International Islamic CEO Abdul Basit Al Shaibei receiving a memento from Abdeslam Ballaji, President of the Moroccan Association for Islamic Economics.
DOHA: Highest degree of transparency and good governance are key to effective operation of Islamic Banks, International Islamic (QIIB) CEO Abdul Basit Al Shaibei said at an international Islamic Banking Summit.
Presenting a paper at the just-concluded Islamic Banking Summit in Morocco, Abdul Basit noted the issue of governance is important for the effective evaluation of the performance of the Islamic Banks. He stressed the need for Islamic banks to urgently implement the governance standards stipulated by the Islamic Financial Services Board.
“The presence of the Shariah is the main requirement for good governance in Islamic banks. Its effective application will bring in better results,” he said.
With regard to the entry of Islamic finance to the Kingdom of Morocco and its implications, Abdul Basit said: “The Moroccan economy’s emerging dynamics can take advantage of the Islamic finance industry dramatically. Experts estimate that the assets managed by Islamic banks around the world for less than a trillion US dollars. This figure is expected to rise to a trillion and a half, a figure that shows the advantages and benefits that can accrue to the Moroccan economy will enable Islamic banks to operate effectively in the Moroccan market.”
The summit was attended by senior officials of Morocco in addition to bank officials from various countries in North Africa and the large number of dignitaries and businessmen across the region.