CIBAFI, IRTI agree to develop Islamic financial database

CIBAFI and IRTI have decided to develop an Islamic financial database together.
CIBAFI and IRTI have decided to develop an Islamic financial database together. | Courtesy of Shutterstock

The General Council for Islamic Banks and Financial Institutions (CIBAFI) is teaming up with the Islamic Research and Training Institute (IRTI) to create an online repository for the Islamic financial industry.

Called the Islamic Financial Industry Intelligence (IFII), the repository will feature reliable and comprehensive data on all aspects of Islamic finance including banking and insurance.

"The partnership with IRTI will strengthen CIBAFI's role as the 'voice' of the industry and advocate for the Islamic financial services industry with other international organizations, international standard-setting organizations and regulatory and supervisory authorities, as well as support its strategic objectives," CIBAFI Secretary General Abdelilah Belatik said. "IFII would be of immense benefit to CIBAFI and its members as well as industry stakeholders at large."

The online system will consist of numerous databases, with the first focused on Islamic banking. It will also include built-ins that will enable users to download financial datasets and generate reports.

"This repository would make it easy for industry operators to get credible information to do their businesses; while academics and students would easily get the information they need to produce high-quality research in their efforts of advancing knowledge in Islamic economics, banking and finance," IRTI Director General Mohamed Azmi Omar said.

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Islamic Research and Training Institute

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