Azentio Software is pleased to announce that Mohammed Kateeb has been selected as a co-chair of the CIBAFI’s Innovation and Technology Working Group (ITWG) for the year 2021-2022 during the Group’s kick-off meeting held on Monday 6 December.
The ITWG is part of the approved CIBAFI (The General Council for Islamic Banks and Financial Institutions) Strategic Plan 2019-2022 whose objective is to conduct various initiatives with the aim of strengthening the adoption of financial technologies within the Islamic financial services industry. This includes encouraging innovation and product development initiatives that are in line with the industry developments and Sharia principles, coordinating with other strategic institutions in the Islamic finance sector to support a comprehensive integration of trending technologies, and encouraging partnerships and collaboration with key players of the fintech ecosystem.
In response to Kateeb’s appointment, Dr. Abdelilah Belatik, Secretary General of CIBAFI said, “On behalf of the CIBAFI Secretariat, I would like to congratulate Mohammed Kateeb on his appointment as co-chair of CIBAFI’s newly established ITWG. CIBAFI is recognizing the crucial role of innovation to the continuing success of any organization, and we are enthusiastic to be working with this Group to conduct various activities and initiatives that will strengthen the adoption of financial technologies within our members’ network and beyond”.
Kateeb, a former Group Chairman & CEO at Path Solutions has just begun his new role as President, Middle East & Africa and Global Head of Islamic Banking at Azentio, following its acquisition of the multi-award winning Islamic banking software firm. An industry veteran, Kateeb will bring increased scale and combined expertise to help Azentio’s diverse client base put in place next-generation technology strategies that meet customer digital expectations and support business growth.
Commenting, Kateeb said, “I have been an active participant in CIBAFI’s strategic meetings for several years and I’m honored to have been selected to co-chair this important Group this year. The formation of the ITWG couldn’t have come at a better time, as the Islamic finance sector is trying to find its place and identify its role in the emerging ecosystem in the midst of Industry 4.0 revolution. It is critical that CIBAFI plays a key role in assisting and sometimes guiding the innovation of the Islamic banks in their struggle not to be driven to the irrelevance. I am excited to be a part of this important initiative and look forward to continue working together”.
The inaugural meeting which set the groundwork required to achieve the objectives of the ITWG witnessed presentations by Kateeb, Dr. Philipp Wackerbeck, and Suleiman Barada to the 23 members attending from 11 countries on the technological developments in the Islamic finance industry, the key challenges and opportunities that these developments present for Islamic financial institutions, and the strategies needed for mastering innovation to achieve sustainable growth.