How will the council play a role and support the development of Islamic finance?
Although it has been developing since 1970s at high growth rates, there are several issues still needed for the IFSI to keep up with developments. CIBAFI has conducted a study on the challenges facing the industry, and we have initiated several projects related to those challenges in our ‘Ten-Year Strategic Plan’. We found there is a challenge in managing liquidity in IFIs because of the lack of Shari’ah compliant financial instruments in the financial markets. Thus, we have initiated the Mega Bank project (with a paid up capital of $1 billion) to provide IFSI with the required instruments of managing liquidity. CIBAFI has organised several summits for IFSI leaders to discuss the challenges facing the industry. Next April, we are organising ‘The Elite Forum’ that is exclusivly for top management in the IFSI. The forum will be held in Jordan, in cooperation with the Arab Academy for Banking and Financial Sciences. Each session of the forum is dedicated to interactively discuss a challen
