العدد الحالي: تشرين 1/اكتوبر 2018       اختر عدد :
ترجم هذه الصفحة:
    بحث متقدم
A- A A+ : حجم الخط

كلمة المجلس العام

Abdelilah BELATIK

Secretary General of CIBAFI

Welcome to the 33rd issue of the Global Islamic Economics Magazine (GIEM). As usual, we keep you updated with CIBAFI’s activities and initiatives and provide you with knowledgeable observations and analysis in the Islamic Financial Services Industry (IFSI).

I am delighted to open this issue of GIEM with the news that CIBAFI, as the global umbrella of Islamic financial institutions, has successfully launched its ‘Certified Islamic Banker’ training programme for 50 Senior Bankers from 6 - CIS Countries.

The professional development training programme was held in the Regional Financial Center of Almaty (RFCA) Academy on 9 – 13 February 2015 in Almaty, Kazakhstan. It was organized by CIBAFI, supported by the Islamic Development Bank and hosted by the National Bank of Kazakhstan, the Central Bank of Kazakhstan. This programme is our response to a number of visits from CIS officials during last year to our headquarters in Bahrain. The training programme has welcomed participants from Regulators, Practitioners, Academia and Scholars, from various countries such as Kazakhstan, Kyrgyzstan, Tajikistan, Tatarstan Republics, Russian Federation and Turkey. This undoubtedly highlights the untapped potential and great interest towards Islamic Finance in the CIS region.

Indeed, several Central Asian countries, such as Kyrgyzstan, Kazakhstan, and Tajikistan, have recently introduced the Islamic banking principles with the primary aim to provide a legal basis for the development of the industry. In Kazakhstan, the first Islamic financing has been introduced in 2009, followed by a strong support by the Government of Kazakhstan through various initiatives. Recently, Almaty is gearing up to becoming a regional Islamic finance hub. A tremendous boost to this initiative is the approved government decree "Road Map on development of Islamic Finance in Kazakhstan by 2020".

While the lower house of parliament of Tajikistan has passed the draft law on Islamic banking in the country on May 14th last year (2014) and it came into force on August 5th. The Russian Central Bank is exploring the subject of Islamic banking regulation. The further development from the industry also shows a strong interest in other Islamic finance sectors such as securitization. As to Kyrgyzstan, the country has noted the four stages concerning the development of Islamic Finance, such as the application of a bill proposing amendments to the Laws of the Kyrgyzstan and MFC Companion Financial Group CJSC that began practicing Islamic finance in Osh, Kyrgyzstanin 2013. In Azerbaijan, the International Bank of Azerbaijan (IBA) as the country's largest lender is in the process of launching a separate Sharia-compliant banking unit, in line with the preparation of an Islamic banking law in the country.

Responding to the emerging Islamic finance development in the CIS countries, CIBAFI stepped in to purge the hindrances slowing down the growth and the diversification of the Islamic finance industry within the region, and to boost the participants’ ability to identify and meet the development challenges and to strengthen their skills in order to achieve measurable and sustainable results in the long term.

Another recent activity of CIBAFI is the Roundtable Meeting of the Directors of Operations and Investment of Islamic banks co-organised with the Islamic Development Bank (IDB) on 23 – 24 February 2015, in Manama, Kingdom of Bahrain. The Roundtable Meeting, themed “Internationalization Strategies for Islamic financial Institutions”, was attended by Senior Islamic bankers and international experts from over 15 countries. Meeting was opened by the grace of H.E. Dr. Ahmad Mohamed Ali, President of the Islamic Development Bank, Mr. Khalid Hamad Abdulrahman, Executive Director of Banking Supervision, Central Bank of Bahrain, Mr. Abdelilah Belatik, Secretary General of CIBAFI and H.E. Dr. Abdulaziz AlHinai, Vice President, Islamic Development Bank.

 

The intensive discussions among participants focused on several issues in the internationalization of Islamic financial institutions such as heterogeneity of regulations and economic fundamentals, internationalization strategies, mode of entries, rebranding and positioning in the host markets, cross-border syndicated financing and trade financing.  The meeting were facilitated by some of the prominent industry experts such as Mr. Carel Oosthuizen (former IMF), Dr. Hatim El Tahir (Deloitte), Dr. Philipp Wackerbeck (Strategy&), Mr. Vaquas Alvi (Ogilvynoor), Mr. Ayman Mohammed (Al Baraka Banking Group), Mr. Salman Ahmed (Trowers and Hamlins), and Mr. Nazeem Noordali (ITFC). The outcomes of the discussions have been to promote the sharing of best practices among Islamic financial institutions in line with their expansion strategies.