CIBAFI to hold technical workshop

Manama, Jan. 18 (BNA): The General Council for Islamic Banks and Financial Institutions (CIBAFI) is will hold a Technical Workshop on Products Development & Financial Engineering for Islamic Financial Institutions (IFIs) . The workshop is kindly being hosted by the Central Bank of Mauritania on 24-26 January in the Mauritanian capital, Nouakchott, as well as a Members’ Strategic Session on January 25 will be hosted by its earliest member bank in Mauritania - Banque Al Wava Mauritanienne Islamique. The Technical Workshop is a professional development initiative of CIBAFI that aims to discuss how Islamic principles form the building blocks of contemporary Islamic financial products. It also aims to discuss the intricate issues related to products development processes, from industry practitioners’ perspective. The Technical Workshop will introduce the key concepts and principles of products development and financial engineering in Islamic finance with an explanation of the current state of financial engineering and its future; secondly, it will provide perspective on the role of Islamic financial institutions in products development; thirdly, it will explain financial engineering practices; and fourthly, it will enable the participants to understand the role of financial engineering in risk management by giving examples of related products. Abdelilah Belatik, Secretary General of CIBAFI said: "We are very delighted to be returning to Mauritania for the second time since 2014, and offer a Technical Workshop, which is being hosted by the Central Bank of Mauritania. As of today, we have four members in Mauritania that we are grateful for and it is important to us to respond to the needs of our members and provide the necessary support for their development". "We will also be organizing a Members’ Strategic Session in Mauritania with our member banks, as well as welcoming to join the discussion table some of our non-member banks. Purpose of this session is to understand needs and expectations of our members better and to update them in person on recent and upcoming initiatives of CIBAFI," he added. Technical Workshop 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 most relevant matters of the IFSI.