كلمة المجلس العام
Secretary General of CIBAFI
Welcome to the 55th edition of the Global Islamic Economics Magazine (GIEM). In this last edition of this year, as always, it is our pleasure to keep you updated with the current challenges and opportunities and recent developments in the global Islamic financial services industry.Apart from CIBAFI’s updates in the past month, we are pleased to provide a short roundup on CIBAFI activities for the year 2016.
On 5th December 2016, CIBAFI held its 29th Board of Directors (BOD) meeting, 5th Executive Committee (EC) Meeting and 3rd Members Consultative Group (MCG) Meeting which were kindly hosted by Al Baraka Banking Group at its new Headquarters in Bahrain Bay, Kingdom of Bahrain. The BoD and the EC meetings were chaired by H.E. Sheaikh Saleh A. Kamel, Chairman of the BOD & EC of CIBAFI. The gathering saw the launch of CIBAFI’s 2nd annual flagship publication, the Global Islamic Bankers’ Survey 2016.
The BoD and EC members commended the work of the Secretariat for implementing CIBAFI work plan in line with its Strategic plan 2015 - 2018. The meetings discussed and approved the operating budget for 2017, the work plan for 2017, as well as the BoD charter of CIBAFI and BOD members’ election criteria.
As part of CIBAFI’s 1st Strategic Objective: Policy, Regulatory Advocacy, CIBAFI has been actively communicating with international standard setting bodies in advocating sound policy and regulations for the industry. Some of which included the collective feedback of CIBAFI members to the Basel Committee on Banking Supervision (BCBS) on the latter’s Consultative Document on Standardised Measurement Approach for Operational Risk, and CIBAFI’s comments to Islamic Financial Services Board (IFSB)’s Exposure Draft 18 on Guiding Principles for Retakaful (Islamic Reinsurance). CIBAFI plans to further apply a proactive approach for the task of policy, regulatory advocacy for robust regulatory policies in the Islamic financial industry moving forward.
CIBAFI also engaged with the industry experts on regular intervals through its Members Consultative Group (MCG). The MCG provides impetus and thoughts on enhancing the quality and relevance of CIBAFI deliverables to the industry.
Several research reports and publications were issued as part of the CIBAFI’s second Strategic Objective: Research and Publications. The most recent is the release of CIBAFI’s second annual Global Islamic Bankers’ Survey (GIBS) in Bahrain, which expressed the views of the Heads of 86 Islamic banks from 29 different countries. CIBAFI has also issued Briefings on various topics such as, Corporate Governance, Risk Management and Compliance, and Tier 1 and Tier 2 Capital Sukuk. CIBAFI Briefings are short analytical documents covering important issues and topics for Islamic financial institutions.
In realizing its third Strategic Objective: Awareness and Information Sharing, CIBAFI held series of Roundtable Meetings, Forum and International Conferences in 2016. Most significant among them is the CIBAFI Global Forum, themed: “Rethinking Values for Sustainable Growth” which marked the 15th Anniversary of CIBAFI’s establishment. The two-day Forum was organised under the patronage of the Central Bank of Bahrain. The Forum was attended by delegates from more than 28 countries.
Covering the emerging economies of Mediterranean markets CIBAFI jointly organized an Islamic Finance Forum, themed “The Developing Markets of Islamic Finance: Policies, Regulations, and Market Practices”,with the Union of Arab Banks (UAB). The two-day Forum was held under the auspices and presence of the Governor of the Central Bank of Tunisia.
CIBAFI also held various industry meetings in 2016 to address industry issues, one among them is the 2nd Roundtable Meeting in Jeddah, Kingdom of Saudi Arabia, in collaboration with the Islamic Development Bank (IDB), to address challenges in the Islamic Micro and Small and Medium Sized Enterprises (MSME) financing.
Earlier in 2016, CIBAFI and the Islamic Research and Training Institute (IRTI), signed a Memorandum of Understanding (MoU)for a joint project to establish the first-of-its kind Islamic financial industry data repository. The online system, termed: ‘Islamic Financial Industry Intelligence (IFII)’, is aimed to provide a comprehensive and reliable Islamic financial and non-financial data and information.
Under the CIBAFIs’ fourth Strategic objective: Professional Development, CIBAFI conducted a range of programmes targeted towards training different levels of industry professionals. CIBAFI held a series of Technical Workshops on Products development in various jurisdictions, including Bahrain, Saudi Arabia, and Sudan. The most recently held workshop was hosted by the Central Bank of Sudan on 6 - 8 December 2016, attended by nearly 60 delegates from 5 counties. CIBAFI also organized Strategic Members Session in Khartoum, with Sudan Banks Union kindly hosting the Session with its members and stakeholders.
In 2016 CIBAFI conducted Professional Certification programmes in 14 countries via 30 accredited agents. More than 600 professionals have been trained during 60 training sessions.
CIBAFI also successfully continued series of Executive Programmes for senior management of Islamic banks, which were delivered in partnership with the Ivey Business School. The programme focussed on ambidextrous leadership and disruptive strategies.
We are pleased to share that CIBAFI has been successful in achieving all of its strategic goals and objectives this year as laid down in the Strategic Plan 2015 – 2018.
We would like take this opportunity to thank our various stakeholders including the CIBAFI BoD for their support and encouragement to CIBAFI over these 15 years in being an agent of change and support to the Islamic financial industry.
Notwithstanding, all the challenges facing Islamic finance, we remain optimistic about the direction and development of the industry. We do hope both professional and personal lives find success and prosperity for the coming year 2017. Stay tuned!