العدد الحالي: نوفمبر 2017       اختر عدد :
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كلمة المجلس العام

Abdelilah BELATIK

Secretary General of CIBAFI

Welcome to the 60th edition of the Global Islamic Economics Magazine (GIEM).  As always, it is our pleasure to keep you abreast with the current updates and prospects in the global Islamic financial services industry (IFSI). The GIEM also serves as a platform for CIBAFI to keep our stakeholders informed about our activities and key initiatives.

As part of CIBAFI 3rd Strategic Objective of Awareness and Information Sharing, CIBAFI successfully held its second Global Forum, themed “Essential Renovation of Banking Practices Towards Resilience and Shared Prosperity”, under the patronage of the Central Bank of Jordan in Amman, Jordan on 8-9 May 2017. The two-day Forum was attended by more than 270 delegates from 30 countries, and brought together stakeholders from IFSI, multilateral development institutions, international and national regulatory bodies, policy-makers, and academia.

The first session of the Forum focussed on shifting geopolitics and the Asian century; banking strategies in the age of uncertainty and political populism; and regulatory agenda for the 2020’s after Basel III, and reconstructing business models for unconventional central banking practices.

Through its five sessions, the Forum highlighted many crucial and contemporary issues in the IFSI among others, and provided vital insights for sustainability and its alignment with the UN development goals, and its interlinkages with Maqasid al Shariah; deliberated on moving towards rebranding as an expansion strategy for IFI and explained how a robust brand strategy can be used to differentiate institutions’ appeal to customers, both in developed and nascent markets; explored strategies for a greater role of Sukuk in sustainable development of IFSI, and regulatory and supervisory requirements for harmonizing Sukuk structures across jurisdictions; discussed unique insights on Leadership & Strategy and gave some exceptional views on leveraging the industry growth with technology and innovation. And finally the Forum provided some of the visionary ideas on future of money and IFIs, and potential role of IFIs in the context, including digital money, bitcoin and blockchain.

Also under its 3rd Strategic Objective, and as part of CIBAFI’s mandate to develop and promote dialogue in nascent Islamic finance markets, CIBAFI organised an InFocus Session, “Prospects for Islamic Finance in the CIS Region: Focus on SME, Takaful and Sukuk”, on the sidelines of Kazan Summit 2017 on 19th May 2017 in Kazan, Tatarstan. The session was organised in association with Tatarstan Investment Development Agency (TIDA), and brought together a distinguished panel of Islamic finance experts to discuss opportunities, prospects and challenges for the industry in Commonwealth of Independent States (CIS) and provided a strategic perspective on a number of key factors that influence the progress of the Islamic finance sector in the region.

Aligned with CIBAFI’s fourth Strategic Objective of Professional Development, and in particular its endeavour to enhance capacity building in the IFSI, CIBAFI held a Technical Workshop on Governance, Risk and Compliance for IFIs on 26 - 28 April 2017 in Nairobi, Kenya. The workshop was hosted by Kenya School of Monetary Studies (KSMS) of the Central Bank of Kenya. The aim of the workshop was to engage participants in discussions on current Islamic Banking environment and post-crisis developments, with a focus on supervisory developments, Shariah compliance, and risk management techniques in IFIs. Delegates from Kenya, Sudan, Nigeria, Burundi, Tanzania and other neighbouring countries from CIBAFI member institutions and regional regulators participated in the workshop.

In the same context CIBAFI organised a Members’ Strategic Session in Nairobi which saw participation from the representatives of member banks, regulatory and supervisory authorities, and other key stakeholders of the industry. The stakeholders attending the session expressed the need for the country and the region to have strong support for capacity building as well as enhancing awareness of the industry. Conversely, IFSI can leverage from Kenya’s expertise and know-how on financial technologies, such as mobile banking platforms.

CIBAFI is all set to launch the much awaited CIBAFI Award with an aim to recognise and showcase Islamic financial institution that provides outstanding example to the industry in terms of best practices in order to achieve the objectives of Shariah (Maqasid al Shariah) in financial transactions, in relation to social and environmental responsibility. The award aims to encourage Islamic financial institutions to apply principles and values in linking financial transactions with real economic and supporting responsible and sustainable business.

 

CIBAFI Award 2017 will be presented to member institution that has taken a leadership position in fulfilling Social and Environmental Responsibility in its business activities, financial products, and services.

 

CIBAFI as the major stakeholder in the global IFSI architecture will continue to develop, encourage and enhance the industry’s effectiveness and relevance in the global financial industry through its Strategic Objectives. Stay tuned!