Technical workshop for Islamic financial institutions held

Muscat: General Council for Islamic Banks and Financial Institutions (Cibafi), the global umbrella of Islamic financial institutions, launched its Technical Workshop on Products Development and Financial Engineering for Islamic Financial Institutions (IFIs), which is being hosted by the Central Bank of Jordan.
Technical Workshop was opened by welcoming remarks from Mahmoud Ibrahim Al-Sbeihat, Assistant Executive Manager of Banking Supervision Department, Central Bank of Jordan; Abdelilah Belatik, Secretary General, Cibafi and Musa Abdulaziz Shihadeh, Cibafi Board of Directors member and Chief Executive Officer & General Manager, Jordan Islamic Bank.
This Technical Workshop was delivered in Arabic language and focused on products development and financial engineering in Islamic finance.
Technical Workshop is targeted to the professional staff of Islamic banks and financial institutions. It aims to engage participants in the discussion on how Islamic principles can be used to develop financial products by introducing the principles that form the building blocks of contemporary Islamic financial products and then discussing the more intricate issues relating to products development processes.
The stimulating, interactive Technical Workshop seamlessly integrates theory with practice to offer participants hands on experience and provide the practical tools and techniques that will enhance their day-to-day professional performance.
Products development in Islamic finance has been ranked as one of the top three concerns of the industry, as revealed by Cibafi Global Islamic Bankers Survey (GIBS). The demand for assistance from the banks and Islamic financial institutions in the region, encouraged Cibafi to organise this technical workshop with an aim to increase and enhance the performance of the participants, which in turn will lead to an improved quality of work.
Technical Workshop was organised in the Institute of Banking Studies of the Central Bank of Jordan, with a strategic partnership of Jordan Islamic Bank and support of Islamic Insurance Co. It witnessed more than 50 participants, from 8 countries.
The initiative is aligned with Cibafi’s fourth Strategic Objective of Professional Development and in particular, Cibafi’s endeavor to enhance capacity building in the Islamic Financial Services Industry (IFSI). Cibafi, as the ‘voice’ of the industry, aims to provide platforms such as these to develop human capital and bring industry professionals together to encourage dialogue and enhance knowledge sharing on more relevant matters of the Islamic Financial Service Industry.