Islamic finance lobby plans regional network

Posted by on Jun 25th, 2013 and filed under Islamic Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

The General Council for Islamic Banks and Financial Institutions (CIBAFI), a Bahrain-based non-profit organisation, plans to expand beyond the Gulf, so that it can shape rules and practices in new markets as they grow. Addressing a major weakness in Islamic finance, the lack of well-trained professionals, 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. Therefore, Omar Hafiz, secretary-general of the body, said that for its long-term health, the industry should focus as much on improving the regulatory environment as increasing its size.

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