Islamic Finance Body Pledges Relevance Amid Global Changes at CIBAFI Forum

The General Council for Islamic Financial Institutions (CIBAFI) has reaffirmed its commitment to staying relevant in the rapidly evolving financial landscape, according to its Secretary-General, Abdelilah Belatik. Speaking on Wednesday at the opening of the two-day CIBAFI Global Forum in Istanbul, Belatik emphasized the organization’s dedication to adapting to global changes and disruptions that are reshaping business sectors worldwide.

“The world is in continuous change, with disruptions impacting all industries, including financial services. CIBAFI is steadfast in its mission to remain relevant to our members, stakeholders, and the broader Islamic finance industry,” Belatik stated during his opening remarks.

The CIBAFI Global Forum 2018, for which Anadolu Agency serves as the global communication partner, is focused on the theme, “The New Face of Financial Services: Disruptions, Opportunities, and the New Normals.” This event gathers industry experts from across the globe to explore how Islamic finance can fulfill its obligations while maintaining competitiveness and relevance in the global financial markets.

Belatik highlighted CIBAFI’s global mandate to represent the Islamic financial services industry, defend and promote its role, and strengthen cooperation among its members. “Our mission remains to support the Islamic financial services industry by being the leading voice advocating for regulatory, financial, and economic policies that benefit our members and foster the industry’s growth and best practices,” he added.

He also noted that Islamic financial institutions face various regulatory and policy changes, stressing the importance of policy and regulatory advocacy in protecting the industry amid global regulatory challenges. “It is our mission to voice the concerns of the industry to relevant bodies, ensuring that industry needs are considered when policies, standards, and regulations are developed,” Belatik asserted.

During the forum, Abdulhameed M. Aboumoussa, Governor of Faisal Islamic Bank of Egypt, highlighted the rapid growth of the Islamic financial services industry, projecting that the industry’s assets could reach $4 trillion by 2020. He described Islamic finance as an “effective tool” for driving economic progress.

Melihşah Utku, President of the Participation Banks Association of Turkey, acknowledged the “huge challenges” facing the Islamic finance industry, which are being addressed during the forum’s sessions.

Mehmet Ali Akben, Chairman of Turkey’s Banking Regulation and Supervision Agency (BDDK), reflected on the dual nature of globalization, noting that while it brings countries closer and creates new opportunities, it also introduces risks. Akben emphasized the need for international cooperation to address these challenges, praising CIBAFI as a prime example of effective collaboration and partnership among nations.