Bahrain to host CIBAFI global forum in May

Monday 28 Mar 2016 - 19:42 Makkah mean time-19-6-1437

Bahrain's central bank. Image from gulfstatebusiness

Manama, (IINA) - The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions under the patronage of the Central Bank of Bahrain (CBB), will bring together top industry experts and professionals at the inaugural CIBAFI global forum from 3 to 4 May in Bahrain, Bahrain News Agency (BNA) reported.
The Forum’s speaker-panels constituting renowned experts will provide crucial insights to support the Islamic finance industry’s organic growth, covering various current and future perspectives of the global macroeconomic conditions that have significant influence over the future course of the industry.
The heightened awareness of Environmental, Social And Governance (ESG) in current business scenario and its commonalities with the precepts of Islamic finance need to be recognized. The Forum aims to explore strategies to achieve materiality of social responsibility business practices on financial performance, through optimizing these ESG factors, and examine their development impacts on Islamic financial institutions (IFIs).
The Forum will also identify current opportunities available to the industry to support ‘good growth’ and to counter challenges through business innovation, through FinTech solutions and structured finance, among others, to promote larger socio-economic development.
The Governor of the Central Bank of Bahrain, Rasheed Al Maraj, while commenting on the proposed Global Forum, pointed out that, "Islamic finance has played a vital role in bringing diversity in today’s financial markets and achieve social and economic growth, the CBB acknowledges its contribution, and is supportive of this cause and wish CIBAFI success for the Forum".
Reacting on the forum agenda, Sheikh Saleh Kamel, CIBAFI Chairman said: "This forum is well-thought out in terms of delivering insights for creating long-term value and performance in the industry, and to unlock the potential of Islamic finance in today’s business environment. The Forum is an important step towards reiterating the value-based system that forms the core of Islamic finance."
Commenting on the preparations of the Forum, the Secretary General of CIBAFI, Abdelilah Belatik said: "The forum will be a unique gathering of top professionals, both from Islamic financial industry and some of the allied industries that have considerable impact on the progress of the Shariah compliant finance. This is a distinct opportunity that the two-day forum will present to the participants in bringing to light some of the value based aspects of Islamic finance together with exploring innovative approaches towards garnering sustainable growth".
This Global Forum is organized as part of CIBAFI’s 3rd Strategic Objective of Awareness & Information Sharing, which aims to spread awareness and promote information sharing among its members and other stakeholders for the development of the Islamic finance industry.
SM/IINA

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