كلمة المجلس العام
Secretary General of CIBAFI
Welcome to the 56th edition of the Global Islamic Economics Magazine (GIEM). As always, it is our pleasure to keep you updated with the current challenges and opportunities, as well as the latest developments in the global Islamic finance industry. The GIEM also serves as the platform for CIBAFI to keep our stakeholders informed about its activities and key initiatives.
As we continue to seek greater heights and enrich our mandate to help develop Islamic finance industry in 2017, Secretariat is pleased to share that it has achieved all its set objectives for the year 2016 in accordance with the work plan for 2016, and is well positioned to continue this endeavour through achieving its set objectives and goals for 2017.
We have started this year very firm and dynamic, with some projects being executed during the first month of the year, we do look forward to an exciting year for CIBAFI and the industry.
As part of the Strategic Objective - 1, Policy, Regulatory Advocacy, CIBAFI submitted its comments and recommendations to the Islamic Financial Services Board (IFSB), for the Exposure Draft-19: “Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Sukuk and Islamic Collective Investment Schemes)” (ED19). The ED19 was issued on the 31st October 2016 inviting comments from regulatory and supervisory authorities, international organizations etc. This standard is primarily concerned with setting principles and minimum standards for disclosure in relation to Islamic capital market products and with an objective to create greater harmonisation of regulation and practice in the Islamic Capital Market (ICM), and facilitate cross-border offerings.
CIBAFI’s submitted its consolidated comments on ED-19 on behalf of its members to the IFSB, with an aim to ensure that the final document which will be published by the IFSB as “Guiding Principles on Disclosure Requirements for ICM Products” reflects the needs of CIBAFI members, and other stakeholders, who engage in capital market activities, both on the issuing side and the investor side.
As part of CIBAFI’s 3rd Strategic Objective, Research and Publications, CIBAFI issued this month its 4th ‘Briefing’. This Briefing is an outcome of CIBAFI Global Forum: “Rethinking Values for Sustainable Growth”, which was held in May 2016. The event marked the 15th anniversary of CIBAFI’s establishment and was held in Manama, Kingdom of Bahrain. The Forum had discussed issues related to changing global business environment with particular reference to the development of business strategies for Islamic finance that are based on sustainable growth and sound ethics.
Two key business innovation ideas emerged from the discussions at the Global Forum:
i. the need for a structural shift in banks’ business models from solely satisfying shareholders towards a broader approach that entails satisfying the needs of all stakeholders, such as customers, society and the environment, as well as shareholders.
ii. The need to use innovative financial technologies to develop banks’ business models, both as a competitive edge and as a way to enhance service levels to customers.
With a highly successful annual event in 2016, this year CIBAFI will hold its Global Forum in Amman, Jordan, under the patronage of the Central Bank of Jordan, themed: “Essential Renovation of Banking Practices Towards Resilience and Shared Prosperity”.
I take this opportunity to welcome our members and stakeholders to join us in Amman.
As part of its 4th Strategic Objective: Professional Development, where CIBAFI aims to enhance capacity building in the Islamic Financial Services Industry (IFSI), CIBAFI held its first Technical Workshop for the year on Products Development & Financial Engineering for Islamic Financial Institutions (IFIs) on 24 - 26 January 2017 in Nouakchott, Mauritania, which was kindly hosted by the Central Bank of Mauritania.
The Technical Workshop on Products Development & Financial Engineering for IFIs is a professional development initiative of CIBAFI that aims to discuss how Islamic principles form the building blocks of contemporary Islamic financial products. It also aims to discuss the intricate issues related to products development processes, from industry practitioners’ perspective.
As a continuation of a dialog with our members, CIBAFI held a Members’ Strategic Session on 25th of January, in Nouakchott, Mauritania on the sideline of the Technical Workshops. CIBAFI’s Strategic Members’ Session in Mauritania was concluded by a Dinner hosted by Banque Al Wava Mauritanienne Islamique. This is second strategic members’ session in Mauritania, first was held in 2015, in a form of Roundtable discussion over CIBAFI Strategic plan 2015 – 2018, CIBAFI is pleased to be returning to Mauritania to meet its members, and continue dialog with the industry and regulators.
CIBAFI will continue to focus on its role as an important link between the various stakeholders of the Islamic financial services industry in 2017 through its Strategic Objectives. Stay tuned!