We are pleased to present to you CIBAFI and The World Bank first joint publication titled “Corporate Governance Practices in Islamic Banks 2017”.
CIBAFI and The World Bank have been working closely together to develop the Islamic finance industry under a Memorandum of Understanding (MoU) signed in July 2015.
The study underlying this first joint report breaks new ground in the field of corporate governance for Islamic banks. Its methodology is academically rigorous. Its findings and conclusions are easily accessible, and they have clear implications for the day-to-day governance of Islamic banks.
It is well established that good corporate governance strengthens institutions and financial sectors, and in so doing contributes to building strong economies and economic growth.
Deficiencies in corporate governance were among the factors that contributed to the global financial crisis (GFC) of 2007–2008. As a result, global standard setters such as the Basel Committee on Banking Supervision (BCBS) and the Organisation for Economic Co-operation and Development (OECD) have been updating and strengthening their guidelines on good governance practices.
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