The Islamic finance industry is undergoing rapid digital transformation. From online banking and mobile Islamic finance apps to blockchain-based sukuk platforms and AI-driven Shari’ah compliance tools, Islamic financial institutions (IFIs) are more connected than ever before.
However, with digital innovation comes heightened exposure to cybersecurity threats—data breaches, financial fraud, ransomware attacks, identity theft, and even manipulation of smart contracts.
For Islamic finance, cybersecurity is not just a technical concern—it is a Shari’ah imperative.
Protecting customers’ trust (amanah), preventing financial harm (darar), and ensuring transparency (kashf) are central to the ethical and legal foundations of Islamic financial governance.
Recognizing this urgent need, IBS with its international partners is launching a 3-Day Specialized Workshop to build cybersecurity awareness, capabilities, and strategies tailored to Islamic financial institutions.
• Raise awareness about the cybersecurity risks facing Islamic financial institutions.
• Equip stakeholders with best practices for cyber risk management, incident response, and regulatory compliance.
• Explore Shari’ah perspectives on data protection, customer privacy, and ethical tech governance.
• Develop a cybersecurity roadmap for Jordan’s Islamic finance market.
1: Understanding Cybersecurity Risks in Islamic Finance
o Introduction to Cyber risks and cyber security
o Cyber Threat Landscape: Global Trends and Middle East Focus
o Anatomy of Cyber Attacks: From Phishing to Ransomware and others
:
o Case Studies of Cyber Incidents in the Financial Sector
o Impact on Trust, Compliance, and Reputation
• Group assignment:
o "Are Islamic Banks Ready for the Next Cyber Attack?"
2: Islamic Ethics, Legal Frameworks, and Best Practices
o Data Protection and Privacy in Islamic Law: A Shari’ah Perspective
o Ethical Dimensions of Cybersecurity in Islamic Finance
o Regulatory Expectations:
Cybersecurity guidelines for Islamic financial institutions
Aligning with AAOIFI, IFSB, and local laws
o Cyber Risk Management Essentials:
Building a Cyber-Resilient Islamic Financial Institution
3: Practical Tools, Simulations, and Policy Roadmap
• Cybersecurity mental Simulation Exercise:
o Participants engage in a live tabletop simulation of a cyberattack scenario against an Islamic bank
o Teams must respond, manage, and recover
o Incident Response Planning:
How to detect, contain, and recover from breaches
• Workshop Breakout Groups:
o Drafting a Cybersecurity Policy Checklist for Islamic Financial Institutions
• Islamic bank staff, executives and IT staff and managers
• Risk management staff
• Takaful operators and Islamic asset managers
• Shari’ah board members and compliance officers
• Regulators, supervisors, and policy makers
• Fintech developers and technology service providers