Saudi Press

Saudi Arabia and the world
Tuesday, Jun 24, 2025

Abdullah Kamel: Adherence to ethical standards is a must for sustainable financial system

Abdullah Kamel: Adherence to ethical standards is a must for sustainable financial system

Abdullah Saleh Kamel, chairman of the Board of Directors of the General Council for Islamic Banks and Financial Institutions (CIBAFI), has said that adherence to ethical standards by Islamic banks and financial institutions has been instrumental to the establishment of a sustainable financial system that serves the economy and society alike.
“Today, we must work hand in hand to ensure the stability of the Islamic financial system, and encourage the adoption of sustainability practices in the work of Islamic banks and financial institutions. Instilling a culture of professional ethics in the Islamic financial industry requires the active participation of industry leaders and decision-makers,” he said.

Abdullah Kamel made the remarks while addressing a strategic meeting on Islamic economy, titled “Islamic banking ethics and the role of stakeholders in its application,” organized by CIBAFI, an affiliate of the Organization of Islamic Cooperation (OIC) in Jeddah on Tuesday.

Prominent figures, including representatives from the Islamic financial industry, as well as members of the boards of directors and senior managers of Islamic banks and financial institutions from the OIC member countries, attended the meeting.

During the discussion sessions, Islamic banking leaders emphasized the importance of promoting ethical standards in the industry and highlighted the impact of these principles and ethics on shaping the future of Islamic finance, which contributes to the growth and development of the industry.

CIBAFI Secretary-General Dr. Abdul Ilah Balatiq welcomed the participants. In his speech, Balatiq underlined the need to promote professional ethics in the Islamic financial industry. “In view of this, CIBAFI organized this high-level dialogue platform to emphasize the importance of commitment to ethics in financial transactions,” he said.

CIBAFI is an international non-profit organization founded in 2001 by the Islamic Development Bank (IsDB) and a number of leading Islamic financial institutions. With over 130 members from more than 30 jurisdictions all around the world, CIBAFI is recognized as a major component in the international architecture of Islamic finance.

The strategic objectives of CIBAFI include advocacy of Islamic finance values and related policies and regulations; sustainability and innovation integration; industry research and analysis; and professional development.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Black Box Recovered from Air India Crash Site
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Global News Roundup: From Ukraine's strategic military strikes and Russia's demands and Tensions Escalate in Ukraine, to serious legal issues faced by Britons in Bali and Trump's media criticism, the latest developments highlight a turbulent landscape
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
×