Islamic finance lobbies outside Gulf

June 29
2:45 PM 2013

The General Council for Islamic Banks and Financial Institutions (CIBAFI) aimed to influence the rules and custom in new markets while it grows. The said Bahrain-based association intended to expand outside the Gulf.

The non-profit organization specifically based in Manama, had always concentrated on the adjacent countries. CIBAFI's international ventures served as the essential market for the business.

However, a statement made by Omar Hafiz, the company's secretary-general, described he was eager to broaden its geographic scope as it engaged to activities on being national regulators.

"We are trying to have a representative office in Tunisia, operating as a gateway to Africa, and also in Azerbaijan to reach central Asian countries," Hafiz told Reuters. "It is not just a matter of licensing Islamic banks but preparing a platform for success for Islamic banking."

"We want to ensure competition between the conventional and Islamic banking industry is in its best shape, not inferior or second class, but on the same level," he concluded.

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