MANAMA: Fintech transformation in Islamic banks is well underway as institutions look to leverage the advantages it offers and realise the threat if no action is taken, a panel of experts has concluded.
The scope and speed of evolution in the way consumers interact with their banking institutions, business practices and financial technologies form the main areas of competition between Islamic financial institutions and their conventional counterparts, they said during the first Virtual InFocus Session organised by Bahrain-based General Council for Islamic Banks and Financial Institutions (Cibafi), a global umbrella of Islamic financial institutions .
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