29th July 2024, Manama, Kingdom of Bahrain
| The General Council for Islamic Banks and Financial Institutions
(CIBAFI), the global umbrella of Islamic financial institutions successfully
held today a Webinar on “Islamic Social Financing: Assessing Islamic Banks’
Current Initiatives and Potential Impact”.
The webinar discussed the role of Islamic banks in social financing,
examining both the opportunities and challenges in Islamic social finance. It
also covered strategies for advancement and partnerships to further develop the
field.
The webinar served as a soft launch for the ninth edition of the
CIBAFI Global Islamic Bankers’ Survey (GIBS) 2024 Report, which focuses on the
role of Islamic banks in social financing. The webinar focused on the report’s
examination of the benefits and challenges of Islamic social finance. It
emphasized the crucial role of Islamic banks in advancing social causes and
aimed to provide a comprehensive resource for institutions navigating this
dynamic sector.
The webinar was inaugurated by welcoming remarks from Dr.
Abdelilah Belatik, Secretary General of CIBAFI. It also featured keynote speech
from Prof Emeritus Dato’ Dr. Mohd Azmi Omar, President and CEO, INCEIF,
Malaysia.
Commenting on the GIBS 2024 Report, Dr. Belatik said: "CIBAFI
is committed to addressing key industry trends and challenges. This year’s
report highlights the significant role Islamic banks play in promoting social
welfare and financial inclusion. It provides insights into how these banks can
drive positive societal impact amid economic and geopolitical challenges. We
hope this report will enhance understanding and inspire effective strategies
within the Islamic finance sector."
The session continued with a presentation by Mr. Rachid Ettaai,
Business Development Manager at CIBAFI, on the report's main findings. The
report reveals Islamic banks' involvement in social finance, focusing on
microfinance, along with the potential growth in Zakat funding and Islamic
crowdfunding. It also addresses challenges like lack of awareness and
regulatory issues and underscores the need for digital innovation and strategic
partnerships to boost sustainability and inclusivity.
The webinar featured discussions from industry experts, including Mr.
Nabil Kesraoui, Founder & CEO of FinDev Advisory, Tunisia; Mr. Muhd
Fikri Naim Bin Harun, General Manager of Lembaga Zakat Selangor (MAIS),
Malaysia; Dr. Abozer Mohamed, Senior Islamic Finance Specialist at the
Islamic Development Bank Institute, Saudi Arabia; and Mr. Osama Bishari,
Head of Microfinance at Assaray Trade & Investment Bank, Libya.
CIBAFI extends its gratitude to its partners, Albaraka Türk Katılım
Bankası A.Ş. "Knowledge Partner" and DDCAP "Supporting
Partner", for their support in the launch of the GIBS 2024 Report.