With massive regional growth forecast, the event, being held at the Jumeirah Emirates Towers in Dubai, will see strategies shared and new technology showcased to strengthen Islamic banking in the global market.
CEO’s, CIO’s, VP’s and senior experts from over 100 banks have already confirmed their attendance at the conference which is shaping up to be one the year’s most influential industry events. Sheikh Dr Hussein Hamed Hassan, Chairman Shariah Board of the Dar Al Sharia and Islamic Bank, will be a key speaker on banking innovation and software giant SAP is the event’s Platinum Sponsor. Delegates will get an invaluable insight into customer centric banking technology from the impressive line-up of speakers, including Ashraf Shoukry of the Ajman Bank, Hafid Oubrik of the Arab Monetary Fund and Srood Sherif, CIO of the National Bank of Abu Dhabi.
Mobile technology, social networking and cloud computing are now being incorporated into banking products to provide customers with a more convenient service, while actively reducing the cost to banks. Computer-savvy customers are now expecting immediate responses to their requests, although only 17 per cent of Middle Eastern banks currently have tablet services and 25 per cent have mobile apps compared to over 60 per cent of banks in Asia, according to research by Celent.
Those attending the Summit, organised in strategic partnership with Dubai Internet City and Dubai Outsource Zone, will discover the next frontier in smart banking at the ‘Innovation Lounge’, where leading solution providers including Intertech, IBM and Capgemini will be showcasing the most advanced banking technology on the market. Mohammad Ismail from digital security heavyweight Gemalto says that they are one of the event sponsors who will provide banks with the opportunity to offer their customers cutting-edge technology. “We have new and exciting card designs, next generation dual interface contactless cards and mobile payments. In addition we will exhibit out different services such as payment and public transport passes”.
Over the next 2-3 years the MENA Islamic banking industry is expected to at least double in size to US$990bn, making it one of the world’s fastest growing markets. The UAE in particular, which has the highest degree of intermediation in terms of assets, deposits and loans among the Gulf Cooperation Council, has assets registering a compound annual growth rate of as much as 8 per cent from 2011-2014. According to RNCOS the conservative investment strategies practiced by the regions banks have seen the industry unaffected by the global recession, but the Middle East now looks to become a bigger player in the market for regional and international customers through technology and innovation. The aim of the Middle East Banking Innovation Summit 2012 is to address new opportunities and instil an innovative culture throughout the Middle Eastern banking industry to promote new strategies.
Middle Eastern banks want solutions to boost innovation and support financial growth in order to create a competitive edge on an international scale. Regulatory frameworks and internal policies will need to be put in place which consider international banking law and cross-border Islamic finance activities. Creating synergy between IT and operations to ensure sustainability will be a key driver in the future success of the financial services sector. Delegates and officials at the Summit will be looking to define these strategies and learn valuable lessons from some of the most experienced leaders in Islamic banking, and network with event sponsors including Trend Micro, InfoWatch, VoiceTrust and Aimia. Other participants include Misys, Datacard Group, Vision Solutions and Double-Take, SAB, Soft Flow, Gemalto, Ramco, BankersLab, Infotech Systems, IYCON, ACT, Ceitcon, KeyBS, Key Information Technology, OLYMPIC Banking System, Virtech, Granteq, ePillars & Talisma.