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.
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