العدد الحالي: يونيو 2017       اختر عدد :
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كلمة المجلس العام

Abdelilah BELATIK

Secretary General of CIBAFI

Welcome to the 61st edition of the Global Islamic Economics Magazine (GIEM). CIBAFI takes this opportunity to wish all our readers Eid Mubarak. We hope that this occasion brings peace and prosperity in both your professional and personal lives.  As always, it is our pleasure to keep you updated with the current updates and prospects in the global Islamic financial services industry. The GIEM also serves as the platform for CIBAFI to keep our stakeholders informed about our activities and key initiatives.

CIBAFI is delighted to share that it has concluded its 2017 edition of Annual Meetings which consisted of series of governing and strategic meetings on 4th June 2017 in Jeddah, Saudi Arabia. Among them were the 17th Annual General Meeting (AGM), 32nd Board of Directors (BOD) Meeting as well as Accreditation Board (AcB) Meeting, Members’ Strategic Session and Agents’ Strategic Session.

The 17th Annual General Meeting (AGM) witnessed the election of new members of the Board of Directors (BOD) of CIBAFI for a term of 5 years. The new BOD of CIBAFI consist of its founding chairman H.E. Sheikh Saleh A. Kamel, whereas Mr. Abdulhameed M. Aboumoussa, Governor, Faisal Islamic Bank of Egypt was appointed as the deputy chairman. In addition to the existing BOD members, Mr. Arastoo Khan, Chairman, Islami Bank Bangladesh Ltd, Bangladesh; Mr. Musa A.Aziz Shihadeh, General Manager and Chief Executive Officer, Jordan Islamic Bank, Jordan; Mr. Shadi Zahran, Chief Financial Officer, Kuwait Finance House, Kuwait; Mr. Abdulrazzak M. Elkhraijy, Executive Vice President & Head of Shariah Group, the National Commercial Bank, Saudi Arabia; Dr. Sami Al-Suwailem, Head, Financial Product Development Center, Islamic Development Bank; Dr. Abdul Hameed Mohammed Jameel, Board of Director Members, Sudanese Bank Association, Sudan; Mr. Ahmed Mohammed Sabbagh, General Manager, Islamic Insurance Co, Jordan; Mr. Musaad Mohamed Ahmed Abdul Kareem, General Manager, Industrial Development Bank, Sudan; and Mr. Abdulla Zaid Al Shehhi, Head of International Expansion, Abu Dhabi Islamic Bank, United Arab Emirates; new members were included in the CIBAFI Board. These include Dato' Hj. Mohd Redza Shah Abdul Wahid, Bank Muamalat Malaysia Berhad, Malaysia; Mr. Mohamed Taya, Directeur Exécutif, Banque Al Wava Mauritanienne Islamique, Mauritania; Mr. Nidal N. Barghouti, General Manager, Bank Safa, Palestine; and Mr. Meliksah Utku, General Manager, Al Baraka Türk Participation Bank, Turkey. The 32nd BoD meeting in its new composition took place right after the AGM, where BOD Charter was presented to new members as well as other agenda items.

On the side-lines of the Annual meetings, CIBAFI held its inaugural CIBAFI Award 2017 ceremony. The CIBAFI Award is established to recognise, showcase and encourage Islamic financial institutions that provide an outstanding example to the industry, based on specific criteria that reflect the values and purposes of Islamic finance. The 2017 CIBAFI Award was awarded to Jordan Islamic Bank (JIB) in recognition of its work in promoting “Environmental and Social Responsibility” in its activities, practices and operations. JIB has demonstrated a leadership position as it maximised the social and environmental benefits and incorporated in its business activities, financial products, services, and charitable activities. CIBAFI Award criteria are based on the “Core Values of Islamic Financial Institutions”, which are also known as Maqasid al Shariah and consist of non-profit financing, philanthropic activities, financial inclusion activities, promoting environmental and social benefits in business lines, agreements and transactions.

The meetings also saw the launch of hard copies of CIBAFI’s Activities Report for 2016, which demonstrated CIBAFI's commitment in delivering stakeholders’ centric Strategic Plan 2015 – 2018. In addition, financial statements for the year 2016 year were also approved during the AGM. During the meeting the Board also approved seven new members into CIBAFI membership from Australia, Mauritania, Nigeria, Palestine, Somalia and Sudan.

As part of CIBAFI’s Strategic Objective of Research and Publications, and responding to members’ request and a growing concern on the topic, CIBAFI launched a Briefing on “De-risking and Correspondent Banking Relationships”. This Briefing considers how derisking as a phenomenon has affected financial institutions and attempts to understand its causes, its implications on the financial industry and suggests ways to tackle it as an increasingly important area of focus for correspondent banking relationships and cross-border transactions.

CIBAFI takes this opportunity to thank current and previous BOD members for all their guidance and co-operation extended to CIBAFI in its transformation from building the Strategic Plan 2015-2018 to its execution up to date. Immense gratitude is also due to all the industry stakeholders for their tremendous support in all the initiatives of CIBAFI.  In continuing to serve the Islamic finance industry CIBAFI looks forward to equal commitment from the new BOD members and their support and guidance in achieving greater heights for CIBAFI as a leading voice for the Islamic finance industry.

CIBAFI will continue to play a catalytic role in advancing the Islamic finance industry and to address and enhance the industry’s effectiveness and relevance in the global financial industry. Stay tuned!