27th July 2025, Manama, Kingdom of Bahrain | In a significant move to foster innovation and sustainability in the Islamic financial services industry, the General Council for Islamic Banks and Financial Institutions (CIBAFI) and the Bahrain Institute of Banking and Finance (BIBF) have signed a Memorandum of Understanding (MoU) to enhance cooperation and advance joint strategic initiatives. The agreement underscores both institutions’ commitment to embracing modern tools and frameworks such as artificial intelligence (AI), data analytics, and sustainability as key drivers of growth, resilience, and transformation within the sector.
Through this strategic alliance, CIBAFI and the BIBF aim to address the evolving needs of the Islamic finance industry by embracing emerging technologies and advancing digital innovation. Their collaboration will support institutional transformation and human capital development through the delivery of specialised conferences, training programmes, and research initiatives in Bahrain and internationally.
The MoU was signed by Dr. Abdelilah Belatik, Secretary General of CIBAFI, and Dr. Ahmed Al Shaikh, Chief Executive Officer of the BIBF, during a formal ceremony held at the BIBF’s headquarters in Manama, Kingdom of Bahrain.
Dr. Abdelilah Belatik stated: “This MoU supports CIBAFI’s strategic objective of fostering impactful collaboration and advancing the Islamic finance industry. In today’s dynamic landscape, innovation and sustainability are essential for long-term relevance and resilience. We are pleased to partner with the BIBF, a leading provider of professional education in the Kingdom of Bahrain and outside, to exchange expertise and co-develop forward-looking programmes.”
Dr. Ahmed Al Shaikh added: “We are pleased to sign this partnership between the BIBF and CIBAFI, which brings together two leading institutions committed to shaping the future of Islamic finance. By combining our academic and training capabilities with CIBAFI’s global industry perspective, we will strengthen the sector’s digital resilience, promote sustainability, and accelerate the integration of next-generation technologies across Islamic financial institutions.
This strategic partnership highlights the shared commitment of both institutions to advancing the long-term sustainability and global relevance of Islamic finance through initiatives that champion technological innovation, academic excellence, and thought leadership.
About CIBAFI:
CIBAFI is an international non-profit organisation founded in 2001 by the Islamic Development Bank (IsDB) and a number of leading Islamic financial institutions. CIBAFI is affiliated with the
Organisation of Islamic Cooperation (OIC). With more than 140 members from over 30 jurisdictions all around the world, CIBAFI is recognised as a key piece in the international architecture of Islamic finance.
In its mission to support the Islamic financial services industry growth by providing specific activities and initiatives that leverage current opportunities while preserving the value proposition of Islamic finance, CIBAFI is guided by its Strategic Objectives, which are, 1) Advocacy of Islamic Finance Values and Related Policies & Regulations; 2) Sustainability and Innovation Integration; 3) Industry Research and Analysis; and 4) Professional Development.
CIBAFI office is located at Deema tower, 7th Floor, Office 71, Building 657, Road 2811, Block 428, Manama, Kingdom of Bahrain.
For more information on CIBAFI, please contact:
CIBAFI Secretariat at Phone: +973 17357300, email: media@cibafi.org
About BIBF:
BIBF plays a vital role in the training and development of human capital in the Kingdom of Bahrain. Our commitment to excellence has strengthened our position as the top provider of quality education across all major business disciplines.
We serve as a partner to numerous world-class institutions; delivering thought leadership, research and advisory, assessment and training in the areas of Accounting and Finance, Academic Studies, Executive Development, Banking, Leadership and Management, Insurance, Islamic Finance and Information Technology; resulting in a complete business solution.
BIBF covers a wide spectrum of subject matter, with over 400 different courses offered to the financial and corporate market; tailor-made training solutions based on organisational requirements; specialised programmes taught by leading market specialists; and professional qualifications and degree programmes in partnership with major international organisations.
BIBF continues to exceed global benchmarks for many of the qualifications it offers with its affiliates.
Since its inception in 1981, BIBF has grown from training 450 applicants a year primarily within the banking industry, to 16,000 drawing participants from all sectors of the economy, and are proud to have qualified over 200,000 learners in the last 3 decades.
Our faculty comprise of market practitioners, academics and qualified senior industry professionals. Their diverse backgrounds ensure an enriched participant experience, striking the perfect balance between theory and practice.
BIBF has made its mark internationally with clients in Asia, Africa, Europe, USA and the Middle East, well on its way to becoming the global institute of choice.