The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella organisation for Islamic financial institutions, is conducting its Technical Workshop on “Driving Innovation in Islamic Finance: Exploring the Role of Digital Transformation, AI, and Fintech” in Muscat. The workshop, hosted by the Central Bank of Oman (CBO), will run for two days.

With digitalization rapidly reshaping financial services, innovation and technology are vital to the future of Islamic banking. This workshop reflects CIBAFI’s commitment to helping its members and stakeholders build capacity, share knowledge, and adopt practical solutions to stay competitive and meet evolving customer needs.

The workshop focuses on equipping participants with practical skills and insights to develop digital transformation strategies, covering emerging trends such as AI and fintech collaboration, data privacy, cybersecurity, and talent management. It also showcases successful case studies and outlines key steps to navigate the challenges and opportunities of digital transformation within Islamic financial institutions.

Ms. Zainab Al Owainaty, Director of Administration and Finance at CIBAFI, inaugurated the workshop with opening remarks. In her address, Ms. Al Owainaty highlighted the critical role of digital transformation, artificial intelligence, and fintech in shaping the future of Islamic finance. She underscored CIBAFI’s ongoing commitment to supporting Islamic banks and professionals through advocacy, research, and a wide range of training and advisory services, highlighting the establishment of dedicated working groups on sustainability and innovation, as well as the recent launch of the Digital Momentum Guide to support Islamic banks in their transition to enhanced digital.

Representing the Central Bank of Oman, Mr. Suhail Al Zadjali, Acting Deputy Chief Financial Stability & Banks Supervision for Islamic Banking, emphasized Oman’s commitment to fostering digital transformation and innovation in the financial sector, in line with Oman Vision 2040. He highlighted that Islamic banks are well positioned to leverage fintech and AI solutions to enhance competitiveness and customer experience, while upholding Shariah compliance and financial stability. Mr. Suhail further emphasized the Central Bank’s proactive role in supporting the safe and sound adoption of innovation, and expressed confidence that the workshop will contribute to advancing the Islamic financial industry regionally and globally.

The workshop is being facilitated by Dr. Ahmed Tahiri Jouti, Founder of NeuronAIze and Managing Partner at Green for South. Participants also continue to benefit from the extensive industry experience and practical insights shared by distinguished guest speakers, including Professor Hussein Abdou, Professor of Finance and Banking at Northumbria University; Dr. Philipp Wackerbeck, Senior Partner and Global Head of Financial Services at Strategy&; and Dr. Maurice Schroff, Principal at Strategy&.

As part of its wider outreach, CIBAFI, in collaboration with the College of Shari’a Sciences – Oman, organized a public lecture titled “Navigating the Future: The Role of AI and Fintech in Islamic Finance” for students, delivered by Mr. Rachid Ettaai, Assistant Director of Strategic Planning and Operations at CIBAFI. The lecture highlighted the transformative impact of artificial intelligence and financial technology on Islamic finance and reflected CIBAFI’s commitment to inspiring the next generation of professionals, fostering innovation, and sharing knowledge on emerging trends shaping the industry.