CIBAFI and The BIBF Sign MoU to Advance Innovation and Sustainability in Islamic Finance

TDT | Manama

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In a significant move to foster innovation and sustainability in the Islamic financial services industry, the General Council for Islamic Banks and Financial Institutions (CIBAFI) and the Bahrain Institute of Banking and Finance (BIBF) have signed a Memorandum of Understanding (MoU) to enhance cooperation and advance joint strategic initiatives. The agreement underscores both institutions’ commitment to embracing modern tools and frameworks such as artificial intelligence (AI), data analytics, and sustainability as key drivers of growth, resilience, and transformation within the sector.

Through this strategic alliance, CIBAFI and the BIBF aim to address the evolving needs of the Islamic finance industry by embracing emerging technologies and advancing digital innovation. Their collaboration will support institutional transformation and human capital development through the delivery of specialised conferences, training programmes, and research initiatives in Bahrain and internationally.

The MoU was signed by Dr. Abdelilah Belatik, Secretary General of CIBAFI, and Dr. Ahmed Al Shaikh, Chief Executive Officer of the BIBF, during a formal ceremony held at the BIBF’s headquarters in Manama, Kingdom of Bahrain.

Dr. Abdelilah Belatik stated: “This MoU supports CIBAFI’s strategic objective of fostering impactful collaboration and advancing the Islamic finance industry. In today’s dynamic landscape, innovation and sustainability are essential for long-term relevance and resilience. We are pleased to partner with the BIBF, a leading provider of professional education in the Kingdom of Bahrain and outside, to exchange expertise and co-develop forward-looking programmes.”

Dr. Ahmed Al Shaikh added: “We are pleased to sign this partnership between the BIBF and CIBAFI, which brings together two leading institutions committed to shaping the future of Islamic finance. By combining our academic and training capabilities with CIBAFI’s global industry perspective, we will strengthen the sector’s digital resilience, promote sustainability, and accelerate the integration of next-generation technologies across Islamic financial institutions.

This strategic partnership highlights the shared commitment of both institutions to advancing the long-term sustainability and global relevance of Islamic finance through initiatives that champion technological innovation, academic excellence, and thought leadership.