CIBAFI Conducts A Session On `Islamic Finance In CIS Region` In Russia.
Tatarstan, Russia | The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, conducted an InFocus session on “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: Kazan summit 2019” in Kazan, Tatarstan, Russia.
The session followed a successful series organized by CIBAFI and Tatarstan Investment Development Agency (TIDA) in 2017. This year’s session gathered an international panel of speakers and Islamic finance industry experts to discuss emerging opportunities, prospects and challenges for the integration of Islamic finance in the CIS region. It also discussed how Islamic finance is represented as a means of achieving sustainable development in the region and determining the key milestones needed for its effective implementation.
Mr. Abdelilah Belatik, Secretary General of CIBAFI opened the session. Prof. Dr. Necdet Şensoy, Former Board Member of the Central Bank of the Republic of Turkey chaired the panel that included high-ranking officials from various industry bodies in the region.
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 a successful debut in 2017. This Session is designed to open a fruitful discussion with distinguished speakers and Islamic finance industry experts about key topics on the integration of Islamic finance in the CIS financial system 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 to meet the growing demand in the domestic market. CIBAFI InFocus Session served as a platform for important discussions such as the growth of the Islamic financial 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 achieving 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.