• Fourth edition of high-level summit to be held on October 30-31
Blockchain and cryptocurrencies are reshaping the global Islamic banking sector, and leading shari'ah-compliant banks are using disruptive technologies to create new financial products, according to industry experts who will gather in Dubai, UAE for the fourth Global Islamic Economy Summit (GIES) on October 30 and 31 2018.
Dubai Chamber of Commerce and Industry and the Dubai Islamic Economy Development Centre (DIEDC) are organising the summit in cooperation with strategic partner Thomson Reuters. GIES 2018 will be held under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, VP and PM of the UAE and Ruler of Dubai.
GIES 2018 will feature panel discussions on the Internet of Things (IoT), drone technology and artificial intelligence (AI). The sessions will provide case studies of pioneering Islamic financial services firms, such as Onegram, a UAE-based startup specialising in shari'ah-compliant cryptocurrency, Malaysia’s Hada DBank, the world’s first Blockchain-powered Islamic Bank, and Emirates Islamic Bank, which has integrated Blockchain into cheque processing.
HEMajid Saif Al Ghurair, Chairman of Dubai Chamber and Board Member of DIEDC, said: “With the adoption and interest in Blockchain growing among Islamic banks around the world, it is the right time to shed light on recent developments in this space and examine the benefits and value that disruptive technologies can deliver to industry players and consumers alike.”
HE described Dubai as a leading example of how public and private sector entities can collaborate to accelerate innovation in the Islamic banking sector, and added the summit will provide a platform to share knowledge and industry best practices.
HE Abdulla Mohammed Al Awar, CEO of DIEDC, said: “With the support of its strategic partners, DIEDC has made significant headway in positioning Dubai as the global capital of Islamic economy. Building on the success of previous editions, we are confident that GIES 2018 will amplify this momentum, fuel the conversation, and deepen our insights into key trends that are driving change within the Islamic economy.”
Al Awar added: “Technology is a major catalyst for innovation across industries, and Islamic economy is no exception. With smart solutions resulting in a surge of disruptions, especially across the Islamic banking and finance landscape, we are poised for a paradigm shift. For instance, technologies such as Blockchain that are still in a nascent stage of evolution, provide new opportunities to reduce systemic risks and ensure a decentralised, inclusive and transparent financial ecosystem that does away with legacy systems and removes layers of intermediation.”
Details:
To be held under the theme A Shared Future, GIES 2018 is expected to welcome more than 3,000 attendees. The third edition of the Global Islamic Economy Summit, held in 2016, attracted nearly 2,500 dignitaries, officials and business leaders from 74 countries.
Explore:
Read the Suroor Asia blog post on new sharing sessions at GIES
Hashtag: #GIES2018