A major conference attended by leading Islamic Finance experts and scholars on corporate governance of Islamic Financial Institutions was held recently in Sasana Kijang, Kuala Lumpur, Malaysia.

 

The conference was organised by General Council for Islamic Banks and Financial Institutions (CIBAFI), a global umbrella of Islamic financial institutions, and the World Bank.

 

The 2nd CIBAFI - World Bank Conference on "Corporate Governance of Islamic Financial Institutions: Overcoming Challenges and Implementing Best Practices" was attended by more than 200 active delegates from 25 countries.     

 

CIBAFI – World Bank Conference was organised in partnership with Bank Muamalat Malaysia Berhad and supported by Malaysia World's Islamic Finance Marketplace (Bank Negara Malaysia). It endeavoured to bring together leading Corporate Governance stakeholders from the Islamic finance industry, multilateral institutions, international and national regulatory bodies, policy-makers, and academia to discuss emerging issues and the best practices in light of recent Corporate Governance developments. 

 

The welcoming remarks were presented by Abdelilah Belatik, secretary general, CIBAFI; Abayomi Alawode, lead financial sector specialist and head of Islamic Finance, the World Bank; Abdulhameed M Aboumoussa, CIBAFI deputy chairman and governor, Faisal Islamic Bank of Egypt; and Dato’ Haji Mohd Redza Shah Abdul Wahid, CIBAFI board of directors member and chief executive officer, Bank Muamalat Malaysia Berhad.

                           

The conference has also witnessed a special keynote address by Wimboh Santoso, chairman of the board of commissioners, Financial Services Authority (OJK), Indonesia.

  

The opening panel, themed “Outlook of Recent Corporate Governance Practices of Islamic Banks” was chaired by Musa Abdulaziz Shihadeh,  CIBAFI board member, chief executive officer and general manager, Jordan Islamic Bank.  

 

The first session themed “Board Effectiveness as a Major Issue of Corporate Governance Practices of Islamic Banks” was chaired by Nidal Barghouti, CIBAFI board member and general manager, Safa Bank, Palestine.

 

“Risk Management, Transparency and Reporting Requirements” was the main theme of the second session. Chairing this session was Gonzalo Rodríguez, general coordinator, Saudi-Spanish Center for Islamic Economics and Finance (SCIEF), Spain.

 

The conference was concluded with the third session titled “Shariah Governance” which was chaired by Dr Saad Bakkali, manager - Higher Shariah Authority, Central Bank of the UAE. The discussion topics focused on the role and structures of shariah supervisory boards (SSB) in the light of strengthening regulatory regimes; the accountability and independence of SSB; and aligning SSB and the BOD towards greater synchronization and harmony. The session has also witnessed an interesting sharing of case studies and best practices in Shariah Governance.

 

The conference was organised as part of the MoU signed between CIBAFI and the World Bank that aims to reinforce both CIBAFI’s and the World Bank’s commitment to help foster the development of Islamic finance globally including in the developing markets in the area of corporate governance. - TradeArabia News Service