CIBAFI discuss key financial issues
Manama : Nearly 40 practitioners and academicians of Islamic finance discussed the importance of legal framework and its impact on further development of the Islamic Financial Services Industry (IFSI) development at a roundtable meeting of the General Council for Islamic Banks and Financial Institutions (CIBAFI).
The meeting, themed “Impact of the Legal Framework on Islamic Financial Services Industry (IFSI) Development” and hosted by Al Baraka Banking Group, saw presentation of research papers from 6 countries experiences, evaluating and understanding the Impact of the Legal Framework on IFSI development.
Specific country case studies were presented on experiences of Bahrain, Malaysia, Saudi Arabia, Sudan, Tunisia, and United Kingdom.
“CIBAFI Global Islamic Bankers Survey 2017 which represents view of 86 heads of Islamic banks in 29 countries revealed that the development of legal and regulatory infrastructures for Islamic finance industry needs to be accelerated in countries where Islamic Finance is in its early stages of development. For instance demand for Islamic finance in regions such as Sub-Saharan Africa and Central Asia is increasing and banks cited the lack of laws and regulations underpinning Islamic financial transactions as an important impediment to their future growth,” Abdelilah Belatik, Secretary General of CIBAFI said.
Adnan Yousif, President & Chief Executive Officer of Al Baraka Banking Group added: “Al Baraka Banking Group
has worked closely with CIBAFI in a carefully designed agenda to conduct productive discussions intended to tackle key issues faced by IFSI. ABG as one of pioneer Islamic banking groups is committed to fostering and developing the Islamic financial services industry taking into account international and cross border experiences, that could help us learn as we continue our strategic expansion beyond our existing and traditional markets.”
Related Posts