15th February 2021, Manama, Kingdom of Bahrain | The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, has signed Technical Assistance agreements with the Islamic Development Bank (IsDB) to enhance CIBAFI’s role in promoting sustainability and advocating Islamic finance.
The agreements will support in the development of the global Islamic finance industry through the organisation of Islamic finance capacity building activities, development of Islamic finance industry policy recommendations, and publications on various topics like sustainability, Islamic banking preparedness to pandemics, blockchain momentum, and Shariah-compliant products development.
IsDB, a permanent member of the Board of Directors and founder of CIBAFI, has been providing Technical Assistance grants to support CIBAFI in commencing projects that aim to address the contemporary economic, financial, environmental and technological challenges and needs of the global Islamic finance industry. The Islamic Research and Training Institute (IRTI) of the IsDB Group will technically support and facilitate the implementation of the agreements.
On this occasion, CIBAFI has extended appreciation to the IsDB for its continuous support to the Council’s activities and initiatives.
The initiated projects are aligned with CIBAFI’s second and third strategic objectives of ‘Research and Innovation’ and ‘Training and Professional Empowerment’.
CIBAFI continues to support the Islamic financial services industry through various activities and initiatives, including providing industry stakeholders with a platform to discuss emerging issues, representing the industry at major global financial events, and sharing knowledge through specialised publications and comprehensive training programmes.
To cater to the interests of members and stakeholders in various jurisdictions, CIBAFI with the IsDB support will translate the existing training materials available in Arabic language to English, French, Russian and Turkish languages.