Tunis: General Council for Islamic Banks and Financial Institutions (CIBAFI) jointly with the Union of Arab Banks (UAB) launched the Forum themed ‘’The Developing Markets of Islamic Finance’’ at the Mövenpick Hotel Gammarth Tunis, Tunisia.
The two-day program organized under the auspices and presence of the Governor of the Central Bank of Tunisia H.E. Chedly Ayari has brought together various stakeholders from the Islamic finance industry, multilateral development institutions, international and national regulatory bodies, policy-makers, and academia to discuss the issue of frontier markets of Islamic finance. The Forum was attended by more than 150 delegates from 21 countries.
Mr. Abdelilah Belatik Secretary General of CIBAFI, and Mr. Wissam H. Fattouh Secretary General of the UAB, have welcomed delegates of the Forum.
A special keynote address was delivered by H.E. Chedly Ayari, the Governor of the Central Bank of Tunisia.
Forum continued with the opening panel, themed “Macroeconomic Outlook and Political Stability in the developing Markets”, which was chaired by Mr. Musa A. Shihadeh- CEO and General Manager of Jordan Islamic Bank.
The opening panel focused on emerging economies, the global macroeconomic outlook, followed by the impacts on Mediterranean markets of the on-going low oil, commodity prices, and devaluation regime. Speakers of the panel included Associate Prof. Lokman Gunduz, Board Member, Central Bank of Turkey and Mr. Gonzalo Rodrigez, Saudi Spanish Center for Islamic Finance, Spain and Mr. Jaafar S. Abdulkadir- General Manager- Islamic Banking, Kenya Commercial Bank which followed with the overview of “Regulatory Framework and Development”. It was chaired by H.E. Dr. Marwan Awad, Chairman of the Investment Board, Social Security Investment Fund, Jordan. The session focused on rethinking business model in Islamic finance. The discussion was geared towards licensing, legal bases, and financial ombudsman as keys of legal clarity in Islamic finance to boost the industry. This session also discussed prudential and banking supervision, as it is the framework to achieve Islamic banking competitiveness, showcasing models and implications on business. Forum also discussed potential of Tunisia as the Islamic finance hub for French-speaking Africa. Session speakers included Mrs. Rajaa Darghouth, Director- Banking Supervision General dept., Central Bank of Tunisia, Dr. Maya Boureghda Chebeane, Lawyer, JurisMed Law Firm, Tunisia, Mr. Houssem Eddine Bedoui, Senior Economist, Islamic Research & Training Institute (IRTI), Saudi Arabia and Mr. Fraj Zaag, Director General, Al Baraka Tunisia.
Session 2, themed “Key Islamic Finance Business Lines to Serve Customers’ Core Demands in Mediterranean Markets”, was chaired by Mr. Abdul Fattah Ghaffar, Chairman Association of Libyan Banks. The Session focused on the core market segments of Islamic financial services, to enable understanding consumers’ core values and preferences in Mediterranean markets. It also discussed some key business lines in corporate and retail markets, specifically the growth drivers for Islamic finance in the region. Speakers of the session included Mr. Jaafar S. Abdulkadir General Manager Islamic Banking, Kenya Commercial Bank; Mr. Majdi Chaabouni, Managing Director AMANAH Consulting, Tunisia; Dr. Sadek Al Shammari Expert in Islamic Finance & Former General Manager – National Islamic Bank, Iraq; Mr. Nasser Haider- Al-Salam Bank, Algeria; and Mr. Karim Chouchane- Islamic Finance Institution Department, The Islamic Corporation for the Development of the Private Sector, Saudi Arabia.
The second day of the Forum will continue with a session on ‘Islamic Finance to Support Global Trade and Infrastructure Development’’.
Forum will be concluded by a session themed ‘’Unlocking Potential of Takaful in Mediterranean Markets Global.’’
