Islamic Finance: Shariah and The Composition of Islamic Financial System

There are many Financial Institutions that plays a role in contributing to Islamic Finance. For my reminder, I choose one regulatory institution, CIBAFI (General Council for Islamic Banks and Financial Institutions). 

 

General Council for Islamic Banks and Financial Institutions (CIBAFI) is a nonprofit institution that is the umbrella for Islamic financial institutions worldwide. It was founded by the Islamic Development Bank (IDB) and a number of leading Islamic financial institutions, CIBAFI is affiliated with the Organisation of Islamic Cooperation (OIC). Established on 16 May 2001, in the Kingdom of Bahrain.

CIBAFI is recognised a key piece in the international architecture of Islamic finance. CIBAFI was established with the objectives of developing the Islamic financial services industry (IFSI) and promoting the industry in various fields through information and financial analysis, communication, awareness, human resources and rating of Islamic financial products. 

CIBAFI mission to support Islamic financial services industry (IFSI) by being the leading industry voice advocating regulatory, financial and economic policies that are in the broad interest of their members and that foster the development of the Islamic financial services industry and sound industry practice, CIBAFI is guided by its Strategic Objectives, which are:

1) Policy, Regulatory Advocacy

2) Research and Publications

3) Awareness and Information sharing

4) Professional Development.