MADINAH — Sheikh Abdullah Saleh Kamel, Chairman of the Normal Council for Islamic Banks and Monetary Establishments (CIBAFI), Chairman of the Board of Trustees of Al Baraka Discussion board for Islamic Financial system, and Chairman of the Islamic Chamber of Commerce and Growth, underscored the significance of reactivating funding accounts primarily based on profit-and-loss sharing as a key driver of Islamic banking progress.
He careworn the necessity to obtain a sustainable steadiness between monetary stability necessities and the core ideas of partnership and risk-sharing, in a means that strengthens confidence and reinforces moral duty.
His remarks got here in the course of the third strategic discussion board on Islamic economic system, organized by CIBAFI in Madinah below the theme: “In the direction of activating participation-based funding accounts: A regulatory and sensible perspective within the Islamic banking mannequin,” with the participation of representatives from regulatory authorities, board members, practitioners, and students.
Kamel mentioned holding the discussion board in Madinah carried particular significance, drawing inspiration from the town’s spirit and values of sincerity and integrity.
He famous that the gathering was not merely a working assembly, however a renewal of dedication to the values upon which the Islamic monetary system is constructed, foremost amongst them honesty, trustworthiness, and repair to humanity.
He defined that participation-based funding accounts characterize the essence of Islamic finance’s distinctiveness and shouldn’t be seen merely as a technical or regulatory matter, however as a sensible expression of partnership philosophy, transparency, shared duty, and assist for actual financial exercise.
Kamel identified that Islamic banking has achieved notable progress and growing international recognition over the previous a long time, because of built-in efforts by monetary establishments, regulators, students, and practitioners. These efforts have contributed to constructing resilient banking fashions able to adapting to various regulatory environments and markets whereas preserving the trade’s core ideas.
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He famous that the growth and growing interconnectedness of the worldwide monetary system have led to various functions of participation-based funding accounts, reflecting various market circumstances, priorities, and regulatory necessities.
This, he mentioned, demonstrates the flexibleness of Islamic finance and its potential to interact responsibly with financial and regulatory developments.
Kamel emphasised that the discussion board gives an essential platform for exchanging views on methods to reinforce the position of participation-based funding accounts, develop their contribution to the actual economic system, and strengthen belief amongst stakeholders.
He added that constructive dialogue stays important to advancing the trade’s maturity and sustainability.
Kamel raised a number of key questions for dialogue, together with easy methods to reactivate participation-based funding accounts as a real instrument for progress and distinction, easy methods to strike a sustainable steadiness between monetary stability and risk-sharing ideas, and what position monetary establishments, regulators, and standard-setting our bodies ought to play in constructing extra versatile and sturdy banking fashions.
He famous that the broad participation of regulatory, skilled, and educational stakeholders displays a shared dedication to growing the trade by accountable dialogue and cooperation.
The variety of views, he mentioned, provides actual worth to understanding each the challenges and alternatives accompanying the expansion of Islamic finance.
In concluding his remarks, Kamel affirmed that CIBAFI attaches explicit significance to the discussion board as a part of its broader position in supporting the credibility, sustainability, and international distinction of Islamic finance.
He known as on members to actively contribute to the discussions in ways in which serve the event of the trade and reply to evolving realities, finally benefiting society and the actual economic system.
