العدد الحالي: تشرين 1/اكتوبر 2018       اختر عدد :
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The 75th edition of the Global Islamic Economics Magazine GIEM

Abdelilah BELATIK

Secretary General of CIBAFI

Welcome to the 75thedition of the Global Islamic Economics Magazine (GIEM). As always, it is our pleasure to keep you informed 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.

With the rapid changes and developments of the financial services industry, CIBAFI recognises the importance of reassessing its activities frequently to reflect the changing needs of its members and other stakeholders. With the nearing end of CIBAFI’s Strategic Plan 2015 – 2018, CIBAFI embarked on the development of its upcoming strategic plan for the next four years to come. As part of our continuous assessment, we assessed the main industry changes and collected the views of our members and key stakeholders on our activities and initiatives through a consultation process in order to ensure the alignment of our outputs with the changing environment for an increased targeting and impact. CIBAFI has taken several initiatives to identify its members’ and stakeholders’ needs and expectations. This consultation process included: i) Members’ strategic sessions held in a number of countries, including Mauritania, Kenya, Kingdom of Saudi Arabia, Malaysia, Sudan, Kingdom of Bahrain, and Tunisia, which were attended by some of the industry’s top leaders; ii) Meetings with CIBAFI’s Board of Directors; iii) Discussions with CIBAFI’s consultative experts and practitioners; and iv) A formal survey sent to members and non-members aiming to measure the satisfaction and expectations of CIBAFI’s stakeholders. This consultation process is helping CIBAFI to identify its priorities and the most important pillars on which it should base its Strategic Plan 2019 – 2022.

Aligned with its second Strategic Objective of Research and Publications, CIBAFI is presenting its ninth briefing on “Real Estate Exposure in Islamic Finance: Regulatory Treatment”. The briefing considers the market as well as CIBAFI’s members’ needs to address the issue of real estate exposure as one of the important areas that requiresawareness of the industry, regulators, and all other stakeholders. This Briefing presents an accurate snapshot of regulatory treatments of real estate from conventional and Islamic perspective, and shows the difference between the treatment of investment and financing exposures. Moreover, it explores key issues related to real estate, such as, evaluation of real estate, concentration limit, the role of supervisory authority, in addition to Shariah issues such as Zakah on real estate. The briefing provides key recommendations that may help the IFSI in managing the real estate exposure properly and evaluate all risks related to such investments.The full briefing in both languages, Arabic and English, is available on CIBAFI’s website: http://www.cibafi.org.

As part of its Fourth Strategic Objective of Professional Development, and following the positive and high demand that CIBAFI received after a successful Certified Islamic Banker programme conducted in Dakar, Senegal in June 2018, CIBAFI together with the Centre Africain d'Etudes Supérieures en Gestion (CESAG) will launch their second series of Certified Islamic Banker programme. The programme will be held in Abidjan, Côte d’Ivoire, from 3 – 8 September 2018. The Certified Islamic Banker programme will be delivered in French language and aims to enhance Islamic finance and banking sector’s staffs’ skills and competences. The Certified Islamic Banker programme is planned in this part of the world at a time when the BCEAO, the common central bank of the 8 countries of the West African Economic and Monetary Union (WAEMU), has begun the release of the first instructions for the regulation of Islamic finance operations in the WAEMU countries. This builds the foundation for interesting development prospects for this innovative finance in these countries, for the years to come.

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. CIBAFI would like to take this opportunity to wish all its members and stakeholders Eid Mubarak. 

Stay tuned!