Bahrain’s Islamic Banking Experience Praised

The General Council for Islamic Banks and Financial Institutions (CIBAFI) hosted an incisive roundtable in Manama titled “Impact of the Legal Framework on Islamic Financial Services Industry (IFSI) Development”, in collaboration with Al Baraka Banking Group.

The high-powered meeting saw nearly 40 luminaries from the world of Islamic finance, including practitioners and academicians, converging to discuss the ramifications of the legal framework on the burgeoning Islamic Financial Services Industry (IFSI). The agenda encompassed an in-depth examination of case studies from various countries.

Participants presented research papers evaluating the impact of the legal framework on IFSI development across six nations – Bahrain, Malaysia, Saudi Arabia, Sudan, Tunisia, and the United Kingdom. These case studies served as an anchor to illuminate the experiences and challenges faced by these countries in implementing and nurturing Islamic financial services.

Abdelilah Belatik, Secretary-General of CIBAFI, underscored findings from the CIBAFI Global Islamic Bankers Survey 2017, which collated insights from 86 heads of Islamic banks across 29 countries. He emphasized the urgency of fortifying the legal and regulatory scaffolding for the Islamic finance industry, particularly in countries where it is nascent. He noted the rising demand for Islamic finance in regions like Sub-Saharan Africa and Central Asia, where the absence of robust laws and regulations underpinning Islamic financial transactions poses a significant hurdle to growth.

Al Baraka Banking Group’s President and CEO, Adnan Yousef, expressed his enthusiasm for hosting the roundtable. He outlined Al Baraka’s commitment as a trailblazer in Islamic banking to cultivate and evolve the Islamic financial services sector, leveraging international and cross-border experiences for strategic expansion beyond traditional markets.

The roundtable is in alignment with CIBAFI’s third strategic objective of augmenting awareness and fostering information sharing. By creating a platform for candid dialogue and focused discussions, CIBAFI is poised to amplify collaboration among industry stakeholders. The insights and recommendations gleaned from the meeting will be meticulously curated and communicated to pertinent authorities and stakeholders in the IFSI in a structured format.

As the Islamic Financial Services Industry continues its rapid global expansion, meetings like these serve as vital avenues for exchange, learning, and collaboration, ultimately contributing to the industry’s resilience and sustainable growth.