Abdullah Kamel From CIBAFI Emphasizes On Ethical Standards for Sustainable Finance

Abdullah Saleh Kamel, Chairman of the Board of Directors of the General Council for Islamic Banks and Financial Institutions (CIBAFI), emphasized the importance of ethical standards for building a sustainable financial system. Kamel spoke at a strategic meeting on the Islamic economy titled “Islamic banking ethics and the role of stakeholders in its application,” organized by CIBAFI, an affiliate of the Organization of Islamic Cooperation (OIC) in Jeddah.

Kamel highlighted that adherence to ethical standards by Islamic banks and financial institutions has been essential in establishing a sustainable financial system that equally serves the economy and society. He called for adopting sustainability practices in the work of Islamic banks and financial institutions. He urged industry leaders and decision-makers to actively instill a culture of professional ethics in the Islamic financial industry.

Prominent figures, including representatives from the Islamic financial industry, members of the boards of directors, and senior managers of Islamic banks and financial institutions from the OIC member countries, attended the meeting. During the discussion sessions, Islamic banking leaders emphasized the importance of promoting ethical standards in the industry and highlighted the impact of these principles and ethics on shaping the future of Islamic finance, contributing to the growth and development of the industry.

CIBAFI Secretary-General Dr. Abdul Ilah Balatiq welcomed the participants and underlined the need to promote professional ethics in the Islamic financial industry. He emphasized that CIBAFI organized this high-level dialogue platform to underscore the importance of commitment to ethics in financial transactions.
CIBAFI is an international non-profit organization founded in 2001 by the Islamic Development Bank (IsDB) and several leading Islamic financial institutions. With over 130 members from more than 30 jurisdictions worldwide, CIBAFI is recognized as a significant component in the international architecture of Islamic finance.

The strategic objectives of CIBAFI include advocacy of Islamic finance values and related policies and regulations, sustainability and innovation integration, industry research and analysis, and professional development. The organization aims to promote the development of the Islamic financial industry and strengthen its role as a significant player in the global financial system.

In conclusion, the meeting emphasized the need to promote professional ethics in the Islamic financial industry and the significance of ethical standards for building a sustainable financial system that equally serves the economy and society. It called for active participation from industry leaders and decision-makers to instill a culture of professional ethics in the Islamic financial industry and promote sustainability practices in the work of Islamic banks and financial institutions.