– 29th 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
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.