His Excellency Khaled Mohammed Balama, Governor of the Central Bank of the UAE (CBUAE), launched day two of the Future of Finance conference, hosted by the CBUAE, by highlighting the strong indicators of economic recovery in the UAE and other leading economies, and the importance of Islamic finance as a driving force in a world seeking to achieve sustainable growth and economic resilience. His Excellency also identified qualitative measures to enhance the CBUAE’s robust digital payments systems, including the increased importance of commercial and financial payment settlements. His Excellency affirmed that the CBUAE will maintain its supervisory and regulatory responsibilities to ensure the continued, sustainable growth of the UAE economy.
Day two of the conference featured a series of activities in the area of Islamic finance, including a panel discussion on the role of Islamic finance in establishing a flexible and diversified financial system. In line with the theme of Expo 2020, Connecting Minds and Creating the Future, the CBUAE facilitated an exchange of views and insights by Islamic and financial sector leaders and Shari’a experts on the future of Islamic finance.
One of the most prominent sessions discussed the CBUAE’s National Payment Systems Strategy, which aims to increase the UAE economy’s competitiveness, in line with one of ten ‘Principles of the 50’ to develop the world’s best and most active economy in the UAE. Dr. Sabri Hamed Al Azazi, Assistant Governor of Support Services and Operations at the CBUAE, suggested that the future of payment systems lay in using digital payment solutions in place of fiat currencies. Dr. Sabri also highlighted the CBUAE’s role in continued innovation and investment in emerging technologies to serve the financial sector and ensure alignment with international best practice.