• 05 Dec

    PRESS RELEASE: 5th December 2017, Manama, Kingdom of Bahrain

    CIBAFI & The World Bank launched their first joint publication today titled “Corporate Governance Practices in Islamic Banks 2017”.

     

    5th December 2017, Manama, Kingdom of Bahrain | The General Council for Islamic Banks and Financial Institutions (CIBAFI) and The World Bank have launched today their first joint publication titled “Corporate Governance Practices in Islamic Banks 2017” in Manama, Kingdom of Bahrain during the 5th meeting of the Members Consultative Group (MCG).

     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. 

    In March 2016, CIBAFI published a Briefing Note on Corporate Governance that drew attention to important developments in the field in recent years, and the need to update standards on corporate governance for Islamic banks to take account of those developments. 

    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.

     

    Mr Abdelilah Belatik, Secretary General of CIBAFI commenting during the launch of the report said: “CIBAFI and The World Bank agreed that there was a need for a robust analysis of current corporate governance practices within the Islamic banking industry. Such analysis would serve as the basis for further work in the field of corporate governance by generating policy recommendations that would then prompt practical steps to strengthen areas of governance that are currently weak.”

    Commenting on the launch of the publication, Mr Abayomi A. Alawode, Head of Islamic Finance, Finance & Markets, The World Bank said: “We at The World Bank hope that this report will be read widely within the Islamic financial industry, by individual institutions seeking to improve their governance practices and by regulators who are looking to strengthen the financial systems that they oversee. But we also hope that it will be read widely outside the Islamic financial industry.  The report will serve as a benchmark for future work, enabling the industry to track its progress, particularly in the areas that have been identified as those most in need of improvement.”

    CIBAFI – The World Bank Corporate Governance Practices in Islamic Banks 2017 publication will be available for download at www.cibafi.org & www.worldbank.org from 18th  December 2017, in both English & Arabic languages.

     

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