Aligned with its role as an advocate of the Islamic Financial Services Industry (IFSI), the General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, announced that it has submitted to the Financial Stability Board (FSB), updates on the matter of “Correspondent Banking”.
In previous communications to the FSB, CIBAFI highlighted the decline in Correspondent Banking Relationships (CBR) experienced by Islamic financial institutions as revealed by the Global Islamic Bankers’ Survey (GIBS) 2019. This year, CIBAFI updated this information based on the 2020 survey, which reflects the views of over 100 CEOs from Islamic banks in 35 jurisdictions.
CIBAFI expressed its appreciation of the work that the FSB does to maintain sound practices of the Financial Services Industry.
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.
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