28^th – 29^th March 2023, Manama, Kingdom of Bahrain | The General Council for Islamic Banks and Financial Institutions, the global umbrella of Islamic financial institutions, has successfully organized an online Technical Workshop on “Legal Aspects in Islamic Finance". The workshop will run for two days from today.

Islamic finance is a fast-growing global industry focusing on Shariah principles. To ensure compliance with these principles and mitigate legal risks, it is essential to have a firm understanding on the legal aspects of Islamic finance.

For this purpose, CIBAFI organised a workshop that offers a comprehensive review of the principles, governance, standards and regulations of Islamic finance from a legal perspective. 

The workshop was attended by senior representatives of Islamic banks and financial institutions as well as Regulatory and Supervisory Authorities (RSAs). It featured presentations, case studies and interactive discussions that delved into the legal aspects of Islamic finance. The topics included the industry’s development and future prospects, basis and areas of Islamic finance, legal framework and challenges facing the industry. The workshop also provided insights into licensing of Islamic banks, Sharia supervisory boards, arbitration and dispute resolution, as well as standard laws and regulations.

By the end of the workshop, participants will be able to apply their knowledge to analyse and address legal challenges in the industry, ultimately contributing to its growth and development.

Ms. Zainab Al Owainaty, Director of Administration and Finance welcomed the participants and emphasized on the importance of CIBAFI’s role in advancing the growth and development of the industry through initiatives focused on knowledge-sharing and capacity building. These initiatives are designed to enhance the skills and knowledge of CIBAFI’s members and stakeholders, thereby contributing value to the industry.

The workshop is facilitated by Dr. AbdelGadir Warsama Ghalib, Founder & Principal Legal Counsel, Abdelgadir Warsama Legal Consultancy, Bahrain. Industry experts and leaders that shared their practical knowledge and expertise as guest speakers, included: Dr. Umar Oseni, Chief Executive Officer, International Islamic Liquidity Management Corporation (IILM), Malaysia; Dr. Rami Sulaiman Abudaqqa, Secretary General, International Islamic Centre for Reconciliation and Arbitration (IICRA), United Arab Emirates; Mr. Mohamed Ali Ghanem, Senior Manager - Legislation, Regulation & Policy, Central Bank of the U.A.E.; and Mr. M. Delwar Hossain, Partner, Baker & McKenzie Limited, Bahrain.

The Technical Workshop is aligned with the CIBAFI strategic objective on Professional Development, which endeavours to enhance capacity building within the Islamic financial services industry (IFSI). These programmes are practical in nature, and they are targeted to the staff of Islamic banks and financial institutions, regulators, and practitioners. In addition, they aim to engage participants in the discussion on the current environment of the Islamic banking industry.