To support the IFSI by providing specific activities and initiatives, aiming to strengthening the growth of IFSI, deepening Shariah Objectives in financial dealings and transactions, and facilitate cooperation between members and institutions of common interest.
CIBAFI establishes a set of ethical values that apply to all CIBAFI’s activities and initiatives and every member of CIBAFI, which are:
Excelling in all the activities and initiatives we undertake to achieve ethical financial transactions.
Being transparent towards our stakeholders in general, our members in particular and towards ourselves in our activities and initiatives.
Being accountable for the activities and initiatives that we undertake.
Being committed to achieve measurable results in the interest of the Islamic financial service industry and the development of the real economy.
Based on CIBAFI BOD’s guidance and the consultation process with Members for the assessment of their needs and expectations, the Secretariat has identified the following strategic goals that reflect its strategic direction:
Strategic Goal 1
Spreading the concepts of Islamic finance through the realization and deepening of the foundations of Shariah Objectives and promoting them internationally.
Strategic Goal 2
Coordinating between members and other institutions that support Islamic finance, such as the IDB, the AAOIFI and the Islamic Fiqh Academy, with a view to sharing best practices and strengthening fatwas ruling in financial transactions.
Strategic Goal 3
Fostering economic growth and development by focusing on the value proposition of Islamic finance.
Strategic Goal 4
Equipping Board members, executive managers, and stakeholders with the understanding of sound Islamic financial practices, and training employees working in operations management, customer service and other departments.
STRATEGIC OBJECTIVE 1 : Advocacy of Islamic Finance Values and related Policies & Regulations
For the achievement of ethical principles within banking transactions, CIBAFI seeks to support practices that are cognizant of the real economy and Shariah Objectives with its member institutions and various stakeholders. In an increasingly complex regulatory environment, new regulations are being developed and proposed in the financial sector which affect both Islamic and conventional financial institutions. Hence, CIBAFI is keen to voice the concerns of the IFSI to international organisations, regulatory authorities and various stakeholders.
In order to support the value proposition of Islamic finance and ensure that the needs of the industry are taken into account in the development of regulatory regimes, it is very important for CIBAFI to engage with these parties to conduct constructive and proactive dialogues that highlight the challenges facing the industry and the different implications of the regulatory requirements on IFIs’ business operations.
CIBAFI Strategic Plan 2019 - 2022
STRATEGIC OBJECTIVE 2 - RESEARCH AND INNOVATION
Islamic finance market-related research has an important role to play in providing guidance and shaping the way forward for the financial sector. Research is a crucial element of progress, which is a necessity at the current stage of the IFSI development. Therefore, CIBAFI seeks to promote exceptional practices and innovation in the industry through its publications and periodical reports that highlight opportunities in the industry and means to achieve sustainable development by following Shariah Objectives within Islamic finance practices.
Strategic Objective 3: Training and Professional Empowerment
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