العدد الحالي: تشرين 1/اكتوبر 2018       اختر عدد :
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The 71th edition of the Global Islamic Economics Magazine - GIEM

Abdelilah BELATIK

Secretary General of CIBAFI

Welcome to the 71th 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, on 20th April 2018, CIBAFI has raised its ‘global voice’ to the Financial Stability Board (FSB), which coordinates financial regulation for the Group of 20 countries (G20) pertaining to the  decline of “Correspondent Banking” matter. In its formal communication to the FSB, CIBAFI highlighted that the decline in correspondent banking is an issue of particular importance to CIBAFI members who are Islamic banks, of which few have a global reach and most are in emerging or developing markets.  They are therefore very dependent on relationships with other banks to be able to provide basic international services to their customers. Because of the countries in which they are based, some have suffered particularly from de-risking by international banks. This is in reference to the statement by the FSB confirming that the decline in correspondent banking remains a source of concern with potentially adverse consequences for global trade, financial inclusion and financial stability. CIBAFI conducts a regular Global Islamic Bankers Survey (GIBS). The latest version, which is about to be published on 2nd May during CIBAFI Global Forum in Istanbul, Turkey, gives a good view of opinions across the Islamic banking industry. And on this occasion, it gives some information that may be helpful to the FSB’s work on de-risking and correspondent banking issues. Part of the survey is a “risk dashboard”, in which Islamic banks are asked to rate the importance of a number of specific risks to their institutions. In this edition, for the first time, “de-risking risk” was included (i.e. the risk posed by the closure of correspondent banking relationships).  Overall, this risk scored fifth of the 20 risks listed and, when the responses were analysed by region, it scored equal first in two regions (West, Central and South Asia, and Middle East ex-GCC), and second in North Africa. More data and statistics have been provided to the FSB to enhance the role of CIBAFI in raising such important issues on the global arena, in order to promote sound Islamic financial services practices. Full comments to the FSB are available on CIBAFI website: http://www.cibafi.org.

As part of CIBAFI’s third Strategic Objective of Awareness and Information Sharing, CIBAFI held on 4th April 2018 a Public Lecture on “UN Sustainable Development Goals and the role of Islamic Finance” at University of Ez-Zitouna, in Tunis, Tunisia. The lecture focused on raising awareness on the role of Islamic Finance in promoting sustainable development; it took a close look at Islamic Finance in today's global economy. The lecture has also highlighted a spotlight on the United Nations (UN) Sustainable Development Goals. The Lecture was an opportunity for CIBAFI to engage with academia and young students to discuss the role that Islamic Finance plays in promoting sustainable development especially with the impressive growth of Islamic finance in recent years. 

Aligned with its third Strategic Objective of Awareness and Information Sharing, CIBAFI is privileged to hold its annual gathering: the “Global Forum”, in partnership with the Banking Regulation and Supervision Agency of Turkey (BRSA) on 2 – 3 May 2018, in Istanbul, Turkey. CIBAFI Global Forum discusses some of the most significant new views and ideas about making the Islamic finance industry more relevant, in order to place it on an equal footing with the conventional financial world. The discussions at the Forum will cover key topics from the following broad agendas: Special Keynote Opening Session; Launch of Two Ground Breaking Industry Reports; Recent Global Regulatory and Economic Developments; Overview of the Islamic Financial Institutions Development in the Digital Age; Innovation and Technology: Bringing Islamic Finance Industry to the Frontier; Human capital and the future of employment in the Artificial Intelligence and enhanced automation era; Leveraging the Industry Growth with Fourth Industrial Revolution; and Cyber Security and Financial Services Transformation; among others. CIBAFI Global Forum will bring together top notch industry experts on one stage, from within and outside of the Islamic finance industry, multilateral development institutions, international and national regulatory bodies, policy-makers, leading technocrats and women that are leading the industry to share their experience on global agendas shaping our economy and future of the Islamic financial services industry. (Soon In Istanbul)

As part of CIBAFI’s fourth strategic objective of Professional Development, CIBAFI organised a Technical Workshop on Products Development and Financial Engineering for Islamic Financial Institutions (IFIs) in Tunis, Tunisia on 4 - 6 April 2018. The Technical Workshop was kindly hosted by the Central Bank of Tunisia. The Technical Workshop aimed to engage participants in the discussion on how Islamic principles can be used to develop financial products by introducing the principles that form the building blocks of contemporary Islamic Financial products and then discussing the more intricate issues relating to products development processes. The Technical Workshop integrated theory with practice to offer participants hands on experience and to provide the practical tools and techniques that enhance their day-to-day professional performance. 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 as well as to support the Islamic finance industry ensuring its continuous success. Stay tuned!