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

Abdelilah BELATIK

Secretary General of CIBAFI

Welcome to the 31th issue of the Global Islamic Economics Magazine (GIEM). As usual, we keep you updated with CIBAFI activities and initiatives.

I am delighted to open this issue of GIEM with the news that, CIBAFI Board of Directors (BOD) has approved CIBAFI Strategic Plan for the period 2015 – 2018. The Strategic Plan was prepared based on: i) a brain storming session held during the 23rd meeting of the BOD on 24 April 2014, ii) formal and informal meetings held with members and other industry stakeholders, iii) the Industry Satisfaction and Expectation Survey (SES) conducted on May – June 2014, and iv) the feedback received from the member’s strategy session, the Annual General Meeting and the BOD meeting on 6 July 2014. The Strategic Plan provides CIBAFI with a clear guide in the form of a comprehensive four – year plan, which defines its mission to represent the Islamic financial services industry worldwide, to identify its nature and progress, to defend and protect its role, as well as to support its expansion and cooperation amongst the industry stakeholders.

The Plan consists of four key strategic objectives. The first is Policy and Regulatory Advocacy, where CIBAFI voices the concerns of the industry with relevant bodies to ensure that their needs are taken into account when standards and regulations are developed. Hence, it is very important for CIBAFI to engage with international standard setting organisations both conventional, such as the Basel Committee on Banking Supervision (BCBS), the International Organization of Securities Commissions (IOSCO), the International Association of Insurance Supervisors (IAIS), the International Accounting Standards Board (IASB), World Bank and International Monetary Fund (IMF)(); and Islamic, such as the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the Islamic Financial Services Board (IFSB), and International Islamic Financial Markets (IIFM), etc. The second strategic objective is Research and Publications, where CIBAFI aims to conducts market related research to provide guidance and shape the way forward in the complexities of the financial sector in a world that lacks innovation in products and services. Meanwhile, publications are of importance to promote best practices within the industry in dealing with opportunities and challenges within the Islamic finance industry. The third strategic objective isAwareness and Information Sharing, which creates a platform for sharing the best practices amongst the members, including to discuss issues and challenges as well as to share success stories that will play a pivotal role in promoting cooperation and information sharing. Lastly, the fourth objective is Professional Development, to strengthen competencies and expertise of human resources in the Islamic finance industry, as a key factor in the development of Islamic finance.

To align with the first strategic objective, CIBAFI has recently convened the CIBAFI InFocus session during the World Islamic Banking Conference (WIBC), in Manama, Kingdom of Bahrain on 3 December 2014. The In-Focus Session titled “Strategic options for Islamic banks in response to Basel III standards - The practitioners’ perspective”, was attended by over 100 participants. The Session was chaired by CIBAFI, with the honorable practitioners coming from different regions: Mr. Andrew Cunningham, Founder Darien Analytics Ltd. United Kingdom, Mr. Fadi Al Faqih, Chief Executive Officer, Bank of Khartoum, Sudan, Mr. Jozsef Peter Szalay, Senior Vice President – Group Head of Credit and Risk Management, Al Baraka Banking Group B.S.C. Kingdom of Bahrain, and Mr. Iyad Ghasoub Asali, General Manager, Islamic International Arab Bank, Jordan.

The evidence from the three prominent Islamic banks showed sufficient levels of capital to meet Basel III requirement, issuances of Basel III-compliant Sukuk in response to dynamic nature of regulatory regimes, innovative funding to meet liquidity requirements, strengthening risk management as a focus on the risk side, as well as shifting to a more equity-based business model. The detailed review of the Infocus session is presented in the article inside the magazine.