Second International Forum for Islamic Banks and Financial Institutions

06.04.2014

On 3rd – 4th April 2014, the General Council for Islamic Banks and Financial Institutions (CIBAFI), in cooperation with the Arab-Belgian-Luxemburg Chamber of Commerce, organized the Second International Forum for Islamic Banks and Financial Institutions under the theme “Islamic Finance in Europe: learn from previous experiences”.

Islamic finance is a valuable economic asset for our countries and for the European Union in general

As pointed out by Mr. Abdelilah Belatik, Secretary General of the General Council for Islamic Banks and financial Institutions, “undoubtedly, Islamic finance has become a substantial part of the international financial system and was, certainly, one of its most expeditious growing components over the last decades.”

Mr. Qaisar Hijazin, Secretary General of the Arab-Belgian-Luxembourg Chamber of Commerce, seized the opportunity to express his warmest thanks to the general council for Islamic Banks and Financial Institutions (CIBAFI), Luxembourg for Finance, the sponsors, the speakers, and all participants. He underlined that Islamic finance is a valuable economic asset for our countries and for the European Union in general.

The Forum gathered senior financial sector leaders, market players, and experts from international financial institutions and proved an excellent opportunity to get first hand information on Islamic finance as well as to share experiences and practices from traditional markets.

The Forum was divided into five different sessions:

The First session “success stories in Islamic Finance” was the opportunity to hear about the successful stories of North Africa, Europe, Gulf countries, and South East Asia.

The second session established the legal, regulatory and institutional framework in order to organize a strong Islamic Financial services industry.

The third session entitled “Islamic Finance and its prospects in Europe” explored the prospects for some important components of Islamic Financial services industry such as Islamic Banking Services, and Islamic Financial Instruments (Sukuk) as a funding tool.

The fourth session focused attention on the opportunities and challenges related to the Takaful part of Islamic Financial services industry.

The fifth and last session brought the forum to an end with a panel discussion on the way forward for Islamic finance in Europe from various perspectives.

On that account, essential factors were thus combined throughout the forum to contribute to its success. This Second International Forum for Islamic Banks and Financial Institutions was thus the opportune moment to get accurate knowledge on Islamic Finance but also to forge working relationships and to engage into key business partnerships.