Leaders on the General Council for Islamic Banks and Financial Institutions (CIBAFI), the worldwide umbrella covering Islamic financial institutions, recently held their second roundtable meeting in Saudi Arabia.
The meeting brought together leaders from the Islamic Development Bank (IDB) to resolve difficulties for financing for the Islamic micro and small and medium sized enterprises (MSME).
The meeting included IDB President Ahmed Mohamed Ali, CIBAFI Secretary General Abdeliliah Belatik and Abdulrazzak Elkhraijy, executive vice president and head of Shariah Group at the National Commercial Bank.
The meeting involved over 60 senior executives from various Islamic financial institutions who traveled from 17 different jurisdictions. They discussed viable market practices that would help to create strong technical abilities throughout the area and the Islamic MSME finance field.
The first session emphasized the important problems of the market and regulatory infrastructures of financing MSME, particularly when it comes to regulating and strengthening the Islamic MSME finance market.
The sessions also discussed regulations, transaction laws, taxation, prudential standards, reporting and insolvency framework.