IslamicFinance.de

The Islamic Research and Training Institute (IRTI) and the General Council for Islamic Banks and Financial Institutions (CIBAFI) have signed a deal for a joint project to establish the first-of-its kind Islamic financial industry data repository. The online repository, to be named the ‘Islamic Financial Industry Intelligence (IFII)’, is aimed to be a one-stop shop for comprehensive and reliable Islamic financial and non-financial data and information. IFII would comprise several integrated databases covering all the components of the Islamic finance industry—including banking, insurance, and social finance.

The General Council for Islamic Banks and Financial Institutions (CIBAFI) tackles the profound structural problems in the Islamic Micro and Small and Medium Sized Enterprises (MSME) finance industry. The recent CIBAFI Global Islamic Bankers Survey from 83 Heads of Islamic banks in 35 countries revealed that MSME finance serves as the second key driver of sustainable growth of Islamic banks. Nonetheless, expanding this business line depends on the development of external factors of this market segment, as well as on how Islamic financial institutions can enhance their technical infrastructures in serving MSMEs. CIBAFI has therefore started the initiative to organize a series of Roundtable Meetings on the topic.

Markets across Africa now offer a world of exciting growth opportunities, with experts projecting that 7 out of the 10 fastest growing economies in the world will be in Africa. Djibouti is rapidly becoming an important hub for Islamic finance in Africa, with strong support coming from the President.
The Central Bank of Djibouti is leading the way in terms of driving the practical legal and regulatory framework. Djibouti's strong commitment to Islamic finance is further cemented by its drive to connect with memberships in important international industry organizations, such as the Islamic Financial Services Board and the General Council for Islamic Banks and Financial Institutions.

The General Council for Islamic Banks and Financial Institutions and the Association of the Mediterranean Chambers of Commerce and Industry (ASCAME) and the Chamber of Commerce of Barcelona are co-organising the 3rd Mediterranean Islamic Finance Forum, themed “Building Bridges” on the 27th of November 2015, at Casa Llotja de Mar in Barcelona, Spain. This 3rd Edition will play a key role in building bridges for capital flows between Europe, the Middle East and beyond. It will bring together business leaders, policy makers and regulators to discuss challenges and opportunities for the Mediterranean region to tap into Islamic finance as a key source for Infrastructure projects and Small and Medium Enterprises (SME) financing.

The General Council for Islamic Banks and Financial Institutions (CIBAFI) and the World Bank are pleased to announce their joint international conference on "Corporate Governance for Islamic Financial Institutions: Lessons from Recent Global Developments", which is due to take place in Amman, Jordan on 15th and 16th September 2015. The one and half day conference aims to bring together various stakeholders from the private sector, multilateral development institutions, international and national regulatory bodies, policy-makers, and academia to discuss the issue of corporate governance in the Islamic financial services industry (IFSI).

The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, and the World Bank have signed a memorandum of understanding (MoU). The MoU will help foster the development of Islamic finance globally and expand its use as an effective tool for financing development worldwide, including in non-Muslim countries. The MoU serves as the foundation for future cooperation in the areas of knowledge generation and dissemination; distilling and sharing lessons of experience; encouraging research and promoting awareness; and enhancing capacity in the Islamic financial services industry.

Bahrain-based General Council for Islamic Banks and Financial Institutions (CIBAFI) and the Islamic Development Bank (IDB) are planning a joint meeting in Bahrain next month aimed at discussing issues of internationalisation of Islamic financial services. The roundtable meeting of the directors of operations and investment of Islamic banks, themed 'Internationalisation Strategies of Islamic Financial Institutions', will be held on February 23 and 24. Through the meeting, the council expects to increase awareness and information sharing about the CIBAFI Strategic Plan 2015-2018.

