‘Fintech a game changer,' says CBB governor

Manama : Governor of the Central Bank of Bahrain (CBB) Raheed Al Maraj yesterday confirmed that the CBB will soon introduce regulations to facilitate Fintech solutions, which is a game-changer in the banking business. 

He was speaking at the opening of the World Islamic Banking Conference (WIBC) at the ART Rotana Hotel, Amwaj Islands. 

“Financial Technology or Fintech is leading the way,” said Al Maraj urging Islamic banks to come forward and take the lead in this area. 

“Islamic banks must make full use of these technological enhancements and invest more in this space,” he added.  

Commenting on the theme of the conference – economic uncertainties: vigilance and growth, Al Maraj further highlighted the need to be more risk-sensitive in uncertain economic conditions. 

“Risk management practices must be up to date, awareness levels high and risk mitigation in place,” he pointed out. 

Moving on, the CBB governor also emphasised the need to groom a second line of management “to ensure, as much as possible, a lasting institutional legacy behind us”.  

“We need a set of people whose ethical conduct, strategic thinking, leadership qualities and technical knowledge are above par,” he pointed out while addressing over 1,300 Industry leaders at the conference held under the patronage of Prime Minister HRH Prince Khalifa Bin Salman Al Khalifa.  

Highlight of the morning session was speeches by Governor of the Saudi Arabian Monetary Agency (SAMA) Dr. Ahmed Abdulkarim Alkholifey and Governor of Astana International Financial Centre (AIFC)  Dr. Kairat Kelimbetov. 

The Governors’ remarks were followed with an exceptional line-up of seasoned and respected industry practitioners who took stock of the challenges faced by Islamic banking on the global front and the stagnation in Sukuk issuance worldwide.  These talks were followed by the launch of three insightful intelligence reports and sessions on ethical finance and asset management.

Today at Summit 

The summit continues today and will feature the highly anticipated speeches by Khalid Hamad Abdul-Rahman Hamad, Executive Director - Banking Supervision, Central Bank of Bahrain and Abdulla Mohammed Al Awar, CEO, Dubai Islamic Economy Development Centre.