The National Cybersecurity Council has launched its new website in collaboration with the Ministry of Digital Economy and Entrepreneurship and Developed and designed by Echo Technology. The site was designed and developed according to Jordan Government Websites Guidelines 2022, which was developed by Echo Technology and approved by the Ministry of Digital Economy and Entrepreneurship
Interview with
Mr. Robert Hazboun
Managing Director,
ICS Financial Systems Ltd
How will artificial intelligence, blockchain and big data shape Islamic Finance – and what are the risks and opportunities for the new pioneers?
Tech is punching down the walls, floor joists and windows of finance all about us. But in the rebuilding how relevant is artificial and business intelligence to Islamic Finance in 2023 – and beyond? Can a population of two billion Muslims meaningfully harness this tech for good? How big a deal is it and what are the risks as well as the benefits? The combination of Islamic fintech and data science has made huge strides, attracting millions of new customers.
Whatever their religious background banking consumers want speed, efficiency and privacy. In other words, a smarter banking experience. The scope of fintech is widening as is the market for its own services and products. It’s getting competitive, but credible transactions need to be handled with much care. So how does Shari’a compliance work in this space now? Who are the main beneficiaries – and when will they see the benefits for real? World Finance gets startling, innovative responses from company managing director Robert Hazboun in an exclusive interview on the cutting edge direction and speed of Islamic Finance in 2023 and beyond.
Overall I’d say, new frontiers and boundaries for digital change in Islamic Finance are being pushed very hard, and the pandemic accelerated this trend. Much progress has been made, from blockchain to AI and digital, or neo banks. All of which are being adapted into sharia-compliance for digital touch points and to extend financial inclusion in the more devout segments of the market.
There’s complexities with Shari’a compliance that may slow the full potential of Islamic FinTech experience, even when it clearly offers value and control to consumers. Especially with the more subtle regulatory distinctions for each Islamic ideology which may delay its inclusion in these technologies. Another point is a lack of awareness of its value amongst customers, especially in non-Muslim countries. So addressing these challenges needs meaningful collaboration between industry players, regulators, scholars and experts in Islamic Finance to create an environment that is conducive to the growth and scalability of Islamic FinTech solutions. The will is there.
AI and BI can help Islamic banks to comply with Shariah law, by analysing data, identifying patterns, and highlighting areas of possible improvements to different channels and touch points. This can help reduce the risk of non-compliance and improve the quality of Islamic banking services and enhance business operations, decision-making processes, as well as customer experiences. However, risks from depending on AI and machine learning in Islamic Finance also loom, namely in financing cases that have no precedents in Sharia law.
This can cause confusion, complexity, and prolonged processes to find and interpret the relevant religious texts with regulatory bodies. So it’s complex. Clients have to prioritise their own continuous learning, collaboration and foster a more data-driven decision-making culture within their own organisations to gain the understanding of the opportunities and risks presented by AI and BI. We’re here to support this.
Future-proofing concerns for banking systems with the rise of AI and BI are centred around data security, compliance, customer privacy, bias and fairness. Also talent acquisition and change management. It’s a lot. Continuously future-proofing is an ongoing endeavour, not one undertaking. A flexible mindset is needed. So adaptability is a priority for handling and strategizing the ever-changing realm of AI and BI, absolutely.
It’s absolutely realised. The younger Muslim population, especially in the west, are drawn to banking services offering Islamic financing through digital channels which fits into their tech-savvy, on-the-go lifestyle. They’re dependent on them to help them manage their lives.
To support this ICS BANKS Islamic Banking is our own customer-centric platform. It’s built from the ground up with decades of tech evolution poured into it offering digital banking products and services such as Mobile Banking Apps and Islamic Digital financing platforms. The latest AI, Blockchain, and Digital wallet tech are totally built in. This keeps Islamic Banks and financial institutions relevant for this vitally important demographic, no question about it.
Our banking solutions offers tools for data-driven pressures, ethical considerations and data privacy with its own scalable architecture including several reporting methods such as Omnichannel KYC, spending analysis and regulatory reports. These support Banks, FIs and customers by analysing massive amounts of financial data, detecting trends and patterns, mitigating risk, such as identifying fraudulent activities. We believe this helps banks & FIs learn more about their own risk profile, their own distinct customer base, resulting in more personalised and bespoke products – that’s important. This in turn helps customers make better financial decisions. Our products are totally central to their better decision-making process.
While some growth rates for Islamic FinTechs may have been slow, digital innovation is making it easier to adapt Sharia compliant products faster. But as Islamic Finance evolves and expands globally, there might be variations in interpretation and implementation of Shariah principles across different jurisdictions. This creates complexities and manual processes in anticipating and planning personalised products that comply with the specific requirements of each market – we’re very well aware of this.
