Wed 19-09-2018 17:19 PM
DUBAI, 19th September, 2018 (WAM) -- Blockchain and cryptocurrencies are reshaping the global Islamic banking sector, and leading sharia-compliant banks are using disruptive technologies to create new financial products, according to industry experts who will gather in Dubai for the fourth edition of the Global Islamic Economy Summit, GIES, on 30th-31st October 2018.
Being held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai, GIES 2018 will be organised by Dubai Chamber of Commerce and Industry and the Dubai Islamic Economy Development Centre, DIEDC, in cooperation with strategic partner, Thomson Reuters.
The event will bring together influential policymakers and experts, who will share insights and address the key challenges facing the global Islamic economy.
GIES 2018 will feature panel discussions which delve into a wide variety of topics, including the Internet of Things, drone technology and Artificial Intelligence. The sessions will provide case studies of pioneering Islamic financial services firms, such as Onegram, a UAE-based start-up specialising in Shariah-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.
Majid Saif Al Ghurair, Chairman of Dubai Chamber and Board Member of DIEDC, said, "As interest in blockchain is growing among Islamic banks around the world, it is the right time to shed light on recent developments in this field and examine the benefits and values that disruptive technologies can deliver to industry players and consumers "
Dubai Chamber’s chairman 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 that the summit will provide a platform to share knowledge and the industry's best practices.
Abdulla Mohammed Al Awar, CEO of DIEDC, said, "With the support of its strategic partners, DIEDC has made a significant headway in positioning Dubai as the global capital of Islamic economy. Building on the success of previous editions, the GIES 2018 will amplify this momentum and deepen our insights into key trends that are driving change within the Islamic economy."
This year's event themed, 'A Shared Future', expects 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.