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, a member of the Islamic Development Bank Group (IDBG), and CIBAFI, the global umbrella of Islamic financial institutions, 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 Memorandum of Understanding (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.”
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.”
HA/PR
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