Aligned with its role as advocate of the Islamic Financial Services Industry (IFSI), the General Council for Islamic Banks and Financial Institutions (CIBAFI) submitted updates to the Financial Stability Board (FSB) on the matter of “Correspondent Banking”.
Within the communication to the FSB, CIBAFI highlighted the decline in CBR as a result of ‘de-risking’ within Islamic banks over the last five years as well as the effect of this decline on the products and services of Islamic banks. The data presented compared between last year’s and this year’s results allowing a comprehensive overview of the progress experienced in this regard as well as highlighting how far this agenda is a pressing issue in the Islamic banking industry.
CIBAFI expressed its appreciation of the work that the FSB does to maintain sound practices of the Financial Services Industry.
Aligned with our role as advocate of the Islamic Financial Services Industry (IFSI), we are pleased to share with you that we have raised our members concern in a formal letter to the Financial Stability Board, which coordinates financial regulation for the Group of 20 countries (G20) pertaining to the “Correspondent Banking” matter.
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