Manama, Kingdom of Bahrain; WASHINGTON, D.C., July 9, 2015—The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, and the World Bank announced today the signing of a Memorandum of Understanding (MoU) that 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.
Abayomi Alawode, Head of Islamic Finance, Finance & Markets Global Practices, World Bank said: “This signing underscores the World Bank’s commitment to the development of the Islamic financial services industry. As the industry expands, it will inevitably impact the way global finance evolves to support real sector economic activity and contribute to addressing the challenges of ending extreme poverty and boosting shared prosperity. We look forward to working closely with CIBAFI to strengthen the institutional foundations of Islamic finance, enhance regulatory and supervisory frameworks, and share sound practices and lessons of experience in the industry, including sound practices relating to business practices, risk management and market development.”
Abdelilah Belatik, Secretary General of CIBAFI, said: “CIBAFI is pleased to sign this MoU with the World Bank. This partnership will strengthen CIBAFI’s role as the ‘voice’ of the industry and advocate for the Islamic financial services industry with other international organizations, international standard-setting organizations and regulatory and supervisory authorities as well as support its strategic objectives – Research and Publications as well as Awareness and Information Sharing”
About the World Bank Group
The World Bank Group plays a key role in the global effort to end extreme poverty and boost shared prosperity. It consists of five institutions: the World Bank, including the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA); the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). Working together in more than 100 countries, these institutions provide financing, advice, and other solutions that enable countries to address the most urgent challenges of development. For more information, please visit www.worldbank.org, www.miga.org, and ifc.org.
About the General Council for Islamic Banks and Financial Institutions (CIBAFI)
CIBAFI is an international organization established in 2001 and Headquartered in the Kingdom of Bahrain. It is affiliated with the Organization of Islamic Cooperation (OIC) and currently has nearly 120 members from over 30 jurisdictions, representing market players, international intergovernmental organizations and professional firms, and industry associations.
CIBAFI represents the Islamic financial services industry globally, advocating for Islamic financial institutions and promoting the role of Islamic finance, consolidating co-operation among its members, and with other institutions with similar interests and objectives. For more information about CIBAFI, please visit www.CIBAFI.org
