CIBAFI, IRTI sign MoU on Islamic finance database

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) have signed a Memorandum of Understanding (MoU) for a joint project to establish an Islamic financial industry data repository.

The online system, 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.

IFII would comprise several integrated databases covering all the components of the Islamic finance industry—including banking, insurance, and social finance.

Speaking during the MOU signing event at the IDB Headquarters in Jeddah, the Director General of IRTI, Prof. Mohamed Azmi 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.”

Abdelilah Belatik, 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.”