In a landmark gathering that signals a new era of coordinated leadership for the global Islamic finance industry, the General Council for Islamic Banks and Financial Institutions (CIBAFI), in partnership with AlBaraka Forum for Islamic Economy, convened a high-level Roundtable Meeting of Islamic Banking Associations in Istanbul, Türkiye, under the theme: “Elevating the Global Voice of Islamic Banking: Strengthening Representation, Alignment, and Collaboration through CIBAFI’s Leadership.” according to an official statement issued in Istanbul,Thursday.
The meeting,the statement noted, represents the first initiative of its kind in the history of the Islamic finance industry, bringing together senior representatives of Islamic banking associations and federations from across the world under a unified platform for dialogue, coordination, and future planning.
The gathering,it said, aimed to establish an institutional framework for international cooperation and collective action while strengthening the global representation and unified voice of the Islamic finance industry.
The roundtable also marks the beginning of a series of future meetings, programmes, and joint initiatives designed to deepen cooperation among institutions representing the Islamic finance industry, support its sustainable development, and enhance its contribution to the global economy in the years ahead.
Opening remarks were delivered by Mr. Hamza Bawazir, Secretary General of CIBAFI, and H.E. Mr. Yousef Hassan Khalawi, Secretary General of AlBaraka Forum for Islamic Economy, both of whom called for a step-change in how Islamic banking associations coordinate and project their collective influence at national, regional, and international levels.
Discussions focused on the industry’s most pressing shared priorities, including enhancing the role of banking associations in supporting industry growth, promoting knowledge sharing and innovation, strengthening engagement in regulatory and legislative matters, and reinforcing the position of Islamic banking within the global financial system.
Commenting on the occasion, Mr. Hamza Bawazir, Secretary General of CIBAFI, stated:
“I would like to extend my sincere appreciation to AlBaraka Forum for Islamic Economy for hosting this important event, which reflects the Forum’s strategic vision and longstanding commitment to supporting the development of the Islamic finance industry and strengthening cooperation among its institutions.
“This meeting is a historic and exceptional milestone, being the first initiative of its kind to bring together Islamic banking associations and federations from around the world under a common platform for dialogue, coordination, and future planning. We do not view this gathering as a standalone event, but rather as the beginning of a long-term journey of institutional cooperation and a series of joint meetings and initiatives that will strengthen the global representation of the Islamic finance industry and align its efforts around common priorities.
“The meeting witnessed strong participation and valuable contributions from attendees, resulting in a number of practical ideas and recommendations that can serve as the foundation for future collaborative projects between the various associations and CIBAFI as the global umbrella organisation for the Islamic finance industry. CIBAFI will work closely with participants to consolidate, refine, and formulate these recommendations for publication and announcement in the near future.”
H.E. Mr. Yousef Hassan Khalawi, Secretary General of AlBaraka Forum for Islamic Economy, added: “Strengthening the position of Islamic banking and reinforcing its role within the global economy requires continuous dialogue and institutional cooperation among all stakeholders within the industry.
“This meeting represents the beginning of a sustainable platform for collaboration among Islamic banking associations and federations worldwide. Looking ahead, we aspire to expand this initiative to include other professional bodies closely connected to the Islamic banking sector, such as Takaful associations, accounting and auditing professional organisations, Shariah governance and audit bodies, and other key components of the Islamic finance ecosystem.
“Building stronger bridges among these institutions will enhance institutional integration across the industry, facilitate the development of joint initiatives, and strengthen our collective ability to address future challenges while supporting the sustainable growth of Islamic finance globally.”
The event reflects the joint efforts of CIBAFI and AlBaraka Forum for Islamic Economy to strengthen cooperation across the Islamic finance ecosystem and marks the beginning of a new phase of global institutional coordination among professional associations and industry bodies.
Participants agreed on the importance of sustaining this momentum through future periodic meetings and the development of joint mechanisms that will strengthen the industry’s global representation, align collective efforts, and launch practical initiatives supporting its continued growth and sustainability.
Over the coming period, CIBAFI is expected to consolidate, refine, and formulate the recommendations and ideas presented during the roundtable and share them with relevant stakeholders as an initial roadmap for future international collaborative initiatives serving the Islamic finance industry.