An online technical workshop on ‘Governance and Compliance for Islamic Financial Institutions (IFIs),’ aimed at enhancing industry professionals’ technical capacity was organised by General Council for Islamic Banks and Financial Institutions (Cibafi), a Bahrain-based global umbrella organisation for Islamic financial institutions.
The English-language workshop, part of Cibafi’s professional development strategy, focused on robust governance frameworks essential for sound practices, ethical conduct, and Sharia compliance within Islamic finance. Topics included Sharia governance principles, internal controls, risk-based compliance, and international regulatory perspectives, delivered through technical sessions and case studies.
Cibafi’s director of administration and finance affairs Zainab Al Owainaty emphasised the critical role of governance amid global financial shifts. “The sustained success of Islamic financial institutions relies on their ability to develop a comprehensive framework that effectively integrates strong governance, rigorous compliance, and sustainable practices,” Ms Al Owainaty said.
“The more effectively we align these pillars, the greater our potential to lead in global markets and deliver meaningful value to our communities.”
The workshop was facilitated by Prof Dr Younes Soualhi from INCEIF – The Global University of Islamic Finance, Malaysia. Guest speakers included Bahrain-based Dr AbdelGadir Warsama of Abdelgadir Warsama Legal Consultancy and Usama Saleh, chief Sharia audit executive at TAJ Bank, Nigeria.
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