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

Abdelilah BELATIK

Secretary General of CIBAFI

Welcome to the 38th issue of the Global Islamic Economics Magazine (GIEM).  As usual, we will update you with the emerging trend and current development of the Islamic economics and financial industry globally. The GIEM also serves as the platform for CIBAFI to keep the members and other stakeholders updated of CIBAFI’s activities and initiatives.

 

In this issue, it is a pleasure to share with you some updates from our 26th Board of Directors meeting, which took place on the 25th June 2015 and our 15thAGM, which took place on 26th June in Hilton Jeddah Hotel, Jeddah, Saudi Arabia. The meeting, which was chaired by H.E. Sheikh Saleh A. Kamel, also saw the launch of hard copies of CIBAFI's new Strategic Plan 2015 - 2018 - a comprehensive plan that is the result of rigorous data gathering, analysis, and importantly the stakeholders' feedback. The Strategic Plan aims to promote and grow the Islamic financial services industry, enhance cooperation and knowledge sharing between regional and international Islamic financial institutions, and foster economic growth.

 

In addition, members discussed important initiatives proposed by CIBAFI Secretariat, and have approved the establishment of the Members Consultative Group (MCG). The MCG will be established from CIBAFI members to provide inputs on technical and policy issues. The objective of the MCG is to consider issues and produce opinions on subjects of relevance to the Islamic and global financial industry. The composition and qualification of the MCG members will reflect a diverse set of competencies which are representatives of various main fields within the Islamic finance industry, as well as in line with the value propositions of Islamic financial institutions. CIBAFI has also admitted four new members into CIBAFI membership from Kazakhstan, Djibouti, United Arab Emirates and Mauritania.

 

 

In line with the Strategic Plan, the meeting also saw the launch of CIBAFI - IDB Roundtable Proceedings Publication - "Internationalisation Strategies for Islamic Financial Institutions", a publication derived from the proceedings of the CIBAFI - IDB Roundtable Meeting held on 23 - 24 February 2015. It summarises the key points made during the Roundtable and identifies priorities and action items that will enable IFIs to fulfil their desire to deepen and widen their international operations.

 

There were other number of constructive comments and advice we have received from our governing bodies, which shall guide CIBAFI in its way forward. The members of the BOD & AGM also praised the efforts of the Secretariat of CIBAFI for the high levels of transparency and collaboration in the strategic process and voiced their confidence in its successful implementation.

 

We are also pleased to inform you that CIBAFI has recently signed a Memorandum of Understanding (MoU) with the World Bank. This collaborative effort aims to help fostering the development of Islamic finance globally and expand its use as an effective tool for financing development worldwide, including in non-Muslim countries. The MoU serves as the foundation for future cooperation in the areas of knowledge generation and dissemination; distilling and sharing lessons of experience; encouraging research and promoting awareness; and enhancing capacity in the Islamic financial services industry.

 

It is expected that the collaborative efforts will strengthen the institutional foundations of Islamic finance, enhance regulatory and supervisory frameworks, and share sound practices and lessons of experience in the industry, including sound practices relating to business practices, risk management and market development. Specifically, this partnership will also strengthen CIBAFI’s role as the ‘voice’ of the industry and advocate for the Islamic financial services industry with other international organizations, international standard-setting organizations and regulatory and supervisory authorities as well as support its strategic objectives – Research and Publications as well as Awareness and Information Sharing.

 

CIBAFI focus and efforts are determined towards achieving its four key Strategic Objectives in order to strengthen its role as the global umbrella of Islamic financial institutions. Other initiatives are being planned in all four Strategic Objectives. Stay tuned.