BIBF discussed cooperation opportunities with CIBAFI

BIBF recently met with the General Council for Islamic Banks and Financial Institutions (CIBAFI), an international organisation established in 2001 and headquartered in the Kingdom of Bahrain, to discuss collaboration opportunities in the area of professional training and development for the Islamic finance industry.

CIBAFI Secretary General, Mr. Abdelilah Belatik, recognised BIBF’s role in supporting the professional development aspirations of the Islamic finance industry by offering highly innovative training qualifications, and the importance of that support in optimising and consolidating the industry at par with international standards.

BIBF’s Deputy Director Dr. Ahmed Al Shaikh noted that the Islamic finance industry has witnessed remarkable expansion at a regional and international level, despite the recent global financial crisis. “The need for innovation and development within the sector is immediate, both in terms of economic stimulation and improving employment opportunities“.

“BIBF’s top priority is to develop highly qualified local human capital in partnership with the world’s leading educational institutions in order to equip the financial industry with the resources it requires to expand and take advantage of market opportunities, and further strengthen Bahrain’s position as a regional financial hub in line with the 2030 vision”, said Dr. Al Shaikh.

During the meeting, the two organisations discussed opportunities to enhance cooperation and knowledge sharing between members, and other international institutions, and foster dissemination of Islamic finance principles and best practices. Dr. Al Shaikh also briefed CIBAFI representatives on the educational facilities developed by BIBF, including its dealing room, which allows students to learn about trading in a real market environment, providing them with a unique exposure to live trading in the global markets.

BIBF is also introducing a range of industry-related simulation courses in 2016, the first of its kind in the world to simulate Islamic financial markets ahead of an anticipated worldwide growth in Islamic Financial products.