banking industry, with Islamic banking assets valued at $97 billion by the end of 2017. It constitutes 81 percent of the total Islamic finance assets.
"This demonstrates the undeniable robustness and resilience of Qatar’s Islamic banking sector,” Jaida said.
Additionally, in 2018, the Qatar Stock Exchange listed the world’s largest single-country Islamic exchange-traded fund and all of these point to Qatar’s prominent position as an international and regional hub for Islamic Finance, he added
Jaida said the Qatar National Vision 2030 lays great emphasis on both digitalisation of the economy as well as sustainable development. He said the QFC is committed to aggressively pursue both the objectives.
"Islamic Finance is a key area of focus for the QFC, and is included as one of our main target industries in our recently-announced strategy,” Jaida said.
The Qatar Financial Centre on Sunday launched an ambitious multi-pronged strategy for 2022 that will see the centre aggressively pursue growth opportunities in specific service industries in four sectors — sports, digital, media and financial services.
The QFC’s strategy, Jaida said, would particularly focus on two areas of its financial service offering — Islamic Finance and Fintech.