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

Abdelilah BELATIK

Secretary General of CIBAFI

Opening for the January edition of the Global Islamic Economics Magazine (GIEM)

Welcome to the 44th edition of the Global Islamic Economics Magazine (GIEM).  CIBAFI wishes its members and other stakeholders a happy and prosperous New Year 2016. As always, it is our pleasure to keep you updated with the current challenges and opportunities, as well as the latest developments in the global Islamic finance industry. The GIEM also serves as the platform for CIBAFI to keep our stakeholders informed about its activities and key initiatives.

This year, CIBAFI is celebrating its 15th Anniversary, and will continue to seek greater heights to help Islamic finance industry develop through achieving its four Strategic Objectives. To commemorate the milestones and accomplishments of the past one-and-a-half decade, CIBAFI will hold its inaugural ‘CIBAFI Global Forum’ later this year.

CIBAFI, in realizing its first Strategic Objective of Policy and RegulatoryAdvocacy, as the voice of the Islamic finance industry globally, provided comments and recommendations on the IFSB’s latest Exposure Draft – 18 on Guiding Principles for Retakāful (Islamic Reinsurance). CIBAFI complimented the Islamic Financial Services Board (IFSB) on the work it does to promote and enhance the Islamic financial services industry (IFSI) including developing the standards that accommodate the needs of the global IFSI.

 

. The comments, contained in the letter to IFSB, represented the views of CIBAFI Secretariat and feedback received from its members. The comments provided were broadly categorized into four main sections:

 

1.     The need to address special issues relating to Retakāful more clearly

2.     Tackling the challenge of industry segmentation related to the international nature of the Retakāful business

3.     Risk sharing for capital-intensive of the Retakāful business

4.     Improving the governance framework for Retakāful

 

CIBAFI also participated in the IFSB Roundtable that was held to garner feedback on the said Exposure Draft in Bahrain on 10th January 2016.

 

Another CIBAFI key activity was the 1st Meeting of the Members Consultative Group (MCG) which was held at the CIBAFI Headquarters in Manama, Kingdom of Bahrain in December 2015. Following intensive discussions and deliberations, the MCG members provided feedback and valuable inputs to specific issues in the MGC meeting. The MCG members meeting, which will be held twice-a-year is considered as an active platform to encourage and promote close dialogue in identifying specific gaps, and sharing best practices among the CIBAFI members.

As part of the second Strategic Objective—Research and Publications, CIBAFI is introducing a need-based periodic publication, which will present emerging issues and updates in the Islamic finance industry, titled – “CIBAFI Briefing”. The aim of CIBAFI Briefing is to provide specific industry information in the form of short, analytical publication to heighten the awareness amongst practitioners of the IFSI.

As for the Annual Publication, CIBAFI released the Arabic version of the Global Islamic Banker’s Survey—Risk Perception, Growth Drivers, and Beyond (GIBS). The GIBS report, which was launched in November 2015 expressed the views of 83 Heads of Islamic banks from 35 different countries and provided some key insights for the Islamic finance industry’s future growth.

 

In fulfilling its 3rd Strategic Objective of Awareness and Information Sharing, CIBAFI successfully held its one-and-a-half day International Seminar on Risk Management and Compliance in Islamic Financial Institutions: Key Trends and Market Practices, at Al Bustan Palace Ritz Carlton Hotel, Muscat, Sultanate of Oman. The International Seminar was inaugurated by the keynote address of His Excellency Hamood Sangour Al Zadjali, Executive President of the Central Bank of Oman. The International Seminar saw an overwhelming response from the attendees who arrived from more than 20 countries around the globe, including Canada, France, Turkey and countries from South East Asia, the Middle East and Africa. The event was held in strategic partnership with Bank Muscat – Meethaq Islamic Banking and is supported by the Islamic Development Bank (IDB).

CIBAFI will continue to focus on its role as an important link between the various stakeholders of the Islamic financial industry in 2016 in achieving its strategic goals. Stay tuned!ش