The General Council for Islamic Banks and Financial Institutions (CIBAFI), the official global umbrella of the Islamic financial services industry, successfully convened the Third Islamic Economy Strategic Meeting, titled “Towards Activating Partnership-Based Investment Accounts: A Regulatory and Practical Perspective within the Islamic Banking Model.” The meeting was held in Madinah, Saudi Arabia, and virtual participation, in conjunction with the Al Baraka Symposium, and witnessed high-level engagement from industry leaders and decision-makers.

Building on the strong success of previous editions, the Strategic Meeting brought together board members, senior executives, regulatory representatives, academics, and key industry stakeholders on a high-level dialogue platform to discuss the latest developments and challenges facing the Islamic financial services industry. This year’s discussions focused on partnership-based investment models and the reinforcement of sustainable risk-sharing principles as a foundational pillar of Islamic banking.

The meeting was inaugurated with a keynote address by H.E. Sheikh Abdullah Saleh A. Kamel, Chairman of Al Baraka Group and Chairman of CIBAFI, who emphasised that the Strategic Meeting represents a pivotal milestone in the advancement of Islamic banking. He highlighted the collective commitment of industry leaders to returning to the core principles of genuine partnership and real investment as essential drivers of sustainable growth. He further noted that the accelerating transformation of the Islamic finance industry, coupled with increasing regulatory and competitive complexity, necessitates stronger governance, transparency, and accountability in investment accounts to safeguard stakeholders’ rights, strengthen long-term trust, and enhance the sector’s resilience to future challenges.

In the same context, CIBAFI Secretary General, Mr. Hamza K. Bawazir, welcomed participants and officially announced the launch of CIBAFI’s Strategic Plan 2026–2029. The new strategy focuses on strengthening regulatory and supervisory frameworks supporting Islamic banking, enhancing institutional governance, building human and knowledge-based capacities, deepening international partnerships, and expanding CIBAFI’s global impact. Commenting on this occasion, Mr. Bawazir stated: “Partnership-based investment accounts represent the core value proposition of Islamic banking and the backbone of its contribution to building a robust sustainable financial system. Revitalizing these instruments is a strategic necessity to restore genuine risk-sharing, strengthen depositor confidence, and reinforce the developmental role of Islamic banks. This Meeting provides a high-quality platform to address regulatory and operational challenges and to advance innovative, practical, and Shariah-compliant solutions.”

The meeting featured three specialised discussion sessions offering a comprehensive regulatory and practical examination of partnership-based investment accounts.

The first session addressed the key regulatory, accounting, and operational constraints affecting the effective investment role of these accounts, as well as challenges related to aligning them with modern banking requirements while preserving their investment-based nature. The session featured contributions from Dr. Ibrahim Alotaibi, Head of Sharia Product Development Department, Alinma Bank, Saudi Arabia; Dr. Khalid Alsayari, Associate Professor at the College of Humanities, Saudi Electronic University, Saudi Arabia; and Dr. Talal bin Sulaiman Al-Dossari, Professor of Comparative Fiqh at Qassim University, Saudi Arabia

The second session focused on institutional approaches to strengthening governance, reinforcing risk-sharing principles, and enhancing transparency and stakeholder confidence. The session featured Mr. Iyad Asali, General Manager of the Islamic International Arab Bank, Jordan; Dr. Abdulbari Mashal, Managing Partner at Raqaba, USA; and Dr. Mohamed Talal Lahloou, Certified Sharia Consultant and Auditor, President of the Moroccan Association for Islamic Economics, Rabat Branch.

The final session highlighted practical priorities and future applied workshops, emphasizing the importance of gradual and well-calibrated reforms to ensure stronger alignment between regulatory frameworks and Shariah-based investment principles. Contributions were delivered by Mr. Elhadi Elnahoui, Senior Shari’ah Compliance Transactions Officer, Islamic Development Bank (IsDB), Saudi Arabia; Dr. Faisal Atbani, Consultant in Islamic Finance, Saudi Arabia; and Mr. Mohammed Abdullah Alabdulraheem, Academic and consultant in Islamic banking and financial technology, Saudi Arabia.

The meeting concluded with an interactive open discussion, reflecting broad consensus among participants on the importance of revitalizing and advancing partnership-based investment models to enhance the competitiveness, resilience, and sustainability of Islamic banking at both regional and global levels.