Islamic Finance: Strong Standards of Corporate Governance Are a 'Sine Qua Non'
Proper corporate governance practices in financial institutions should provide added value by enhancing the protection of depositor and investor rights, facilitating access to finance, reducing the cost of capital, improving operational performance, and increasing institutions’ soundness against external shocks. Ensuring strong corporate governance standards is thus essential to the stability and health of all financial institutions, worldwide. Good governance is an important priority for Islamic finance. Thus, the General Council for Islamic Banks and Financial Institutions (CIBAFI) and the World Bank’s Finance and Markets Global Practice recently organized the conference on “Corporate Governance for Islamic Financial Institutions: Lessons from Recent Global Developments” in Jordan.
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