H.E. Dr. Bandar Hajjar, President of the IsDB Group, Addresses Islamic Finance Institutions during 14th AAOIFI Annual Conference

Manama, Bahrain, November 3, 2019: During the opening session of the 14th Annual Conference organized by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the President of the Islamic Development Bank (IsDB) Group H.E. Dr. Bandar Hajjar stated that “Islamic finance institutions should consider the untapped potential of Islamic Fintech and its likely role of catalyst to overcome current standardization challenges.”

In his opening remarks at the conference titled “Revolutionary Changes in Global Islamic Finance Ecosystem: Need for Governance, Standardization and Regulatory Support” Dr. Hajjar highlighted the importance of creating a unified Islamic Finance Ecosystem to harness the potential of Sharia-compliant Fintech within the global finance landscape and to protect the consumers.

The IsDB Group, in close collaboration with AAOIFI, leads the Islamic finance institutions to create a common platform for the harmonization of Islamic financial services industry regulations. Moreover, H.E. Dr. Bandar Hajjar discussed with H.E. Sheikh Ebrahim bin Khalifa Al Khalifa, Chairman of the Board of Trustees of the AAOIFI, effective ways to strengthen cooperation moving forward.

IsDB has been an active contributor through technical assistance programs and both the inception and the management of many Islamic Finance institutions over the past three decades.