Saudi Central Bank workshop on Islamic Finance stresses on research, development

Saudi Central Bank workshop on Islamic Finance stresses on research, development

Deputy Governor of the Saudi Central Bank (SAMA) for Research and International Affairs Dr. Fahad Bin Abdullah Al-Dossari opened SAMA’s second virtual workshop on Islamic Finance for 2021 on Thursday (June 3); under the title “The Contribution of Research and Development in the Islamic Finance Industry.”

A number of participants including industry experts and those interested in the sector also attended the workshop. The quarterly workshop focuses on Islamic Finance sponsored by SAMA, aimed at discussing current topics concerning the sector.

In his welcoming remarks, the deputy governor also highlighted the importance of qualitative developments in the industry; most notably research and development; as being a strategic pillar that assesses the developments and challenges for the industry with a forward looking approach to launching innovative products for future economic growth and financial stability.

Prominent qualitative developments

He also touched on the most prominent qualitative developments taking place in the Islamic financial industry in Saudi Arabia; including the joint Islamic Finance research initiative launched by SAMA.

He also referred to the role of the Shariah Governance Framework for banks operating in Saudi Arabia issued in February 2020; in supporting the research and development system in the Islamic banking industry.

In this context, the deputy governor highlighted the important role of Saudi Universities in developing the research and development system and the continuous cooperation of SAMA with universities.

The workshop also included three main themes in three successive sessions. The first session discussed research and development and their role in the development of the Islamic finance industry.

The second session also discussed the pillar related to the pivotal areas that shape the focus of research and development in the Islamic finance industry; important achievements; and future research trends.

The third and concluding session also discussed recent innovations and practical applications in Islamic finance and their expected additional value.