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3rd annual Islamic finance innovation day (IFID) brings together industry leaders

28 February 2022

  • Anouar Adham: “the continuous price rise of residential properties around the world created a serious affordability crisis, the non-debt solution is an answer to this challenge”

The 3rd Annual Islamic Finance Innovation Day (IFID) Forum launched today with participation from more than 300 regional and international attendees including senior Fintech, banking, regulatory, legal and investment experts engaging in dynamic discussions on “How Fintech Innovation is Transforming the Investment Industry”. 

The hybrid event, which was held under the patronage of the Central Bank of Bahrain (CBB), took place in the Kingdom of Bahrain at the Gulf Hotel and was opened with remarks from HE Rasheed Al Maraj, Governor of the CBB, who welcomed business leaders and attendees and highlighted the important role of Fintech in industry transformation and the ongoing development of the investment sector.

Mr. Hassan Jarrar, CEO of BisB, the Forum’s Exclusive Banking Partner, delivered the morning’s first keynote address looking at “The Next Phase of Digital Innovation”. Discussing the evolution of the industry and where banks must focus today, he emphasized that, “To remain in pace with this rapidly advancing phenomenon of a digital-first society and approach the future with confidence, we, as financial service providers, need to operate with agility and flexibility. We need to look beyond the technology and think about the people it impacts, whether be it our customers, employees, or partners.” 

“Fintech Innovation in Real Estate Investing” was also in the spotlight. Mr. Anouar Adham, CFA Co-Founder and CEO of CrowdToLive®, a leading UK-based, FCA regulated Fintech offering an innovative and unique way to access the real estate asset class, and a Forum Partner delivered a presentation highlighting how factional ownership can provide a non-debt solution both for investing and financing real estate transactions around the world. Mr Adham highlighted “Historically, real estate has been a prime asset class for debt financing, however the continuous price rise of residential properties around the world created a serious affordability crisis, the non-debt solution is an answer to this challenge”. 

Two interactive panel discussions followed covering the role of new cutting-edge digital solutions and how they are revolutionizing the investment industry with senior experts looking at the resulting challenges and opportunities and overall developments from a holistic perspective covering the regulatory and legal fronts as well as implications on financial services providers and the customers they serve.

The first panel, addressing the Forum’s theme, featured Ms. Yasmeen Al-Sharaf, Director, FinTech & Innovation Unit at the CBB, Ms. Maisaa Shunnar, Group Chief Digital Transformation, BisB, and Mr. Anouar Adham. The discussion, which was moderated by Ms. Vineeta Tan, Managing Editor and a Director at REDmoney Group, the Forum’s Media Partner, covered key changes across the regulatory landscape, both in the region and internationally, and their evolution to support innovation and industry transformation. Also discussed were the various approaches being taken by banks and Fintech providers to accelerate digitalization, transformation strategies being employed and customer needs and demand driving adoption, among others.

The second panel looked at “Fintech Innovation and Ecosystem and Legal Developments,” with participation from Ms. Yasmeen Al-Saffar, Head of Financial Services, Bahrain Economic Development Board, Mr. Roberto Mancone, CEO and Executive Board Member, BEYON Money and Mr. Mohamed Toorani, Partner and Head of Bahrain office, DLA Piper. The discussion, moderated by Mr. Kal Subramanian, Head of Markets, KPMG (Bahrain), saw panellists address how technology is changing the paradigm of financial services and the entire marketplace. They addressed both opportunities created and the risks and challenges that have arisen. Speakers also importantly discussed how regulators and policymakers have reacted and changes needed to the legal landscape to cover new activities and business models that have been brought about by financial technology as it works to disintermediate the financial services value chain and transform the landscape as a whole.

Concluding, Ms. Zahraa Taher, Managing Director of FinMark Communications, the Forum’s organizer, said, “We were delighted to have brought together such a distinguished group of speakers and panellists to address this very exciting topic at a critical time when Fintech is driving change and rapid transformation of the investment sector. Bahrain remains both a leader in Fintech innovation and financial services overall and was proud to host this event with the support of the Central Bank of Bahrain and our many industry partners. We look forward to another exciting year of developments ahead for the industry and another IFID Forum in 2023 to gauge progress and support industry collaboration and dialogue.”

IFID 2022 was also backed by Strategic Partner Tamkeen and Insurance Partner Solidarity.

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RISK WARNING: Investing in property and property crowdfunding involves downside risks as well as the possibility of rewards and should be considered to be a long-term investment strategy. The downside risks could include a loss of capital, illiquidity and a lack of income. The investments should only be made as part of a diversified portfolio. The value of a property may fluctuate. There is no secondary market for investments made in unlisted securities and it may not be possible to sell your securities to third parties in a simple and timely manner, thus putting your capital at risk. Forecasts, estimates, and past performance data are not reliable indicators of future results. Investment made on the CrowdToLive® website site are not covered by the Financial Services Compensation Scheme (FSCS). Investing in the opportunities shown on this platform should only be made by investors who fully understand and appreciate the risks involved (please read the full risk warning here). Elite Capital and Management Services Limited takes no responsibility for any recommendations, estimates or opinions and will not in any circumstances advise individuals on the merits or risks of any investment or whether the potential investment is right for any individual. Any individual looking to make an investment should always seek independent advice before committing. CrowdToLive® is a product owned and promoted by Elite Capital and Management Services Limited, which is authorised and regulated by the Financial Conduct Authority (Reference Number: 822039). Elite Capital and Management Services Limited (Companies House number: 10347767) is registered in England and Wales with its registered office at Chester House, 1st Floor, Office 122, 81-83 Fulham High Street, Fulham Green, London, SW6 3JA