The 15th summit of the Islamic Financial Services Board (IFSB), organized by the Saudi Central Bank on November 9-11 in Jeddah, discussed financial technologies and means to develop the Islamic financial services market with the participation of several experts in financial institutions. The session was held under the theme “Financial Technologies and Islamic Financial Services: Market Developments and Effective Organizational Approaches” and was moderated by President and CEO of the Malaysia-based International Center for Education in Islamic Finance Dr. Mohammed Azmi Omar. Speakers included Executive Director of International Shariah Research Academy and Securities Commission in Malaysia Sharifatul Hanizah, Chairman of Financial Services Authority (Otoritas Jasa Keuangan) in Indonesia Wimboh Santoso, CEO and Secretary of the Board of Directors of the International Islamic Financial Market Ijlal El-Alawi, and CEO of Marble Capital Ltd Akeem Shina Oyewale. Dr. Mohammad Azmi said: “The volume of financial transformations for Islamic financial services in 2020 was estimated at $400 billion, which means that the financial technology contributes to a very big share. Despite that, it still represents a low percentage of only 0.7% from the international financial technology, and is expected to grow by more than $100 billion in 2025. Consequently, the Islamic financial technology will have a big market share.” He noted that the Kingdom of Saudi Arabia, the UAE, Malaysia and Indonesia have the biggest share of this market, in addition to having some countries that enjoy a proper environment, pointing out that there are nine categories of the financial technology in the Islamic world, which are: alternative finance, market, capital, digital assets, payment, donation support, purposes, asset administration, takaful, finance, Zakat and Awqaf (endowments).