27th
November 2024, Jeddah, Saudi Arabia, Manama, Kingdom of Bahrain | The General Council for Islamic Banks and
Financial Institutions, the global umbrella of Islamic financial institutions,
has successfully organised a high-level Islamic Economy Strategic Meeting on
Sustainable Innovation in Islamic Finance: Achieving Maqasid Al-Shariah in
Product Development. The meeting was held in Jeddah, Kingdom of Saudi Arabia
and Online.
The meeting
brought together leaders from Islamic banks, financial institutions, Shariah
boards, and international organisations to explore ways to embed innovation and
sustainability into Shariah-compliant financial products. Attendees highlighted
the need for actionable strategies to create solutions that address societal
challenges while aligning with social, economic, and environmental goals. This
approach reinforces the role of Islamic financial institutions in driving the
Islamic economy forward, achieving Maqasid Al-Shariah, and enhancing their
growth and resilience in a rapidly evolving economic and technological
landscape.
CIBAFI
Secretary General, Dr Abdelilah Belatik, opened the meeting by welcoming
participants. In his remarks, Dr Belatik stated: "As a leading voice in
Islamic finance, CIBAFI recognizes that innovation and sustainability are
fundamental to our industry's growth. Islamic finance's inherent principles of
Maqasid Al-Shariah and emphasis on ethical practices position us uniquely to
advance sustainable financial solutions. Through this high-level platform, we
are bringing together industry leaders to develop practical solutions that
enhance both Shariah-compliant products and financial inclusion, while
upholding the core values of Islamic finance."
The opening
session featured a keynote speech by Mr. Abdelhameed Abou Moussa, First
Deputy Chairman of CIBAFI and Governor of Faisal Islamic bank of Egypt, who
emphasised: "The Islamic financial industry remains firmly grounded in its
fundamental principles that have guided Islamic finance through generations. As
industry leaders, we recognize the opportunities that innovation and
sustainability initiatives present in expanding our ability to serve society's
needs, while achieving Maqasid Al Shariah. Through this collaborative platform,
we are committed to developing financial solutions that uphold our core Shariah
principles while addressing contemporary challenges, including sustainable
development."
Additionally,
Dr. Mohamed Mustafa Shoaib, Director of Research, Studies,
Encyclopedias, Translation and Printing at the International Islamic Fiqh
Academy, delivered a special address during the opening session.
The meeting
featured two sessions. During the first session Prof. Dr. Ahcene Lahsasna,
Chief Executive Officer of Salihin Shariah Advisory in Malaysia, highlighted
the relationship between Maqasid Al-Shariah and sustainable financial
practices, focusing on integrating environmental, social, and governance (ESG)
factors in financial product design.
In the
second session, Dr Sami Al-Suwailem, Acting Director General of the
Islamic Development Bank Institute (IsDBI), Saudi Arabia, and Mr Iyad Asali,
General Manager of the Islamic International Arab Bank, Jordan, participated in
interactive discussions on sustainable product innovation. They bridged
theoretical concepts with practical applications and highlighted best practices
in Shariah-compliant product development.
The meeting
concluded with a dynamic interactive session, fostering insightful exchange of
knowledge among participants.
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