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

Abdelilah BELATIK

Secretary General of CIBAFI

Welcome to the 69th edition of the Global Islamic Economics Magazine (GIEM). As always, it is our pleasure to keep you updated with current updates and prospects in the global Islamic financial services industry (IFSI). The GIEM also serves as a platform for CIBAFI to keep its stakeholders informed about its activities and key initiatives.

As part of its first Strategic Objective of Policy, Regulatory Advocacy, CIBAFI submitted its comments to the Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI) on its Exposure Draft (ED) of Governance Standard for Islamic Financial Institutions No. 10: “Shariah compliance and fiduciary ratings for Islamic financial institutions” on 28th February 2018.

In its submission to the AAOIFI, CIBAFI pointed out its members’ concerns on the purpose of the ED and who will be mandated for its implementation, in the existence of Shariah governance and different Shariah organs such as Shariah Supervisory Boards (SSB), Shariah committees, Shariah reviews, and external Shariah audits. Therefore the question raised is where does Shariah compliance rating fit into the Shariah governance structure in different jurisdictions. CIBAFI’s members also noted that thestandard was prepared withone particular rating agency. This may create a bias towards one rating methodology, especially as the ED containsdetailed scoring, weightings, and rating scale. In turn, this might be problematic to other rating agencies in various jurisdictions. Finally, CIBAFI recommended for more time to be spent on having discussions and views with different stakeholders from different jurisdictions. Detailed comments submitted to the AAOIFI are available on CIBAFI’s website: http://www.cibafi.org.

As part of its second Strategic Objective of Research and Publications, CIBAFI is putting the final touches on its inaugural Global Takaful Survey (GTS) 2018. After two successive editions of Global Islamic Bankers’ Survey (GIBS) in 2015 and 2016, capturing the pulse of the global Islamic banking industry, CIBAFI takes stock of the global Takaful industry through its inaugural Global Takaful Survey and provides the industry’s perspective on its current situation and on the future, both short and long term. This inaugural Global Takaful Survey 2018 which reflects the perspectives of the heads of 55 Takaful companies from 24 countries globally can be considered as a collective feedback on the risks, challenges and potential opportunities the sector holds. It reinforces CIBAFI’s commitment and its mandate to be the leading voice representing the Islamic financial industry globally, and provides a first-hand source of industry intelligence and information which identifies opportunities and challenges in paving the way for future growth and development of the Takaful industry. The GTS Report will launch in March 2018, and will be uploaded on CIBAFI’s website in English and Arabic language.

As part of CIBAFI’s third Strategic Objective of Awareness and Information Sharing, CIBAFI is pleased to have its 2018 edition of the Global Forum to be held in Istanbul, Turkey. The third Global Forum topics and sessions will not be far from the growing presence and development of new technologies, and its impact on IFSI. The advantages of technological developments cannot be deniedespecially from cost, productivity, and competitiveness perspectives.However, this development has also been having other repercussions, for example on the job market. The integration of new technologies i.e. Artificial Intelligence, robotics, and others has been rapidly reaching a level where not only routine jobs are being replaced by automated machines, but also non-routine cognitive tasks that require human intelligence to be performed. In consequence, interrogations are revolving today around the effect of these technological developments on the future of employment.CIBAFI Global Forum 2018 will discuss what the future of work will mean for jobs, skills, and wages and how technological developmentscan be a far great threat to employment. Top industry stakeholders from within and outside of the Islamic finance industry, multilateral development institutions, international and national regulatory bodies, policy-makers, among others will discuss how Automation is to replace white collar jobs and the skills updates required to stay in the job market. They will also be discussing how Shariah scholars could cope with financial innovations and disruptions in the market.All this and much more at CIBAFI Global Forum “The New Face of Financial Services: Disruptions, Opportunities and the New Normals” on 2- 3 May 2018, in Istanbul, Turkey.

CIBAFI will continue to focus on important industry issues and help address them as part of its mandate and support the Islamic finance industry to ensure its continued success. Stay tuned!