There are several reasons. One reason is the growing Muslim population in Western countries, which has led to more demand for Shariah-compliant products and services. Non-Muslim customers are also showing interest in Islamic banking due to its ethical nature, especially in the aftermath of the global financial crisis, which eroded trust in conventional banking systems. While the demand for Islamic banking windows from Western banking businesses is not yet at the same level as in Muslim-majority countries, it is growing and very likely to continue to do so in future.
We totally recognise the need for balance between cloud-based solutions and personal interaction. Both approaches offer distinct advantages and both, we say, must be integrated thoughtfully for a seamless experience. The ideal equilibrium? It depends, including the specific needs and preferences of our customer base, as well as the strategic objectives and resources available to the bank. It’s always a bespoke approach, fundamentally.
The timeline for such an ecosystem is challenging to predict accurately depending on the pace of tech, the level of regulatory support, and a willingness of financial institutions to collaborate and standardise operations.
Nonetheless, more investment in Islamic banking software suites and other tech solutions play an important role in supporting the growth and development of the Islamic Finance industry. Watch this space, I say.
In the long run, it’s well worthwhile to pursue hybrid-type digital products that blend the advantages of traditional banking and digital banking. These aim to provide a comprehensive banking experience by integrating in-person service with digital convenience, harnessing emerging technologies.
Although there are obstacles like investing in technology infrastructure and adapting to new processes, numerous financial institutions are actively exploring hybrid models. Consequently, we feel it is reasonable to anticipate a higher prevalence of these models in the future. We’re very optimistic that the balance can be got exactly right.
Tarjama, meaning translation in Arabic, is a technology and language services provider. It offers services for 55 languages, including content and media services and has seven offices worldwide with 35,000 freelancers and 154 full-time employees as of 2022. It also acquired Screens in November 2022, one of the largest dubbing and subtitling companies in MENA.
Al Hassan is also the Founder and Chairwoman of Ureed.com, a digital marketplace connecting global employers with over 55,000 certified freelancers. She manages the growth of her companies across eight markets and leads a team of over 300 people.
Exciting News! Introducing Our New Support Center
We are thrilled to announce the launch of our brand-new support center at PROTECH!
As of June 23, 2023, you can experience our all-new user-friendly interface by visiting https://support.protech-jo.com. This significant upgrade is designed to provide you with an enhanced support experience and ensure your journey with us is even more seamless and efficient.
Thank you for choosing PROTECH. We sincerely appreciate your business, and we look forward to serving you with the utmost dedication and professionalism.
تعلن مؤسسة التعليم لأجل التوظيف الأردنية عن تجديد عقدها مع شركة واحة أيلة للتطوير لمواصلة إدارة أكاديمية مكارم للتدريب في العقبة لمدة خمس سنوات إضافية، وذلك إثر الدور المهم الذي حققته هذه الشراكة منذ شباط العام 2018 في تمكين المجتمع المحلي وتوفير فرص تدريبية ووظيفية للشباب والشابات في قطاعات التجزئة والضيافة.
تأسست أكاديمية مكارم للتدريب من قبل شركة واحة أيلة للتطوير كجزء من مبادرة المسؤولية الاجتماعية للشركات وذلك ضمن رؤية مشتركة لتعزيز النمو الاقتصادي وخلق مستقبل أفضل لشباب وشابات العقبة. تتعاون مؤسسة التعليم لأجل التوظيف الأردنية وشركة واحة أيلة للتطوير لمحاربة البطالة التي تواجه الباحثين عن العمل في المنطقة.
The Jordan Payments and Clearing Company “JoPACC” announced the launch of its first ever Incubation Program, through its newly inaugurated JOIN Fincubator. The Incubation Program, which officially began its first session on July 2nd, aims to enable qualified fintech startups to develop their initial business models by providing them with an array of support services that will ultimately enable them to launch their solutions in local and global markets.
It is worth noting that a prerequisite Bootcamp Program was held prior to the start of the Incubation Program, where the thirty participating teams were equipped with basic knowledge about the financial sector. The Bootcamp Program enabled the teams to prepare their initial business model canvases and verify that their fintech ideas are aligned with market needs. Out of the thirty participating teams, sixteen teams qualified for the Incubation Program, whose fintech ideas served different industries including real estate, e-commerce, finance and banking, and included topics such as credit scoring, and financial management.
