The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions launched this morning a Roundtable Meeting themed: “Impact of the Legal Framework on Islamic Financial Services Industry (IFSI) Development”, which is kindly hosted by Al Baraka Banking Group, in Manama, Kingdom of Bahrain.
Delegates were welcomed by opening remarks of Mr. Adnan Yousif, President & Chief Executive Officer of Al Baraka Banking Group, as well as Mr. Abdelilah Belatik, Secretary General of CIBAFI.
The Roundtable Meeting gathered nearly 40 practitioners and academics of Islamic finance, to discuss the importance of legal framework and its impact on further development of the Islamic Financial Services Industry (IFSI) development and look into country case studies.
The Meeting saw presentation of research papers from 6 countries experiences, evaluating and understanding the Impact of the Legal Framework on Islamic Financial Services Industry (IFSI) Development. Specific country case studies were presented on experiences of Bahrain, Malaysia, Saudi Arabia, Sudan, Tunisia, and United Kingdom.
Commenting and the Roundtable Meeting, Mr. Abdelilah Belatik, Secretary General of CIBAFI said: "CIBAFI Global Islamic Bankers Survey 2016 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”.
Mr. Adnan Yousif, President & Chief Executive Officer, of Al Baraka Banking Group added: “Al Baraka Banking Group is pleased to host this Roundtable meeting, and has worked closely with CIBAFI in a carefully designed agenda to conduct productive discussions intended to tackle key issues faced by Islamic Financial Services Industry (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”.
This Roundtable meeting is in line with CIBAFI’s third strategic objective on increasing Awareness and Information Sharing through collaborations with industry stakeholders and among CIBAFI members, by creating a platform for face-to-face dialogue and closed door discussions. The results and recommendations of the meeting will be formally conveyed to relevant authorities and stakeholders of the IFSI in due time.