CIBAFI COMMENTS TO THE Financial Stability board

Aligned with its role as advocate of the Islamic Financial Services Industry (IFSI), 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 Correspondent Banking Relationships (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.

CIBAFI PDGCIBAFI's Report to the FSB, April 2019

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