العدد الحالي: ايلول/ سبتمبر 2018       اختر عدد :
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كلمة المجلس العام

Abdelilah BELATIK

Secretary General of CIBAFI

Welcome to the 53rd edition of the Global Islamic Economics Magazine (GIEM). As always, it is our pleasure to keep you updated with the current challenges and opportunities and recent developments in the global Islamic finance industry. The GIEM also serves as the platform for CIBAFI to keep its stakeholders updated of its activities and initiatives, and keep the readers abreast with important developments impacting the Islamic banking and finance industry.

 

As part of CIBAFI’s Strategic Objective2: Research and Publications, CIBAFI in collaboration with the World Bank is working on a joint publication on Corporate Governance of Islamic Financial Institutions.  Following on from the Memorandum of Understanding signed by CIBAFI and the World Bank, it was agreed that there was a need for a robust analysis of current corporate governance standards within the Islamic banking industry. Such a publication would serve as the basis for further work in the field of Corporate Governance by generating policy recommendations which would then prompt practical steps to strengthen areas of governance that are currently weak.

It is hoped that the upcoming report will be read widely within the Islamic financial industry, by individual institutions seeking to improve their own governance practices and by regulators who are looking to strengthen the financial systems that they oversee.

 

As part of CIBAFI’s Strategic Objective 3:Awareness and Information Sharing, CIBAFI and the Union of Arab Banks (UAB) have jointly organised an Islamic Finance Forum, themed “The Developing Markets of Islamic Finance: Policies, Regulations, and Market Practices”. The Forum was organized under the auspices of the Governor of the Central Bank of Tunisia - H.E. Chedly Ayari in the capital of Tunisia, Tunis on 28 - 29 September 2016. The Forum was well appreciated and attended by more than 150 delegates from 21 countries.

The two days programme brought together various stakeholders from the Islamic finance industry, multilateral development institutions, international and national regulatory bodies, policy-makers, and academia to discuss the issue of frontier markets of Islamic finance, including from around Mediterranean region. The Forum discussed the macroeconomic outlook and political stability in the developing markets with a focus on the African and Mediterranean region and deliberated on regulatory framework and its development. The Forum examined key Islamic Finance business lines to serve customers’ core demands in Mediterranean markets. The event saw the discussion on how Islamic Finance can support global trade and infrastructure development in the light of potential that Shariah-compliant finance industry holds in and around the region. The Forum also covered how the potential of Takaful industry can be unlocked in Mediterranean markets.

As part of CIBAFI’s Strategic Objective 4: Professional Development, and in particular CIBAFI’s endeavour to enhance capacity building in the Islamic Financial Services Industry among the top industry executives, CIBAFI will continue its series of Executive Programmes this year on 22 – 23 November 2016 titled, “CIBAFI – Ivey Business School Executive Programme on Ambidextrous Leadership and Disruptive Strategy”. The series follows the successful execution of the inaugural Executive Programme with Ivey Business School last year which captured a practical, high energy learning experience for Islamic Financial Institutions’ (IFIs) executives that aimed at enhancing skills of strategic analysis, strategy formation and execution.

This year’s programme will provide “platform” skills in strategic thinking and action so that executives have a common orientation and articulation of strategic goals and initiatives. Participants will be exposed to the notion of ambidextrous leadership, which is often the formula for further growth and success when established organizations struggle with protecting their existing advantages and shy away from exploring new opportunities for fear that they would potentially cannibalize existing businesses. The programme will analyze some of the disruptive strategic thinking and opportunities in financial services. Through an interactive team project applying the Business Model Canvas, participants will gain hands-on and insightful experience in developing an ambidextrous project that would have disruptive potential in their business space. 

CIBAFI also held second of its series of Technical Workshops from 18th - 20th October 2016 in in Jeddah, Saudi Arabia, which was hosted by Institute of Finance, Saudi Arabian Monetary Agency. This 3-day Technical Workshop provided participants with hands on technical and practical knowledge and skills pertaining to product development, with a focus on Islamic financial services. Over 40 delegates from 11 countries participated in the workshop. The Workshop enabled participants to understand the mechanisms, process, and obstacles in the development of new products.

This workshop will be followed by the nextTechnical Workshop in this series, hosted by the Central Bank of Sudan in Khartoum, Sudan from 6 - 8 December 2016. CIBAFI Technical Workshops aim to equip the Islamic banking industry’s staff to help tackle the need for developing their technical expertise and are targeted towards middle-level staff of Islamic banks and financial institutions including officers from the departments of product development, Shariah, risk management, legal and others.

CIBAFI as an umbrella of Islamic financial institutions continues to progress its agendas and address areas of long and short term importance for the development of Islamic financial industry and identify opportunities in developing Islamic finance globallythrough its four Strategic Objectives. Stay tuned!