العدد الحالي: تشرين 1/اكتوبر 2018       اختر عدد :
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كلمة المجلس العام

Abdelilah BELATIK

Secretary General of CIBAFI

Welcome to the 32nd issue of the Global Islamic Economics Magazine (GIEM). As usual, we keep you updated with CIBAFI activities and initiatives.

As part of the CIBAFI Strategic Plan 2015 - 2018, I would like to update in this edition our readers on two initiatives under our Strategic Objectives. Under our Strategic Objective of Policy, Regulatory Advocacy, CIBAFI as the global umbrella of Islamic financial institutions has submitted the collective feedback of its members to the Islamic Financial Services Board (IFSB), Malaysian based International Standard setter, on a new standard regulation designed to promote the sound management of liquidity risk in Institutions offering Islamic Financial Services (IIFS).

The Exposure Draft of Guidance Note 6 on Quantitative Measures for Liquidity Risk Management in Institutions offering Islamic Financial Services (ED of GN-6) aims to complement global liquidity standards issued by the Basel Committee on Banking Supervision (BCBS) and other developments on liquidity risk management for the Islamic Financial Services Industry (IFSI), in order to provide a level-playing field to the IFSI in the application of liquidity standards vis-a-vis their conventional counterparts.

The comments submitted to the IFSB by CIBAFI focused on three main areas. These included the need to clarify the regulatory treatment of various Shariah structures and the rationale for any differences, a suggestion to consider profit-sharing (such as Wakala-based) interbank flows as eligible inflows in the Liquidity Coverage Ratio (LCR) calculation, and a call to consider a review of the proposed implementation schedule of the draft in order to provide the IIFS with appropriate time to comply with the standard. As the voice of the industry, CIBAFI looks forward to future ongoing dialogue with the IFSB in order to facilitate the continued growth and development of the Islamic Financial Services Industry worldwide

In addition to Policy, Regulatory Advocacy, CIBAFI continues to support the IFSI through the Awareness and Information Sharing aligned with its third Strategic Objective. CIBAFI and the Islamic Development Bank (IDB) are organising the Roundtable Meeting of the Directors of Operations and Investment of Islamic banks, themed “Internationalization Strategies of Islamic Financial Institutions” on 23 – 24 February 2015, in Manama, Kingdom of Bahrain.

 

The internationalization of Islamic financial institutions (IFIs) presently is considered as one of the topical themes to boost global linkages in the IFSI. Recent initiatives have been taken by IFIs, supported by local regulators, to establish themselves at the global level through expanding their operations and investments across borders. Hence, this Roundtable Meeting (RM) on “Internationalization Strategies of Islamic Financial Institutions” aims to explore recent opportunities and challenges in the area of internationalization of IFIs in several key fronts. The specific focus of the RM includes global operations and expansions, cross-border syndicated financing, and trade financing.

 

The roundtable meeting will be convened in two days consisting of 5 (five) sessions: (i) heterogeneity in Islamic finance development, Shariah and regulatory frameworks across different jurisdictions; (ii) key requirements for internationalization, modes of entry, and strategies to achieve competitive positioning of foreign Islamic financial institutions; (iii) rebranding as an expansion strategy for Islamic Financial Institutions; (iv) cross-border Islamic syndicated financing; and (v) trade financing for IFIs to boost global real-sector linkages to go mainstream.

 

Participation in the Roundtable Meeting is by invitation only, targeted group of participants are Heads of Global Markets, Chief Financial Officers, Heads of Global Trade Finance, Heads of Syndicated Financing, and Heads of other relevant functions in Islamic Financial Institutions. 

                                                      

The Roundtable Meeting is expected to provide a common platform for sharing best practices amongst industry experts and leaders in international operations.

 

CIBAFI comment paper on ED of GN-6 and further details on the roundtable meeting programme can be found in CIBAFI website.