العدد الحالي: تموز/يوليو 2018       اختر عدد :
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The 72nd edition of the Global Islamic Economics Magazine GIEM

Abdelilah BELATIK

Secretary General of CIBAFI

Welcome to the 72ndedition 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 on “Pillar 3 disclosure requirements - updated framework” on 14thMay 2018. CIBAFI indicated that, in the scope of application, it would not be appropriate for the full framework to be applied to all banks generally, given the sophistication of the information to be disclosed. In a number of places, the framework uses asset classes which are not appropriate to Islamic banking; however, banks may use options to create additional rows. This may lead to inconsistencies between banks doing comparable business. Therefore, it would be better to define a set of templates tailored to Islamic banks. Detailed comments submitted to the BCBS are available on CIBAFI’s website: http://www.cibafi.org.

Aligned with its third Strategic Objective of Awareness and Information Sharing, CIBAFIorganised on 2ndand 3rdMay its third Global Forum, with the theme of “The New Face of Financial Services: Disruptions, Opportunities and the New Normals”. The Forum was organised in partnership with the Banking Regulation and Supervision Agency of Turkey (BRSA) at Raffles Istanbul Hotel in Istanbul, Turkey. The two day Forum, gathered stakeholders from the Islamic finance industry, multilateral development institutions, international and national regulatory bodies, policy-makers, and academia to discuss the key emerging issues within the industry. The Forum was attended by more than 350 delegates from over 37 countries. It covered through its sessions the recent and key topics related to the Islamic finance industry in today’s disruptive environment; the sessions included:  Regulatory Keynote session; Global C-Suite Opening Panel : Leadership Response to the Change; Future of Employment: Are We Ready for the Change?; Leadership and Strategy in the Era of the Fourth Industrial Revolution; Role and Power of Mobile in Expanding Financial Inclusion; and Leveraging the Industry Growth in the Era of Fourth Industrial Revolution. In addition, aligned with CIBAFI’s second strategic objective of Research and Publications, the Forum witnessed the launch of two ground breaking reports, namely CIBAFI Global Islamic Bankers’ Survey 2018 (GIBS 2018) and inaugural Global Takaful Survey 2018 (GTS 2018).

As part ofCIBAFI’s fourth strategic objective of Professional Development, CIBAFI organised together with Ivey Business School, their first in-house executive program at Al Salam Rotana Hotel in Khartoum, Sudan, themed “Exponential Strategy and Leadership”. The recipient of this Program is one of CIBAFI’s member institutions and leading bank in Sudan, the Bank of Khartoum. The executive program focused on identifying and understanding the interaction between the disruptive forces caused by environmental changes and on developing effective leadership capabilities and strategies to manage high performing organizations. The program discussed the sources and types of critical leadership and strategy-making capabilities for effective decision-making during three days of programming. Over 30 Executives from Bank of Khartoum were exposed to a fast-paced interactive deep dive into strategic thinking, leading innovation and change, and managing stakeholders in the context of exponential leadership.

And as usual this time of the year, CIBAFI organized its Annual General Meeting on 22ndMay 2018 in Jeddah, Kingdom of Saudi Arabia.During the Annual General Meeting, stakeholders of CIBAFI discussed the preparation of the new Strategic Plan for the period of 2019 – 2022, to measure the satisfaction and expectations of CIBAFI’s members and stakeholders towards its activities, initiatives and outputs with an aim to remain relevant in its mission. The meeting also saw the launch of CIBAFI Activities Report for 2017, which underpins CIBAFI’s commitment in delivering its Stakeholders’ centric Strategic Plan 2015 – 2018. In the presence of an external auditor, the financial statements for the year 2017 have been approved. The new members for the year of 2018 have been discussed and CIBAFI has admitted fifteen new members into CIBAFI membership from Iraq, Kazakhstan, Kenya, Morocco, Palestine and Sudan.

Members and stakeholders who attended the AGM praised the efforts of the Secretariat for their continuous efforts and dedication to the tasks at hand.

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!