Iraqi Financial Institutions Embark on Compliance Training Initiative
Strengthening Governance and Compliance Standards in Islamic Finance
Baghdad, February 20-21, 2024 - The General Council for Islamic Banks and Financial Institutions (CIBAFI) recently organized a Technical Workshop on Governance and Compliance for Islamic Financial Institutions in Baghdad. The two-day workshop was hosted by the Central Bank of Iraq and brought together professionals from Islamic banks, financial institutions, and regulatory authorities to discuss post-crisis developments, supervision methodologies, Shariah compliance intricacies, and risk management practices.
Interactive Format Combines Theory with Practical Applications
The workshop featured an interactive format that combined theoretical frameworks with practical applications. This allowed participants to gain a deeper understanding of the topics discussed, including:
- Post-crisis developments in Islamic finance
- Supervision methodologies for Islamic financial institutions
- Shariah compliance intricacies and challenges
- Risk management practices for Islamic banks
Keynote Speakers and Distinguished Experts
The workshop was facilitated by Dr. Mohamed Albltagi, Chairman of the Board of the Egyptian Islamic Finance Association, Egypt, and featured distinguished experts and leaders from the region, including:
- Mr. Nidal Barghouthi, General Manager of Safa Bank, Palestine
- Prof. Sadiq Rashid Al-Shammari, Chairman of Nasik Islamic Bank, Iraq
- Dr. AbdelGadir Warsama Ghalib, Founder & Principal Legal Counsel of Abdelgadir Warsama Legal Consultancy, Bahrain
Commitment to Advancing Governance and Compliance Principles
Speaking at the inauguration ceremony, Dr. Abdelilah Belatik, Secretary General of CIBAFI, emphasized the shared commitment between CIBAFI and the Central Bank of Iraq to advancing governance and compliance principles in the Islamic finance industry.
Next Steps and Future Plans
The workshop is part of CIBAFI’s series of events aimed at enhancing governance and compliance standards in the region. The organization has pledged to continue its efforts to promote best practices in governance and compliance within Iraqi financial institutions.
In a statement, Dr. Ammar Hamad Khalaf, Deputy Governor of the Central Bank of Iraq, expressed satisfaction with the workshop’s success, highlighting the growing significance of Islamic finance in Iraq. He reiterated the bank’s commitment to strengthening collaboration with CIBAFI to promote best practices in governance and compliance within Iraqi financial institutions.
Strategic Session for Members and Stakeholders
The workshop was preceded by a Strategic Session for members and stakeholders in Iraq, which aimed to foster collaborative efforts towards advancing Islamic finance principles in the region. The session provided an update on CIBAFI’s activities and featured a rich discussion between CIBAFI members and industry stakeholders in Iraq.
Conclusion
The Technical Workshop on Governance and Compliance for Islamic Financial Institutions marks a significant step forward in promoting best practices in governance and compliance within Iraqi financial institutions. With its commitment to advancing Islamic finance principles, CIBAFI is well-positioned to continue playing a leading role in shaping the future of Islamic finance in the region.