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Under the heading «Innovation in Products» Open the nomination for the Council of «Islamic banks and financial institutions»

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Under the heading «Innovation in Products» Open the nomination for the Council of «Islamic banks and financial institutions»

Post by claud39 on Fri Feb 08, 2019 7:36 am


Under the heading «Innovation in Products» Open the nomination for the Council of «Islamic banks and financial institutions»


The General Council of Islamic Banks and Financial Institutions, the official umbrella of Islamic financial institutions, has started preparations for the 2019 General Council Award, which provides an opportunity for member institutions around the world to participate and highlight the reflected efforts in product innovation to finance small, medium and micro enterprises. 
The award was launched to honor institutions that offer a prime example of the Islamic financial industry. The award is based on specific core standards that reflect the core values ​​of Islamic financial institutions and aims to encourage Islamic financial institutions to absorb the core values ​​of Islamic finance to achieve Shariah objectives in financial transactions Islamic.
This year, the Council continues its initiative to launch the "Innovation in Products for Micro, Small and Medium Enterprises" project to assess the participation of Islamic financial institutions in the financing of SMEs, especially with regard to their creation of products that contribute to the growth of the real economy. Islamic Finance, which is an example in product innovation and financing services for SMEs. 
The General Council Award is characterized by impartiality and high transparency in selection through the appointment of independent independent evaluation and selection committees and in the presence of an independent external auditor to oversee the process of evaluating the criteria and collecting the final results of the candidates.
During the selection process, the committee evaluates each criterion to ensure accuracy and transparency in the evaluation. The winner remains unknown until all criteria are completed and the marks are collected for the candidate applications. To top ten candidates. In the same regard, all supporting documents containing the detailed activities of the institution are examined with the executive summary submitted by the screening committee, to prepare a detailed report explaining why any request with supporting documents is accepted or excluded. 
Therefore, these procedures are applied very carefully by the screening committee and provide a detailed report to the selection committee after the completion of the visit of the winning institution.

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