Manama: 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 aimed at enhancing cooperation and implementing joint strategic initiatives. This agreement reflects both institutions' commitment to adopting modern tools and frameworks, such as artificial intelligence, data analytics, and sustainability, as key drivers of growth, resilience, and transformation in this sector.
According to Union of OIC News Agencies, the MoU also aims to meet the growing needs of the Islamic finance sector by adopting emerging technologies and promoting digital innovation. This collaboration comes within the framework of supporting institutional transformation and human capital development through the organization of specialized conferences, training programs, and research initiatives within the Kingdom of Bahrain and internationally. It also affirms the two institutions' commitment to supporting sustainability and consolidating the global standing of Islamic finance through technological advancement, academic excellence, and intellectual leadership.
Dr. Ahmed Al Shaikh expressed his appreciation for this cooperation, stating, "We are pleased to sign this partnership with the General Council for Islamic Banks and Financial Institutions (CIBAFI), which brings together two leading institutions with the aim of advancing the development of Islamic finance in the Kingdom of Bahrain. By combining our academic and training capabilities with CIBAFI's vision and effective strategies in the field of innovation, digital transformation, and sustainability, we will together contribute to enhancing the resilience of the Islamic financial sector, supporting the wheel of sustainability, and accelerating the integration of advanced digital technologies into corporate and financial operations."