The General Council for Islamic Banks and Financial Institutions (CIBAFI) held an In-focus session on Basel III and Islamic banks during the 21st World Islamic Banking Conference (WIBC) in Bahrain. The three prominent Islamic banks, Islamic International Arab Bank, Al Baraka Banking Group, and Bank of Khartoum, showed that they currently have sufficient levels of capital, far beyond what is required under Basel III. Al Baraka Banking Group's recent issuance of Tier-1 Basel III-compliant Sukuk in Pakistan reflects the Group's desire to adapt positively to the dynamic nature of regulatory regimes in the years ahead rather than any shortage of capital.

"The Oman Islamic Finance 2014: Building on a Strong Start" is written and produced by Thomson Reuters, Islamic Research and Training Institute (IRTI), and the General Council for Islamic Banks and Financial Institutions (CIBAFI). The report provides substantive due diligence on the opportunities for Islamic financial services in Oman.

"The Morocco Islamic Finance 2014: Unlocking The kingdom's Potential" is written and produced by Thomson Reuters, Islamic Research and Training Institute (IRTI), and the General Council for Islamic Banks and Financial Institutions (CIBAFI). The report provides substantive due diligence on the opportunities for Islamic financial services in Morocco. There are a lot of expectations of Islamic finance in the Kingdom of Morocco, and the Morocco report breaks these down and presents a forward-looking analysis of potential Islamic banking assets and investment opportunities. The national retail consumer survey indicates Moroccan Islamic banking assets could potentially reach up to 5% of total banking assets by 2018.

Thomson Reuters released a country report on Islamic Finance in Morocco in collaboration with the Islamic Research and Training Institute (IRTI) and the General Council for Islamic Banks and Financial Institutions (CIBAFI). Based on exclusive retail consumer and corporate surveys, the report estimates that Islamic banking assets could potentially reach US$8.6 billion by 2018, with a profit pool of between US$67 million and US$112 million for Islamic finance providers. The national retail consumer survey indicates Moroccan Islamic banking assets could potentially reach up to 5% of total banking assets by 2018. However, Moroccans know very little about Islamic financial products, the report adds. Islamic banking and Takaful laws are expected to be passed by the Moroccan parliament this year.

The General Council for Islamic Banks and Financial Institutions (CIBAFI), a non-profit organisation, has traditionally focused on neighbouring countries, which form a core market for the industry. The Bahrain-based association now plans to expand beyond the Gulf, so that it can shape rules and practices in new markets as they grow. Addressing the lack of well-trained professionals in Islamic finance, CIBAFI plans to expand its training and certification programmes. The body also plans to hold forums in new markets for Islamic finance, including events in Morocco and Libya later this year. One of CIBAFI's key messages is that Islamic windows need to operate under clear rules to improve the perceptions of consumers. CIBAFI has 114 member institutions, including Egypt's Faisal Islamic Bank, Kuwait Finance House and Bahrain-based Al Baraka Banking Group.

Thomson Reuters will be discussing Oman's leading position as a preferred investment destination for Sukuk during an upcoming forum set to take place on February 24, 2013. It will be investigated what needs to be done to facilitate the country's entry to global Islamic financial markets by Thomson Reuters with support from the General Council for Islamic Banks and Financial Institutions (CIBAFI) and Islamic Research and Training Institute (IRTI). Thought leaders, bankers, and Shariah scholars will discuss the opportunities of setting up Islamic financial markets operations in Oman, how to capitalize on the global Islamic financial markets interest, and explore prospects to develop a strong Islamic interbank and fixed income market.

In Sudan, the convening of the 5th Islamic Financial Industry Forum is going to take place during the period April 25-26 under the theme "Role of Islamic financial institutions in funding economic development projects.” Many international and Islamic financial institutions have been invited to attend the forum, including Islamic Development Bank, Saudi Development Fund, Abu Dubai Development Fund, Islamic Corporation for the Development of the Private Sector, Islamic Solidarity Fund for Development among others. Delegations representing the Oman Sultanate, Yemen, Egypt, Libya, Mauritania, Saudi Arabia and Bahrain are expected to take part in this annual event which is organised by the Khartoum-based Bayan Centre for Islamic Financial Engineering.