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كلمة المجلس العام

Abdelilah BELATIK

Secretary General of CIBAFI

Welcome to the 64th edition of the Global Islamic Economics Magazine (GIEM).  As always, it is our pleasure to keep you updated with current challenges and prospects in the global Islamic financial services industry (IFSI). The GIEM also serves as the platform for CIBAFI to keep our stakeholders informed about our activities and key initiatives.

As part of its agenda to have regular dialogue and engage with Islamic financial industry stakeholders, CIBAFI organised its Members’ Strategic Session in Kuala Lumpur, Malaysia on 8th September 2017. Hosted by CIBAFI’s BOD member bank, Bank Muamalat Malaysia Berhad (BMMB) and the Association of Islamic Banking Institutions Malaysia (AIBIM), the Session was opened by Dato' Hj. Mohd Redza Shah Abdul Wahid, who is the Chief Executive Officer of BMMB, the President of AIBIM and is also a member of the Board of Directors of CIBAFI. This was followed by an update on CIBAFI activities. The Strategic Session provided a great opportunity to engage in valuable discussion between CIBAFI and its members, and to receive feedback and strategic advice from the industry and stakeholders in Malaysia, on CIBAFI initiatives and activities. Malaysia is an important Islamic finance player globally, and it has certainly a more proactive role to play within the membership of CIBAFI.  

The businessenvironment facing many challenges today, including economic and political uncertainties, technology and innovation disruptions, and other business challenges that may have a direct impact on the business existence and risk profile. Islamic banks and financial institutions and other stakeholders shall be aware of all the challenges that may affect their business. These may impact their profit margins, disrupt their operations or challenge their business model the Credit Rating agencies play an important role in assessing the creditworthiness and risk profile of countries, banks and financial institutions, and capital market instruments, by using different methodologies including quantitative and qualitative analysis; macro, industry, company level analysis among others, all of which will help the investors and other stakeholders to better understand the risks and creditworthiness of business that intend to deal with.

Tounderstand the challenging business environment, CIBAFI in cooperation with S&P Global Ratings and under the patronage of the Central Bank of Bahrain (CBB) organised a Seminar on Credit Ratings: Focus on Islamic Banks and Sukuk Ratings Methodology in Manama, Kingdom of Bahrain on 17-18 September 2017. The Seminar engaged participants in the discussion on different Credit Ratings criteria which focussed on the sovereign, Islamic banks and Sukuk ratings methodologies in addition to supported real case studies and interactive discussion. The Seminar also discussed in a special panel session the Global Economic Outlook and Impact on Islamic Financial Institutions – Practitioners’ Perspective. The session concluded that although the economic outlook is not very good, with the negative impact on oil prices and political tensions, the Islamic banks have boosted their activities in many countries and are still enjoying high liquid balance sheet with a good buffer of capital (approximately 17% of tier 1 capital). The delegates from Bahrain, Bangladesh, Sudan, Saudi Arabia, Kuwait, and the United Arab Emirates participated actively in the Seminar.

The innovation of products, services and processes and the formation of successful business enterprises are important to every business sector. Innovation and corporate entrepreneurship initiated by enterprises are considered as valuable instruments for enhancing organisations’ bottom line. These tools help in business development, revenue growth, and profitability enhancement. In its endeavour to bridge the entrepreneurship and innovation gap, CIBAFI is organising its third series of Executive Programmes for C- suit Executives “ Strategic Thinking, Innovation and Corporate Entrepreneurship and Change Leadership”, the joint programme is provided in partnership with Ivey Business School on 7 - 8 November 2017 in Manama, Kingdom of Bahrain. This is following the successful execution of the two joint Executive Programmes in 2015 and 2016, which delivered a world class and highly interactive learning experience for Islamic Financial Institutions (IFIs) executives. The participants of the Executive Programme will be put in the shoes of decision-makers, struggling with real challenges to develop their skills to effectively analyse issues, develop strategies and execute business plans successfully.

CIBAFI will continue to highlight and help address important industry issues as part of its role to promote awareness and information sharing and develop the Islamic finance industry to ensure its continued progress. Stay tuned!

جميع الحقوق محفوظة لمجلة الاقتصاد الاسلامي العالمية 2018