CIBAFI COMMENTS TO THE Financial Stability board

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.

CIBAFI PDGCIBAFI's Report to the FSB on the Correspondent Banking Decline Affecting Islamic Banks

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