CIBAFI enables M’sia to tap banking industry of member countries
If we extend our assistance to a member country, the recipient country would cooperate with Malaysia. Hence, it would be easier for us to penetrate into the banking industry in that country.
KUALA LUMPUR: The appointment of Malaysia as a board member of the General Council for Islamic Banks and Financial Institutions (CIBAFI) will enable the country to tap into the banking industry of member countries.
As a board member, Malaysia would be able to share its knowledge, information and views on Islamic banking regulations, products and human capital, including providing assistance to member countries.
“If we extend our assistance to a member country, the recipient country would cooperate with Malaysia.
“Hence, it would be easier for us to penetrate into the banking industry in that country,” the president of the Association of Islamic Banking Institutions Malaysia (AIBIM) Datuk Mohd Redza Shah Abdul Walid told reporters after the CIBAFI Members’ Strategic Session yesterday.
Malaysia has been a CIBAFI member since its inception in 2001 but was only appointed as board member this year through BMMB.
Mohd Redza, who is also Bank Muamalat Malaysia Bhd (BMMB) Chief Executive Officer, said CIBAFI, which had 120 members from over 30 jurisdictions, worldwide, was also affiliated with the Organisation of Islamic Cooperation (OIC).
Through the council, BMMB was able to meet Islamic financial institutions in Jordan, Morocco and Palestine, which would not be possible on other platforms.
On BMMB’s position, Mohd
Datuk Mohd Redza Shah Abdul Walid, AIBIM president
Redza said the CIBAFI board membership would enable the bank to elevate its status to the international level.
He said when it has the capacity to do so, the bank would use CIBAFI as the platform to penetrate the international Islamic banking and finance market.
Established in 2001 and headquartered in Bahrain, CIBAFI’s mission is to support the Islamic financial services industry in the form of a leading industry voice in advocating regulatory, financial and economic policies.