JOIN’s Incubation Program comprises three main phases, firstly, the “Validation Phase” focuses on validating the participant’s proposed fintech solutions and ensuring that these solutions are products or services that solve real problems. This phase, which spans four weeks, includes workshops on applying “Lean Startup” methodologies, getting accustomed to startup legislations, conducting market research and analysis, and getting feedback from mentors.
The second phase, or the “Shaping Phase,” extends over eight weeks, during which the startups define their target customers, identify their needs, and develop the best strategies to attract them. This phase additionally sees participants trained on different topics, including effective leadership and negotiation skills, customer acquisition and retention, branding, marketing, communications, business development, and sales.
The third phase, the “Building and Developing Phase,” extends over eight weeks and features the actual process of building and developing prototypes or Most Viable Products “MVPs” that meet and serve market needs. This final phase ends with a “Demo Day,” where startups present their MVPs and pitch their solutions to potential investors and financial institutions, providing them with access to funding and finance. This year’s “Demo Day” is expected to take place between November and December in JOIN Fincubator’s Yearly Summit, which will celebrate JOIN’s most notable milestones and accomplishments throughout the year.
JOIN Fincubator is considered to be a launching platform for innovators and startups that enables them to test and develop their fintech solutions. Moreover, JOIN provides its participants with a range of resources, including access to a sandbox, infrastructure, expertise, and training, and partnerships. JOIN further facilitates access to different markets, and funding opportunities, allowing startups to passport their innovations to regional and international markets.
Al-Busairi Bank for Microfinance, a newly-established bank in Yemen, has successfully gone-live in record time on the fully fledged Shari’a compliant ICS BANKS® Islamic Banking software solution from ICS Financial Systems (ICSFS), the global software and services provider for banks and financial institutions.
Al-Busairi Bank for Microfinance was registered and granted all necessary licenses by the Central Bank of Yemen, and will be delivering comprehensive Shari’a-compliant Microfinancing products and services to the Yemeni market, and will be implementing ICS BANKS® Islamic Core, Credit Facilities & Risk Groups, Remittances, and ICS BANKS® Digital Banking, in addition to a wide range of Islamic banking products.
“Having worked with ICSFS’s team during the implementation phase, I’ve grown more confident in my choice of their Innovative Banking Platforms, they demonstrated real knowledge and professionalism, and offered valuable insights along the way which enriched our staff’s experience and command over their respective positions within the bank. The unified Financing solution delivered by ICS BANKS® has proven to have significant advantages with its easy-to-integrate modules and innovative features, which will be extremely helpful to our inauguration into the Yemeni market and quickly placing us amongst the market leaders.”
Al-Busairi Bank has set their sights to deliver various Shari’a-compliant products that are supported with a wide range of digital touchpoints in pursuit of extending financial inclusion for Yemeni SME’s and individuals and making financing products more accessible to the Yemeni market. All of which is made possible via the ICS BANKS® comprehensive open banking platform.
This implementation at Al-Busairi Bank, which was completed in a record time of 1 month, contributes to realizing the banks vision to offer true success opportunities to their customers and get ahead much faster in the market.
Mr. Wael Malkawi, Executive Director of ICSFS
“We are proud of yet another successful go-live in Yemen, marking not only our growth as a financial systems developer, but more importantly another milestone towards a stable and thriving economy in Yemen where Microfinance inclusion is expanding exponentially thanks to patriotic establishment like Al-Busairi Bank. Once again, we confirm our commitment towards providing excellent support and cutting-edge financing technologies as a part of our role in the success of our partners. Our robust ICS BANKS® Islamic Banking Solution comes with a promise of providing a stable, expandable, and cost-effective system that is continually updated to ensure the utmost compliance with Islamic Shari’a regulations locally and internationally.
ICSFS invests in its software suites by utilising modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide. ICS BANKS® software suites future-proof banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers journey experience, hence improving the trust and confidentiality between the customer and the bank. ICS BANKS has always been a pioneer in utilising the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system can be deployed on-premises, hybrid, or cloud.
