العدد الحالي: ايلول/ سبتمبر 2018       اختر عدد :
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كلمة المجلس العام

Abdelilah BELATIK

Secretary General of CIBAFI

Welcome to the 24th issue of the Global Islamic Economics Magazine. This issue provides valuable insights from industry experts across a host of topics as well as updating readers on current CIBAFI activities.

On the activity front, CIBAFI has been focusing on stakeholder feedback. As the international representative for Islamic banks and financial institutions, CIBAFI works to ensure that Islamic Financial Institutions are well placed to navigate the multitude of challenges they face. To fulfill this mission, we maintain an ongoing dialogue with Islamic financial institutions so that we may understand their changing needs and better support their future success.

Aligned with this undertaking, we are currently assessing CIBAFI products and services by conducting a Satisfaction and Expectations Survey (SES).  The survey, which has recently been disseminated to Islamic financial institutions across the globe, will gather valuable information that will shape our strategy and enhance the way we support the industry. The survey endeavors to gauge the level of industry awareness on how CIBAFI supports the development of the Islamic Financial Services Industry as a whole, as well as how we support the business development of our member organisations. The survey also aims to assess the awareness of, and satisfaction with, CIBAFI activities including the events and conferences it conducts, the various publications and studies it publishes, as well as the myriad of training certificate programs we offer.  The SES also functions to garner the level of satisfaction towards existing member benefits such as event participation and involvement in industry decision-making.

As the ‘voice of the industry’, effective stakeholder feedback is vital, and this extends to how CIBAFI responds to regulations and policies. Recently, CIBAFI requested member feedback on CIBAFI’s comments in relation to the open consultation “Basel 3 Consultation - Rulebook Module CA for Islamic Banks (Volume 2)”, that is proposed to come into effect in January 2015. In our comments we noted that the draft draws heavily on the standards issued in December 2013 by the Islamic Financial Services Board titled “Revised Capital Adequacy Standard for institutions offering Islamic financial services’ (IFSB-15), and therefore, believe that the revised Module serves to provide a level-playing field for Islamic banks. CIBAFI finds the Regulation very comprehensive, containing well-conceived strong enhancements, and commend the Central Bank of Bahrain (CBB) on their efforts in this respect.

 

While we broadly concur with the changes, CIBAFI did submit a number of comments for CBB consideration pertaining to areas of the regulation that may require clarification, while we also suggested some additions to the document to ensure that Islamic banks fully understand the revised document while at the same time safeguarding the expectations of the CBB.

 

I would like to take this opportunity to personally express my appreciation to all of the Islamic financial institutions that have added their voice to our ongoing dialogue, and I warmly welcome all of you to join the conversation as we strive towards realizing our collective vision of a robust and expansive Islamic Financial Services Industry.