Within the framework of the SESRIC project titled “Strengthening Financial Literacy and Promoting Islamic Finance in the OIC Member Countries”, which is funded by the Standing Committee for Economic and Commercial Cooperation of the Organisation of the Islamic Cooperation (COMCEC) under the 9th Call for Project Proposals of the COMCEC Project Funding, the Centre, in collaboration with Bank Indonesia and Financial Services Authority of Indonesia organised a Training Course on “Using Financial Technologies (FINTECH) in Islamic Finance” on 07-08 September 2022 through an online video conferencing platform.

The training course was provided by competent experts from the Bank Indonesia and Financial Services Authority of Indonesia for the benefit of 148 participants from the Central Banks and Monetary Authorities in 30 OIC Member Countries.

The training course, which was also organised within the framework of SESRIC’s Central Banks Capacity Building Programme (CB-CaB), aimed at introducing the utilisation of Financial Technologies (FINTECH) in Islamic Finance while touching upon the potential and prospects of Islamic FINTECH. The training course also highlighted the Indonesian Payment System Policy in developing Islamic economy and finance, among many other relevant topics, towards building the participants’ capacities in the domain through sharing the Indonesian experience, the accomplishments achieved, challenges faced and prospects towards developing Islamic Finance and advancing FINTECH.

The training course commenced with the opening remarks of Mr. Onur ÇAĞLAR, Director of Training and Technical Cooperation at SESRIC, who emphasised the popularity and increased demand of the Islamic Finance industry globally, indicating the lack of proper use and utilisation of its instruments in many OIC Member Countries. Mr. ÇAĞLAR then briefed the participants on the Centre’s efforts throughout the years in the area of Islamic finance through its three mandated areas of statistics, research and training. His welcoming remarks were concluded by thanking the project’s implementing partners as well as the COMCEC Coordination Office for their continuous support and cooperation.

In his statement, Mr. Arief HARTAWAN, Head of the Islamic Economic and Finance Department of Bank Indonesia, touched upon ways and means of enhancing financial inclusion by promoting Islamic finance development, including digitalisation of Islamic finance and optimising the initiatives of Islamic blended finance programmes towards economic empowerment. Furthermore, Mr. Hartawan briefed the meeting on the Quick Response Indonesian Standard (QRIS), Indonesia’s payment system initiative towards the development of Islamic Economy and Finance.

In his address, Mr. Ahmad RIFQI, Senior Executive Analyst at the International Department of the Financial Services Authority of Indonesia, stressed the importance of digital transformation and development on sharia financial products and services. In addition, Mr. RIFQI highlighted the role of coordination and collaboration between the regulator, government, association, and international organisations related to Islamic finance to ensure the soundness of sharia products.

In his opening remarks, Mr. Mehmet Celalettin AKTAŞ, Head of COMCEC Programmes and Projects Department at the COMCEC Coordination Office, appreciated the exerted efforts by the project partners and highlighted their importance in enhancing cooperation, strengthening solidarity and improving governance in the OIC Member Countries. Mr. AKTAŞ also briefed the meeting on the main objectives of the project funding mechanisms towards serving the expected outcomes of the COMCEC Strategy as well as contributing to the realisation of the COMCEC Ministerial Policy Recommendations.

The Central Banks Capacity Building Programme (CB-CaB) was developed and initiated by SESRIC in 2009 to strengthen institutional and human resources capacities by sharing knowledge, experiences and best practices among the Central Banks and Monetary Authorities in the OIC Member Countries. Within this framework, the Centre organises capacity-building activities for the benefit of the staff of the Central Banks and Monetary Authorities in the OIC Member Countries by using various modalities such as training courses, training workshops, and study visits. For more information on the Central Banks Capacity Building Programme (CB-CaB), please visit: https://www.sesric.org/cbp-centralbanks.php

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