JEDDAH, KSA, 29 February 2016 | The Islamic Research and Training Institute (IRTI), a member of the Islamic Development Bank Group, and the General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, today signed a Memorandum of Understanding (MoU) for a joint project to establish the first-of-its kind Islamic financial industry data repository.

The online repository, to be named the ‘Islamic Financial Industry Intelligence (IFII)’, is aimed to be a one-stop shop for comprehensive and reliable Islamic financial and non-financial data and information. IRTI Director General, Prof. Mohamed Azmi Omar, and CIBAFI Secretary General, Mr. Abdelilah Belatik, jointly signed the agreement on behalf of the two institutions, at the IDB Group Headquarters in Jeddah.

IFII would comprise several integrated databases covering all the components of the Islamic finance industry—including banking, insurance, and social finance. In the first phase, the system will take off with a database of Islamic banking information.

IRTI and CIBAFI resolved to cooperate on this project in order to fill a vacuum created by the absence of co-located timely, reliable and comprehensive data on all aspects of Islamic finance.

IFII is expected to be a vital resource for Islamic financial institutions, policymakers, regulatory authorities, industry professionals, academics, scholars, and other stakeholders. IFII will come with state-of-the-art built-in features to allow for report generation, data visualization, and download of financial datasets.

Speaking during the MoU signing, the IRTI Director General, Prof. Omar, said, “This repository would make it easy for industry operators to get credible information to do their businesses; while academics and students would easily get the information they need to produce high-quality research in their efforts of advancing knowledge in Islamic economics, banking and finance.”

Mr. Belatik, the Secretary General of CIBAFI, said, “The partnership with IRTI will strengthen CIBAFI’s role as the ‘voice’ of the industry and advocate for the Islamic financial services industry with other international organizations, international standard-setting organizations and regulatory and supervisory authorities, as well as support its strategic objectives. IFII would be of immense benefit to CIBAFI and its members as well as industry stakeholders at large.”

NOTE TO EDITORS:

About the Islamic Research and Training Institute (IRTI)
The Islamic Research and Training Institute (IRTI), a member of the Islamic Development Bank Group (IDBG), was established in 1401H (1981) primarily to undertake research, training, and advisory services in Islamic Economics and Finance to facilitate the economic, financial, and banking activities in IDB member countries to conform to Shari'ah. A knowledge-based organization, IRTI is one of the pioneers and the key centers of excellence around the world in promoting and supporting the
development and sustenance of a dynamic and comprehensive Islamic Financial Services Industry, which supports the socioeconomic development of IDB member states and Muslim communities across the globe.
For more information, please contact: Mohamed Salat, Manager, Information & Knowledge Services (msalat@isdb.org)

About the General Council for Islamic Banks and Financial Institutions (CIBAFI)

CIBAFI is an international organization established in 2001 and Headquartered in the Kingdom of Bahrain. CIBAFI is affiliated with the Organization of Islamic Cooperation (OIC). CIBAFI represents the Islamic financial services industry globally, defending and promoting its role, consolidating co-operation among its members, and with other institutions with similar interests and objectives. With nearly 120 members from over 30 jurisdictions, representing market players, international
intergovernmental organizations and professional firms, and industry associations. For more information about CIBAFI, please visit www.CIBAFI.org, Tel: +97317357300, Email: media@cibafi.org