20^th – 21^st February 2024, Baghdad, Iraq, Manama, Kingdom of Bahrain |  The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, organised successfully a Technical Workshop on Governance and Compliance for Islamic Financial Institutions (IFIs). The Central Bank of Iraq hosted this workshop in Baghdad.

This workshop is designed to cater to professionals at all levels within Islamic banks, financial institutions, and Regulatory and Supervisory Authorities (RSAs). With a specific focus on Islamic Banking, the workshop addressed post-crisis developments, supervision methodologies, Shariah compliance intricacies, and risk management practices in a dynamic 2-day format. The interactive workshop combined theoretical frameworks with practical applications. This initiative underscores CIBAFI's dedication to enhancing governance and compliance standards within Iraq's Islamic finance sector.

Dr. Abdelilah Belatik, Secretary General of CIBAFI, inaugurated the workshop, expressing: "This workshop is an initiative that marks the shared commitment of CIBAFI and the Central Bank of Iraq to advancing governance and compliance principles in the Islamic finance industry. We are pleased to have initiated CIBAFI's series of workshops for the year 2024 in Iraq and look forward to fostering further collaboration for the advancement of Islamic finance in the region."

Dr. Ammar Hamad Khalaf, the Deputy Governor, the Central Bank of Iraq commented: "The success of this workshop underscores the growing significance of Islamic finance in Iraq. We are pleased to have played a pivotal role in hosting this workshop and are committed to strengthening our collaboration with CIBAFI to promote best practices in governance and compliance within our financial institutions."

The workshop is facilitated by Dr. Mohamed Albltagi, Chairman of the Board, the Egyptian Islamic Finance Association, Egypt. Industry experience and practical knowledge were shared by distinguished experts and leaders, including Mr. Nidal Barghouthi, General Manager, Safa Bank, Palestine; Prof. Sadiq Rashid Al-Shammari, Chairman, Nasik Islamic Bank, Iraq; and Dr. AbdelGadir Warsama Ghalib, Founder & Principal Legal Counsel, Abdelgadir Warsama Legal Consultancy, Bahrain.

Before the start of the technical workshop, CIBAFI organised a Strategic Session for members and stakeholders in Iraq, inaugurated by Dr. Abdelilah Belatik, Secretary General of CIBAFI; Dr. Ammar Hamad Khalaf, the Deputy Governor, the Central Bank of Iraq; and Mr. Samir Al Nusairi, Consultant, Iraqi Private Banks League . Dr. Belatik provided an update on CIBAFI's activities, followed by a rich discussion between CIBAFI members and industry stakeholders in Iraq. This session further solidified the collaborative efforts towards advancing Islamic finance principles in the region.