General Council for Islamic banks and financial institutions (CIBAFI)

The General Council for Islamic banks and financial institutions (CIBAFI) is an international body based in Bahrain, which oversees Islamic financial and banking services. The Council has the task of setting standards for Islamic institutions and ensuring that these institutions abide by the provisions of Islamic sharia.

The Council is the official umbrella for all Islamic Sharia compliant financial institutions worldwide. The provision of information concerning banks, Islamic financial institutions and related Islamic organizations is one of the most important actions of the General Council of Islamic banks and financial institutions.

The objectives of the Board are as follows:

• To publicize Islamic financial services, disseminate the concepts, rules and regulations relating to them, and promote the development of the Islamic financial industry.
• Enhance cooperation between Council members and similar institutions in areas that serve common goals by available means.
• To provide information concerning banks, Islamic financial institutions and relevant Islamic bodies; and To take care of the interests of the members, to confront the difficulties and common challenges and to enhance cooperation among the members together, and between members and others, in particular the regulators.

The Council’s areas of work concern three main themes:

1. Information and awareness-raising:

• Organizing conferences and symposia.
• Global awareness campaigns.
• awareness-raising and local awareness campaigns.
• Web site and e-newsletter.

2. Information and research hub:

• the administrative and financial guide for Islamic financial institutions.
• Research and studies.
• Publications.

3. Policy and strategic planning:

• International Islamic Center for Reconciliation and arbitration.
• International Islamic Bank.
• Coordination between industry-supporting infrastructure institutions.
• Coordination of the fatwa between Islamic financial institutions.
• Fellowship in shari’a audit.

4- Islamic financial products:

• Quality certificates for Islamic financial products.

5- Other activities:

• Visits.
• Conventions.
• Conferences.
• Sessions.

CIBAFI seeks to launch a strategic thinking program “Think Tank” Program on Islamic Financial industry issues. It is a regular forum between islamic banking leaders, which is supported by thinkers, academics and statesmen of former presidents or ministers who are recognized for the ability to strategic thinking.

The aim of this program is to present and discuss the key issues in the Islamic financial industry and to develop innovative solutions for them, in addition to giving reasonable space in this forum to meet and strengthen the social aspects.

The council will also design the Islamic financial Products Guide, which aims to classify these products according to their nature, the quality of the needs to be met, the entities to raise them, and the characteristics and advantages they enjoy. This guide will enable you to easily and accurately identify the wide variety of products available in the Islamic financial market.