Manama, Kingdom of Bahrain, Barcelona, Spain | The General Council for Islamic Banks and Financial Institutions, the global umbrella of Islamic financial institutions, and the Association of the Mediterranean Chambers of Commerce and Industry (ASCAME) and the Chamber of Commerce of Barcelona are co-organising the 4th Mediterranean Islamic Finance Forum, themed “Islamic Finance: Focus on Strategies for Mediterranean & Africa” on the 23rd of November 2017, at Casa Llotja de Mar in Barcelona, Spain.
In response to the huge demand for development of Islamic Finance in the Mediterranean region, CIBAFI has started its Maghreb (Mediterranean) Forum in Tunisia in 2011, Mauritania in 2012 and Spain 2015 in order to create awareness of Islamic finance in this region as well as to create a so-called “Mediterranean Platform” for discussion on the issues and challenges of new markets.
Following three successful Forum, this year CIBAFI & ASCAME have once again come together to organize 4th Mediterranean Islamic Finance Forum jointly in the framework of the 11th edition of the Mediterranean Week of Economic Leaders.
Commenting on the Forum Mr. Abdelilah Belatik, Secretary General of CIBAFI said: “Islamic financial services industry has witnessed dynamic growth in the last decades. In the last 10 years the industry has been doubling in size almost every 5 years. And the General Council for Islamic Banks and Financial Institutions (CIBAFI) expects that the Islamic financial service industry would reach the size of 4 trillion by the end of 2020.
This growth trend will continue with a boost of interest from non-traditional Islamic finance markets, being at forefront of introducing and developing Islamic financial services in their markets. Recent developments at the International Monetary Fund (IMF) board level, Ensuring Financial stability in countries with Islamic Banking being systematically important, is yet another development milestone for the industry”.
With the growing interests and high-growth prospects for Islamic finance across both traditional and non-traditional markets in Europe, Africa, and Asia, the Mediterranean region in particular may take the opportunity to gain the momentum of this global trend. Islamic finance with its primary objective being the promotion of economic prosperity and human welfare may play a vital role for further economic development and fostering prosperity in the Mediterranean region.
The Forum will explore the future of Islamic Banking through innovation and strategic regional & international positioning and shed more light on the strategies to empowering women role in Islamic finance development.
The Forum which is being co- organized by CIBAFI, ASCAME and Chamber of Commerce of Barcelona falls under CIBAFI’s Strategic Objective, in increasing awareness of Islamic Finance and promoting information sharing among its members and the industry stakeholders as well as collaboration with ASCAME with the objective to enhance knowledge on critical issues facing the industry in the Mediterranean region.
© Press Release 2017