العدد الحالي: حزيران/يونيو 2018       اختر عدد :
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The 73rd edition of the Global Islamic Economics Magazine

Abdelilah BELATIK

Secretary General of CIBAFI

Welcome to the 73rd 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.

On 24th May 2018, the IMF Executive Board adopted decisions to formally recognize the Core Principles for Islamic Finance Regulation (CPIFR) for Banking, developed by the Islamic Financial Services Board (IFSB) with the participation of the Basel Committee on Banking Supervision (BCBS). The CPIFR are intended to provide a set of core principles for the regulation and supervision of the Islamic banking industry, taking into consideration the specificities of Islamic banks. The IMF’s adoption of these principles aims to complement the international architecture for financial stability and provide incentives for improving the prudential framework for the Islamic banking industry across jurisdictions. This initiative comes after a series of involvement of the IMF in the Islamic finance industry. In 2000, the IMF was one of the important parties to facilitate the steering committee meetings for the establishment of the Islamic Financial Services Board (IFSB). Following that in 2014, the IMF established the External Advisory Group (EAG on Islamic Finance) which aims to identify challenges and policy issues facing the Islamic finance industry and provide guidance on its ongoing work as well as facilitate coordination with specialized and regional institutions. The IMF staff published in 2016 a series of policy papers (working papers) with feedback from the EAG, and in 2017, the IMF Board adopted a set of proposals on the role that the Fund should play in the Islamic banking industry which were included in a staff paper “Ensuring Financial Stability in Countries with Islamic Banking”. CIBAFI believes that the recognition by the IMF of the CPIFR will be a key milestone within the industry as the Core Principles will be subsequently included within the Financial Sector Assessment Program (FSAP) and regulators will have to establish regulatory frameworks for the Islamic financial services industry and implement the related regulatory and infrastructure standards.

As part of CIBAFI’s first Strategic Objective of Policy, Regulatory Advocacy, CIBAFI submitted its comments to the Islamic Financial Services Board (IFSB) on the Exposure Draft no: 22 “Revised Standard on Disclosures to Promote Transparency and Market Discipline for Institutions Offering Islamic Financial Services [Banking Segment]” on 27th May 2018. In its comments to the IFSB, CIBAFI noted that certain disclosure templates provide a set of exposures based on different types of contracts and assets while mentioning only Ijarah, Istisna, Mudarabah, Musharakah and Murabahah. The ED indicates that the “IIFS may modify the breakdown and order of rows in the template if a different breakdown would be more appropriate in reflecting their activities”. However, the ED is silent about the treatment of hybrid securitization, which may depend on more than one contract. Therefore, it would be better to define a set of exposures tailored to hybrid securitization. Detailed comments submitted to the IFSB are available on CIBAFI’s website: http://www.cibafi.org. 

Aligned with CIBAFI’s third strategic objective of Awareness and Information Sharing, CIBAFI & The Union of Arab Banks (UAB) are jointly organizing a Forum titled: “UN Development Goals and Islamic Finance: A Focus on Africa”. This forum will be held in Khartoum, Sudan during the period 25 - 26 September 2018, under the patronage of the Central Bank of Sudan. The Forum will be a timely and an important catalyst in bringing to the discussion table some of the important areas for the development of the real economy through Islamic finance and raising the awareness of the competitiveness of Islamic financial institutions in the African region. The Forum will also examine how Islamic finance can help achieve UN goals through increased partnerships among governments, private sector, civil society and other important stakeholders. The two-day programme will bring together various stakeholders from the Islamic finance industry, multilateral development institutions, international and national regulatory bodies, policy-makers, and academia to discuss the issue of frontier markets of Islamic finance.

As part of CIBAFI’s fourth strategic objective of Professional Development, CIBAFI organised, together with Centre Africain d'Etudes Supérieures en Gestion (CESAG) of the Central Bank of West African States (BCEAO), its inaugural Certified Islamic Banker Programme in Dakar, Senegal on 25 – 30 June 2018. This CIB programme is a professional development initiative organised by CIBAFI to enhance capacity building in the Islamic Financial Services Industry (IFSI). The CIB certificate provides its holders with the proper qualification for a deep understanding of Islamic financial and banking services giving them the professional recognition and facilitating their career development. The programme serves as a defining criterion for every Islamic finance organization where the number of staff’s certificate holders reflects the overall quality of organization’s staff, their qualifications and professional commitment to Islamic banking. The Certified Islamic Banker Programme was delivered in French language and was attended by bankers, professionals dealing with IFIs and others wishing to pursue a career in Islamic financial institutions.

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!