أعلنت إس تي إس اليوم عن حصولها على جائزة أفضل شريك أعمال لشركة مايكروسوفت لعام 2023. حيث حصدت اللقب ضمن مجموعة من شركاء مايكروسوفت على مستوى العالم الذين اثبتوا أعلى درجات التميز والابتكار في تطبيق حلول مايكروسوفت لدى عملائهم في مختلف دول العالم. وبهذه المناسبة قال هيثم عليان مدير عام، قسم تراخيص وتدريب مايكروسوفت في “إس تي إس”: “نحن فخورون بأن يتم اختيارنا مجددا وللمرة الخامسة منذ شراكتنا مع مايكروسوفت لنكون أفضل شريك أعمال لهم في الأردن، الأمر الذي يؤكد مكانتنا كشريك موثوق به لدى شركائنا وعملائنا، ويعكس التزامنا وقدرتنا على تقديم أفضل التقنيات بأعلى درجات القيمة المضافة لهم كشركة إقليمية رائدة، تحرص على استمرارية الابتكار و تبني أعلى معايير الاحترافية والجودة في تصميم وتنفيذ الحلول المتقدمة والموثوقة، اضافةً الى التزامنا الدائم بتلبية احتياجات عملائنا المختلفة على أكمل وجه.” هذا وتُمنح جوائز أفضل شريك أعمال لشركاء مايكروسوفت الذين عملوا على تطوير وتقديم أكثر الحلول تميزا عبر استخدام تقنيات مايكروسوفت خلال العام الماضي. وتم تصنيف الجوائز على فئات مختلفة واختيار الفائزين بناء على تقييم مجموعة تضم أكثر من 4200 شريك أعمال من 100 دولة حول العالم، ليتم تكريم “إس تي إس” على تقديمها حلول وخدمات مايكروسوفت بشكل متميز في الأردن. قالت نيكول ديزن،
الرئيس التنفيذي للشركاء ونائب رئيس حلول الشركاء العالميين في مايكروسوفت: “نبارك لجميع الفائزين والمرشحين للنهائيات لجائزة أفضل شريك أعمال لشركة مايكروسوفت لعام 2023! وأضافت: ” تثبت منصة مايكروسوفت السحابية إمكانات هائلة تم تطبيقها من الشركاء الفائزين بجوائز هذا العام مع عملائنا بشكل رائع عبر الحلول والخدمات المبتكرة التي مكنتهم في رحلة التحول الرقمي الخاصة بهم”. يتم الإعلان عن جوائز شريك العام لمايكروسوفت سنويًا قبل مؤتمر الشركاء العالمي Microsoft Inspire، والذي سيعقد في 18-19 يوليو 2023.
حصل كابيتال بنك مؤخراً على جائزة أفضل قرض تجمع بنك لمؤسسة مالية في الشرق الأوسط من “إيميا فايننس” EMEA Finance العالمية للخدمات المصرفية في منطقة الشرق الأوسط.
وجمع حفل توزيع الجوائز بنسخته الخامسة عشر والذي أقيم في العاصمة البريطانية لندن الشركات والبنوك والخبراء الماليين المسؤولين عن أفضل صفقات أسواق رأس المال في أوروبا والشرق الأوسط وأفريقيا.
وجاء هذا التكريم العالمي، تقديراً لجهود كابيتال بنك في إتمام صفقة تسهيلات مصرفية (قرض تجمع بنكي) بقيمة 115 مليون دولار أميركي، حيث لاقت هذه الصفقة -والتي تعد الأولى من نوعها لكابيتال بنك- نجاحاً كبيراً مع تجاوز قيمة طلبات الاكتتاب قيمتها المستهدفة، وقد ساعدت مشاركة 12 بنكا من جميع أنحاء المنطقة وعبر قارتين في تعزيز مكانة كابيتال بنك على المستوى الإقليمي.
قدم البنك الأهلي الأردني منتدى الأردن تحت عنوان ” الحوكمة – المخاطر والامتثال” والذي أقيم تحت رعاية اتحاد المصارف العربية وبالتعاون مع البنك المركزي الأردني وجمعية البنوك في الأردن وتحت رعاية وحضور محافظ البنك المركزي الدكتور عادل شركس.
وأقيم المنتدى بحضور ممثلي قطاعات الأعمال والخبراء والمختصين من داخل المملكة وخارجها بهدف مناقشة المحاور الهامة في هذا المجال وتعزيز ثقافة الحوكمة الرشيدة في الوسط المصرفي وتحويلها إلى قواعد ثابتة، كما شهد الملتقى مجموعة من الجلسات الحوارية حول التطورات التكنولوجية والمخاطر المالية والقانونية والإستراتيجية والأمنية التي يشهدها القطاع التي قدمها مجموعة من رؤساء وحدات إدارة المخاطر والإمتثال في المصارف إضافة إلى العديد من الخبراء والمحللين والمستشارين في هذا المجال.
وأعرب الرئيس التنفيذي/ المدير العام للبنك الأهلي الأردني، الدكتور أحمد الحسين أن هذه الجلسة تمثل منصة لتبادل الخبرات ومناقشة التوجهات العالمية في هذا الإطار والذي يساهم بشكل أساسي في زيادة الكفاءة وتخفيض مخاطر عدم الامتثال ومشاركة المعلومات بشكل أكثر فعالية وبما يسهم في اتخاذ قرارات أفضل.