JEDDAH — Abdullah Saleh Kamel, chairman of the Board of Directors of the General Council for Islamic Banks and Financial Institutions (CIBAFI), has said that adherence to ethical standards by Islamic banks and financial institutions has been instrumental to the establishment of a sustainable financial system that serves the economy and society alike.

“Today, we must work hand in hand to ensure the stability of the Islamic financial system, and encourage the adoption of sustainability practices in the work of Islamic banks and financial institutions. Instilling a culture of professional ethics in the Islamic financial industry requires the active participation of industry leaders and decision-makers,” he said.

Abdullah Kamel made the remarks while addressing a strategic meeting on Islamic economy, titled “Islamic banking ethics and the role of stakeholders in its application,” organized by CIBAFI, an affiliate of the Organization of Islamic Cooperation (OIC) in Jeddah on Tuesday.

Prominent figures, including representatives from the Islamic financial industry, as well as members of the boards of directors and senior managers of Islamic banks and financial institutions from the OIC member countries, attended the meeting.

During the discussion sessions, Islamic banking leaders emphasized the importance of promoting ethical standards in the industry and highlighted the impact of these principles and ethics on shaping the future of Islamic finance, which contributes to the growth and development of the industry.

CIBAFI Secretary-General Dr. Abdul Ilah Balatiq welcomed the participants. In his speech, Balatiq underlined the need to promote professional ethics in the Islamic financial industry. “In view of this, CIBAFI organized this high-level dialogue platform to emphasize the importance of commitment to ethics in financial transactions,” he said.

CIBAFI is an international non-profit organization founded in 2001 by the Islamic Development Bank (IsDB) and a number of leading Islamic financial institutions. With over 130 members from more than 30 jurisdictions all around the world, CIBAFI is recognized as a major component in the international architecture of Islamic finance.

The strategic objectives of CIBAFI include advocacy of Islamic finance values and related policies and regulations; sustainability and innovation integration; industry research and analysis; and professional development.

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