العدد الحالي: ايلول/ سبتمبر 2018       اختر عدد :
ترجم هذه الصفحة:
    بحث متقدم
A- A A+ : حجم الخط

كلمة المجلس العام

Abdelilah BELATIK

Secretary General of CIBAFI

Welcome to the 70th edition of the Global Islamic Economics Magazine (GIEM). As always, it is our pleasure to keep you updated with the current updates and prospects of 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 Basel Committee on Banking Supervision (BCBS) on its Consultative Document (CD) on “Stress Testing Principles” on 20th March 2018.

In its submission to the BCBS, CIBAFI noted that the principles have been “formulated with a view towards application to large, internationally active banks … in Basel Committee member jurisdictions”, but are intended to be used on a proportionate basis by smaller banks and their supervisors in all jurisdictions. CIBAFI members would like to see the BCBS provide more clarification on the regulators’ role in such application and the application of the principles by smaller banks to assist less sophisticated supervisory authorities and smaller banks in their implementation. In addition to stating the high-level principles, the BCBS is planning to publish descriptions of stress testing practices. CIBAFI members believe that it will be particularly helpful to smaller banks and less sophisticated supervisory authorities. The Committee may take into consideration in its further publications (i) different stress testing methodologies and scenarios to be adopted for each of the risk silos; (ii) guidance on the choice of macroeconomic parameters in scenario-setting, and (iii) guidance on an appropriate frequency for testing and review in particular contexts. Finally, the Committee has published its “range of practices”  report, which describes and compares supervisory and bank stress testing practices and highlights areas of evolution. CIBAFI members have suggested that the Committee should include the testing of Islamic banks in its future reports with the stress test methodologies and results of the Islamic Banking sector separately. Moreover, some CIBAFI members highlighted that Islamic financial institutions (IFIs) have specific risks, different ranges of stress testing scenarios and severities which raise particular concerns and challenges in using these principles. Therefore, The BCBS may take into consideration certain specificities of IFIs in its further guidelines and publications.

Detailed comments submitted to the BCBS are available on CIBAFI’s website: http://www.cibafi.org.

As part of CIBAFI’s third Strategic Objective of Awareness and Information Sharing, CIBAFI is pleased to have made significant progress in preparation for its third Global Forum, which will be held this year in Istanbul, Turkey. The topics and sessions of the Global Forum are covering the growing presence and development of new technologies, and its impact on IFSI. The fourth industrial revolution with highly disruptive technologies, may play a vital role in accelerating the expansion of Islamic finance in Muslim and non-Muslim countries. In addition to the three distinct periods of technical progress that have been seen in the past ( mechanization, mass production and automation), the fourth industrial revolution (“digital technologies” and “disruptive innovations”) has more potential to empower individuals and communities in creating new opportunities for economic and social development and transforming economic and social systems. It is a fact that they are bringing huge opportunities for the industry, as well as putting on increased pressure on leaders, policy makers and other stockholders to respond to new challenges. CIBAFI Global Forum will discuss how IFSI can leverage in the era of the fourth industrial revolution. Global Forum will also discuss (i) the application of artificial intelligence and big data analytics in various fields of the Islamic financial services industry; (ii) the role of digital branches, robo-advisors in enhancing customers’ banking experience; (iii) creating sustainable Islamic banking system using technology; and (iv) the regulatory and monetary policies in the era of new technologies. 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.

Aligned with its fourth strategic objective of Professional Development, CIBAFI organised a Technical Workshop on Liquidity Management Tools for Islamic Financial Institutions (IFIs) in Dhaka, Bangladesh on 21- 22 March 2018, which was kindly hosted by Islami Bank Bangladesh, CIBAFI Board of Directors member bank.

The two days Technical Workshop provided participants with a hands-on technical knowledge and skills on liquidity management tools for Islamic financial institutions (IFIs) with a focus on Money Market operations and liquidity management instruments used in the Islamic financial system. In addition, the participants were engaged in a discussion on the current environment of the liquidity management regulatory requirement and the required tools for Islamic Financial Institutions (IFIs) to comply with it. The Technical Workshop has examined different techniques and tools of liquidity management in different jurisdictions and provided a wide range of real industry case studies. The Technical Workshop was attended by delegates representing Islamic banks and financial institutions as well as Regulatory and Supervisory Authorities (RSAs).

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