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CIBAFI conducted Digital Transformation Strategy for IFIs workshop

The Technical Workshop on Digital Transformation Strategy for Islamic Financial Institutions was launched by the General Council for Islamic Banks and Financial Institutions (IFIs).

With this three-day course starting today, CIBAFI is returning to real locations after two years of presenting programs online.

All industries, including the financial services sector, are seeing a transformation of business models and procedures due to the proliferation of digital technology and the rise of disruptive forces. Finding the best ways to profit from integrating digital technology into their operations has proven to be the most difficult problem for the majority of organizations.

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.

Zainab Al Owainaty, director of administration and finance at CIBAFI, stressed how technology developments are raising both market rivalry 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.

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