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

Abdelilah BELATIK

Secretary General of CIBAFI

Welcome to the 27th issue of the Global Islamic Economics Magazine, (GIEM), a publication dedicated to keeping you up to date on the key activities and achievements of CIBAFI, as well as the latest developments in the Islamic Financial Services industry (IFSI).

 

In previous issues of the GIEM I have spoken about the Satisfaction and Expectation Survey (SES), a formal survey that was conducted by CIBAFI between May and June 2014. The survey, which was crafted with the objective of gaining a clear understanding of members’ satisfaction with CIBAFI, their expectations from membership, as well as the views of non-members on the effectiveness and relevance of CIBAFI, gathered invaluable information that CIBAFI will utilise to inform our strategy and improve the way we work. This month I would like to share with you some of the findings of that survey.

 

CIBAFI received completed questionnaires from 67 institutions in 27 countries, comprising 42 member institutions and 25 non-member institutions with responses illuminating a number of key issues.  I am pleased to report that in terms of general satisfaction with CIBAFI and its services, the majority of respondents were fairly satisfied, however, we have discovered that there is a lack of awareness, of not only the myriad of services that CIBAFI provides, but also the numerous benefits of being a member, and therefore many institutions are not taking full advantage of the standard benefits they receive on becoming a CIBAFI member.

 

In general, the survey underscored two major areas for future focus; namely the desire of our members for even more interaction with CIBAFI, its members, and other IFSI bodies, and the importance of raising awareness - both on pertinent issues facing the Islamic Finance industry, and awareness of the Council’s services, activities and benefits of membership. These two themes, namely awareness, (on both levels), as well as engagement with stakeholders, are of vital importance to CIBAFI, and as such feature strongly in our mission and in our strategic plan going forward. 

 

In particular, one platform that CIBAFI uses to engage with our stakeholders and share industry news is the CIBAFI website with responses emphasising the site’s importance as a source of relevant, up to date industry information. As such we will continue to strive to exceed these expectations through further improvement of the CIBAFI site.

 

CIBAFI events are another important bridge that links CIBAFI to the institutions and the industry that it serves. Although more than half of those surveyed have taken advantage of these platforms we hope to increase this number, and as such are planning events that target issues that both challenge and elevate our industry across the globe.

 

Speaking of the enhancement of the IFSI, in order to sustain and support the future growth of the industry, an important requirement is the development of the industry’s professional talent and expertise, and as such CIBAFI conducts a number of certification programmes. Unfortunately many respondents were not aware of the array of professional development programmes on offer, however, more than 80% of survey participants responded positively to proposed CIBAFI executive training programmes, and as such we are working with industry experts to further enhance our diverse academic and career development offerings in this regard. 

 

As well as events and professional courses, CIBAFI endeavors to share knowledge and engage with stakeholders through its publications, but again there was a dearth of awareness with more than 60% of respondents unacquainted with the publications that CIBAFI issue. The survey also highlighted the need for CIBAFI to focus more on areas of concern for the Islamic finance industry in our publications, and use these to further promote the industry globally. Overall, respondents indicated that having access to quality publications is important, with more than 89% of respondents indicating that they were either ‘fairly interested’ or ‘very interested’ in CIBAFI producing more market research on products, markets and best practices. Respondents also indicated that they would like to receive complimentary research materials such as magazines, finance directories and country reports, as well as a CIBAFI newsletter.

 

The survey also provided valuable insights into CIBAFI’s proposed future activities, such as the creation of member ‘expert groups’ to contribute to policy debate. An impressive 87% of participants indicated that they were either ‘fairly interested’ or ‘very interested’ in this idea. 84% of survey participants were also interested in participating in awareness programmes, such as seminars and roundtables, to discuss pertinent industry issues.

Aligned with this theme of engagement, regional roundtable meetings as well as a ‘CIBAFI Annual Award’ also received support, while the proposed idea of annual or semi-annual ‘Member Meetings’ was met with a positive reaction.

 

 

Overall, the survey was invaluable in highlighting areas where CIBAFI can improve and better meet the needs of its member organisations. Today we are taking this valuable information and translating it into action - steadfast in our commitment to meeting and exceeding our members’ expectations and supporting the global growth of the IFSI.

 

As well as bringing to light areas where our organisation can focus its efforts, the survey also underlined the fact that our loyal members are keen to engage with us, and ready to support CIBAFI as we strive to better meet our stakeholders’ needs, and for this I am grateful. I would also like to take this opportunity to extend my gratitude to all of the organisations that participated in the survey, and I look forward to your further feedback and support as we set off on our journey of positive change.