• 19 May

    CIBAFI Organised its InFocus Session today in Kazan, Tatarstan

     CIBAFI Organised its InFocus Session today in Kazan, Tatarstan


    19th May 2017, Manama, Kingdom Bahrain, Kazan, Tatarstan | General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions organised today its exclusive InFocus Session: Prospects for Islamic Finance in the CIS Region: Focus on SME, Takaful and Sukuk, during KazanSummit 2017 which is organised by Tatarstan Investment Development Agency (TIDA).

    The aim of the session was to discuss emerging opportunities, prospects and challenges that IFI’s will need to tackle in the Commonwealth of Independent States (CIS countries) and promote the growth of the overall CIS Islamic finance industry.

    A panel of distinguished Islamic finance industry stakeholders comprising of Mr. Abdelilah Belatik, Secretary General of CIBAFI, Dr. Hamed Merah, Secretary General of Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI), Prof. Ahcene Lahsasna, Deputy Director of the Research Management Center, INCEIF, and Mr. Alibek Nurbekov, Head of Islamic finance department, Astana International Financial Center discussed emerging opportunities, prospects and challenges that IFI’s have in the region.

    Speaking about the InFocus Session, Mr. Abdelilah Belatik commented: “CIBAFI is pleased to hold its InFocus Session in Tatarstan to discuss key topics of Islamic finance relevant to the CIS region. The region has needs as well as untapped opportunities. Islamic finance can certainly contribute in various areas to promote economic development as well as open new expansion opportunities for Islamic financial institutions.  This InFocus Session is designed to open a dialogue with the local authorities and showcase the opportunities offered by Islamic finance to promote economic growth in the CIS region”.

    The session shed the light on several topics concerning the prospects of Islamic finance in the CIS region. It discussed strategies to help develop the Shariah compliant SME market in the CIS region, and programmes to incorporate them into the broad economic policies of CIS member countries.  It also highlighted strategies to cope with the increasing demand for Islamic finance projects and financial services. Another key discussion of the session was promoting industrial growth and infrastructure financing through Sukuk as an alternative source of finance.

    The Session discussed as well, mobilizing savings and accelerating capital formation by providing multiple avenues to institutional and retail investors both inside and outside the region. Identifying approaches to increase Takaful penetration in the region was also discussed.

    The Session provided insights on evaluating Islamic finance as a catalyst to facilitate cross-border trade between CIS and other OIC member states.

    The Session has resulted in a fruitful and dynamic discussion between CIBAFI and renowned Islamic finance industry stakeholders in Tatarstan and the CIS region as whole. CIBAFI is committed to continuing its initiatives under its 3rd Strategic Objective: Awareness and Information Sharing, aiming to promote growth in the Islamic Financial Industry globally.

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