Riyadh: The General Council for Islamic Banks and Financial Institutions (CIBAFI), a member of the Organization of Islamic Cooperation (OIC), held its third strategic meeting on Islamic economics under the theme 'Towards Activating Participation-Based Investment Accounts: A Regulatory and Practical Reading within the Islamic Banking Model,' with the participation of several industry leaders and decision-makers, both in person and virtually.
According to Saudi Press Agency, the meeting discussed key developments and challenges facing the Islamic finance industry, with the aim of producing recommendations to support the sector's growth and sustainability. The theme focused on participation-based investment models and promoting sustainable risk-sharing as a fundamental pillar of Islamic banking.
Two scientific sessions were held. The first addressed major regulatory, accounting, and operational constraints that affect the effective investment role of these accounts, as well as challenges in aligning them with modern banking requirements while preserving their investment nature. The second focused on institutional approaches to strengthen governance, reinforce risk-sharing principles, and enhance transparency and stakeholder confidence. It also highlighted practical priorities and future applied workshops, emphasizing the importance of gradual reforms to ensure stronger alignment between regulatory frameworks and Sharia-based investment principles.
The meeting concluded with an open discussion reflecting a broad consensus on revitalizing and developing partnership-based investment models to enhance the competitiveness and sustainability of Islamic banking at the regional and global levels.