Islamic Finance Industry Should Boost Digitisation and Transform Processes to Improve Efficiency: SBP Governor

The Islamic finance industry should boost digitisation of its services and transform processes to enhance efficiency, lower intermediation cost and raise outreach to a larger segment of society, according to Dr Reza Baqir, Governor of the State Bank of Pakistan (SBP), who was speaking at the 15th Islamic Finance Services Board (IFSB) Summit 2021 hosted by the Saudi Central Bank in Jeddah, Saudi Arabia.

Why it Matters?

Digitalisation of Islamic financial services offers opportunities for a more inclusive financial system for Islamic countries, particularly those with a significant unbanked proportion of adult population, according to Dr Baqir. Development of Shariah and prudential standards related to digital banking and fintech, by bodies such as Ac...