Manama, Kingdom Bahrain, Kazan, Tatarstan, Russia | The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, conducted today an InFocus Session themed “Islamic Finance in the CIS Region: A Path for Integration in the Financial System to Achieve Economic Growth and Sustainable Development”. The session was featured as part of the 11th International Economic Summit "Russia - Islamic World: Kazansummit 2019" in Kazan, Tatarstan, Russia.
CIBAFI signature InFocus Session followed a successful series organised in 2017 by CIBAFI and Tatarstan Investment Development Agency (TIDA). This year’s session gathered an international panel of distinguished speakers and Islamic finance industry stakeholders to discuss emerging opportunities, prospects and challenges for the integration of Islamic finance within the CIS region. It discussed how Islamic finance is represented as a means for the achievement of sustainable development within the region and determine the key milestones needed for its effective implementation.
The session was opened by welcoming remarks from Mr. Abdelilah Belatik, Secretary General of CIBAFI. Prof. Dr. Necdet Şensoy, Former Board Member of the Central Bank of the Republic of Turkey chaired the panel that included Mr. Osman Akyuz, Assembly Member of Istanbul Chamber of Commerce and Secretary General of the Participation Banks Association of Turkey, Mr. Hikmat F. Aliyev, Director of Julius Baer (Middle East) Ltd., Prof. Dr. Ahcene Lahsasna, Chief Executive Officer of Salihin Shariah Advisory, and Mr. Iskander R. Iskhakov, Head of Islamic Banking of AK BARS Bank.
Speaking about the InFocus Session, Mr. Abdelilah Belatik commented: “It is our pleasure to be working again with Tatarstan Investment Development Agency (TIDA) to bring this second series of the InFocus Session, following the successful run in 2017. This InFocus Session is designed to open a fruitful discussion with distinguished speakers and Islamic finance industry stakeholders about key topics on the integration of Islamic finance in the CIS financial system in order to achieve economic growth and sustainable development in the region.”
As Islamic finance continues to expand and strengthen its position globally, the Commonwealth of Independent States (CIS) region has been seeing its integration within its financial system as a potential opportunity to tap into alternative investment and funding sources for catering the needs of its domestic market. CIBAFI InFocus Session served as a platform for important discussions such as the growth of the Islamic finance services industry globally as well as analyzing the level of maturity of Islamic finance within the CIS region.
The session also witnessed important approaches for Islamic finance integration in the absence of a regulatory framework and the involvement of Islamic finance practitioners in the achievement of the Sustainable Development Goals (SDGs).
This initiative is aligned with CIBAFI’s first strategic objective of Advocacy of Islamic Finance Values and related Policies & Regulations. CIBAFI continues to support the Islamic financial services industry through various activities and initiatives, including providing industry stakeholders with a platform to discuss emerging issues, representing the industry at major global financial events, and sharing knowledge through specialized publications and comprehensive training programmes.
-Ends-
About the General Council for Islamic Banks and Financial Institutions (CIBAFI)
CIBAFI is an international organisation established in 2001 and headquartered in the Kingdom of Bahrain. CIBAFI is affiliated with the Organization of Islamic Cooperation (OIC). CIBAFI represents the Islamic financial services industry globally, defending and promoting its role, consolidating co-operation among its members, and with other institutions with similar interests and objectives. CIBAFI is currently representing market players, international intergovernmental organisations and professional firms, and industry associations with over 130 members from 34 jurisdictions.
For more information about CIBAFI, please visit www.CIBAFI.org
Tel: +973 1735 7300 Email: media@cibafi.org
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
