22^nd January 2024, Manama, Kingdom of Bahrain |  The General Council for Islamic Banks and Financial Institutions, the official global representative of Islamic financial institutions (IFIs), successfully conducted a webinar today, titled “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.

Big data analytics is crucial for financial sector growth, empowering institutions in decision-making, risk management, and compliance. The webinar focused on leveraging big data analytics for Islamic financial institutions to create innovative, ethical products with real-time monitoring in the dynamic financial landscape.

CIBAFI Secretary General, Dr. Abdelilah Belatik inaugurated the webinar by underscoring the critical significance of big data in Islamic finance. He emphasized that it goes beyond mere technological advancement; it is a strategic imperative. 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.

Following the opening, a panel of experts 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); and Ms. Faith Musonza, Strategy and Digital Financial Inclusion Expert, Acuma, United Emirates. The session was moderated by Mr. Rachid Ettaai, Business Development Manager, CIBAFI.

The webinar 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.