Ramallah - Safa Islamic Bank participated in the activities of the 47th session of the CIBAFI, recently held in Medina, Saudi Arabia. Nidal Barghouthi, General Manager of Al-Safa Bank represented the bank, who actively engaged in the session's proceedings. The session involved discussions on several urgent issues, including the approval of the council's financial report for the year ending December 31, 2022, as well as its activities report for the past year, extending from January to March of the current year.

Furthermore, the bank took part in a specialized strategic meeting on Islamic economics titled "Ethics of Islamic Banking Work and the Role of Stakeholders and Implementation," organized by the CIBAFI, which is the official umbrella of the Islamic financial industry. The meeting occurred on the sidelines of the CIBAFI’s board meeting, supported by AL Baraka Forum for Islamic Economy, coinciding with its annual events, both in-person in Medina and remotely through the "Zoom" platform.

The meeting witnessed distinguished participation from prominent representatives of the Islamic financial industry, including board members and senior executives from Islamic banks and financial institutions. The leaders of Islamic banking underscored the importance of enhancing ethical standards in the industry, emphasizing how these principles and ethics shape the future of Islamic finance.

Safa Bank's participation in such events is a testament to its diligent activity and success in establishing a strong presence in the field of Islamic banking, not only locally but also internationally.

Nidal Barghouthi affirmed the pivotal role played by the CIBAFI, established in 2001 under the umbrella of the Organization of Islamic Cooperation. Its main office is located in Bahrain and boasts the membership of more than 130 financial institutions from over 30 countries around the world. Barghouthi added that the council significantly contributes to supporting the Islamic financial services industry by representing and advocating for it regarding regulatory, financial, and economic policies that serve the collective interests of its members. He emphasized the bank's consistent presence in the important activities of the council.

Barghouthi noted that the meeting aimed to discuss the principles and specificities of Islamic economics, exchanging ideas and suggestions on emerging issues in the Islamic financial industry.

He pointed out that such events shed light on various topics related to Islamic banking, as demonstrated by the seminar's coverage of the role of Sharia bodies in ethical compliance, and the societal role of Islamic banks and financial institutions in achieving the objectives of Sharia.

He mentioned multiple meetings held with representatives of participating Islamic financial bodies, stating, "The meeting had positive results on various fronts, especially as it targeted board members, CEOs of Islamic banks and financial institutions, senior risk managers, and members of regulatory and supervisory bodies in Islamic banks and financial institutions."

He said, "Palestine's presence in various forums related to the Islamic financial services industry is of paramount importance to highlight the successes achieved in this industry and exchange experiences with different institutions, in addition to staying updated on the latest developments in this field."

He also highlighted, "The Islamic banking industry has gained increasing attention and a larger presence in the banking sector, not only at the Arab and Islamic levels but also internationally."

He confirmed that despite all challenges and difficulties, Safa Bank succeeded in setting an example of Palestinian ingenuity, achieving accomplishments even in the most challenging circumstances. The bank provides an integrated package of services and programs in compliance with the principles of Sharia, aligned with the needs and desires of the Palestinian public on one hand, and the evolving and growing requirements of Islamic banking on the other.

It's worth noting that the meeting included an opening session as well as two sessions. The first addressed the "Foundations and Ethics of Islamic Economics and Islamic Banking," while the second session explored the issue of "Social Responsibility of Islamic Financial Institutions and Their Role in Achieving Sustainability."