The General Council for Islamic Banks and Financial Institutions (CIBAFI), a Bahrain-based non-profit organization which lobbies on behalf of Islamic finance, is in plans to expand beyond the Gulf, so that it can shape rules and practices in new markets as they grow, according to Reuters.
CIBAFI traditionally focused on neighbouring countries which form a core market for the industry. The change in stance came after Omar Hafiz took over as the body’s secretary-general last year.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
"We are trying to have a representative office in Tunisia, operating as a gateway to Africa, and also in Azerbaijan to reach central Asian countries," Hafiz told Reuters.
Hafiz said that for its long-term health, the industry should focus as much on improving the regulatory environment as increasing its size.
"It is not just a matter of licensing Islamic banks, but preparing a platform for success for Islamic banking," he said.
"We want to ensure competition between the conventional and Islamic banking industry is in its best shape, not inferior or second class, but on the same level," he was quoted as saying by the publication.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataFounded in 1999 by the Jeddah-based Islamic Development Bank, CIBAFI has 114 member institutions, including Egypt’s Faisal Islamic Bank, Kuwait Finance House and Bahrain-based Al Baraka Banking Group. Saudi-Arabia’s National Commercial Bank joined last year.
