20th – 21st
February 2024, Baghdad, Iraq, Manama, Kingdom of Bahrain |
The General Council for Islamic Banks and Financial Institutions
(CIBAFI), the global umbrella of Islamic financial institutions, organised
successfully a Technical Workshop on Governance and Compliance for Islamic
Financial Institutions (IFIs). The Central Bank of Iraq hosted this workshop in
Baghdad.
This
workshop is designed to cater to professionals at all levels within Islamic
banks, financial institutions, and Regulatory and Supervisory Authorities
(RSAs). With a specific focus on Islamic Banking, the workshop addressed
post-crisis developments, supervision methodologies, Shariah compliance
intricacies, and risk management practices in a dynamic 2-day format. The
interactive workshop combined theoretical frameworks with practical
applications. This initiative underscores CIBAFI's dedication to enhancing
governance and compliance standards within Iraq's Islamic finance sector.
Dr.
Abdelilah Belatik, Secretary General of CIBAFI, inaugurated the workshop, expressing: "This
workshop is an initiative that marks the shared commitment of CIBAFI and the
Central Bank of Iraq to advancing governance and compliance principles in the
Islamic finance industry. We are pleased to have initiated CIBAFI's series of
workshops for the year 2024 in Iraq and look forward to fostering further
collaboration for the advancement of Islamic finance in the region."
Dr. Ammar
Hamad Khalaf, the Deputy Governor, the Central Bank of Iraq commented: "The
success of this workshop underscores the growing significance of Islamic
finance in Iraq. We are pleased to have played a pivotal role in hosting this workshop
and are committed to strengthening our collaboration with CIBAFI to promote
best practices in governance and compliance within our financial
institutions."
The workshop
is facilitated by Dr. Mohamed Albltagi, Chairman of the Board, the Egyptian
Islamic Finance Association, Egypt. Industry experience and practical knowledge
were shared by distinguished experts and leaders, including Mr. Nidal
Barghouthi, General Manager, Safa Bank, Palestine; Prof. Sadiq Rashid
Al-Shammari, Chairman, Nasik Islamic Bank, Iraq; and Dr. AbdelGadir
Warsama Ghalib, Founder & Principal Legal Counsel, Abdelgadir Warsama
Legal Consultancy, Bahrain.
Before the
start of the technical workshop, CIBAFI organised a Strategic Session for
members and stakeholders in Iraq, inaugurated by Dr. Abdelilah Belatik, Secretary
General of CIBAFI; Dr. Ammar Hamad Khalaf, the Deputy Governor, the
Central Bank of Iraq; and Mr. Samir Al Nusairi, Consultant, Iraqi
Private Banks League . Dr. Belatik provided an update on CIBAFI's activities, followed
by a rich discussion between CIBAFI members and industry stakeholders in Iraq.
This session further solidified the collaborative efforts towards advancing
Islamic finance principles in the region.