The General Council of Islamic Banks and Financial Institutions ‘CIBAFI’ holds its 29th Annual Meeti


The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, held its 29th Board of Directors meeting and its 16th Annual General Meeting on 13th June in Hilton Hotel Jeddah, Kingdom of Saudi Arabia.

The meetings, which were chaired by H.E. Sheikh Saleh A. Kamel, saw the launch of hard copies of CIBAFI’s Activity report for 2015, which underpins CIBAFIs commitment in delivering its Stakeholders’ centric Strategic Plan 2015 – 2018.

The meeting has witnessed the approval of the concept note of the CIBAFI Award, which aims to recognize and showcase institutions that are providing an outstanding example to the industry based on carefully crafted criteria. Governing body of CIBAFI has also been presented with the audited financial statements for year 2015, which was as well approved.

Commenting at the conclusion of the meeting, Mr. Abdelilah Belatik, Secretary General of CIBAFI said: “The 29th Board of Director’s meeting was very productive. We have summarized 2015 with our Annual General Meeting members, where the positive developments have been well received and appreciated. As we have been actively involved on Policy, Regulatory Advocacy through representations made to the IFSB, G-20, B-20, IMF and the World Bank. With regards to Research and Publications, I am pleased to share that we have successfully delivered our inaugural “Global Islamic Bankers’ Survey” flagship publication, which is the first in its kind where 83 CEOs of Islamic banks from 35 countries from all regions of the world shed light on the current state of Islamic finance development, its prospects for the future, the risks that it is facing and the organic drivers of sustainable growth. With regards to Awareness and Information Sharing, we have successfully completed CIBAFI – World Bank Conference in Jordan as well as the 3rd Mediterranean Forum in Barcelona, Spain and various other Roundtable Meetings in GCC, North Africa & South East Asia.”

Mr. Belatik added: “In the area of Professional Development, in addition to the Technical Workshops started end of 2014, we have launched in 2015 series of Executive Programmes. The first was in cooperation with Ivey Business School in August followed by the second co-organised with the Institute of International Finance in September. CIBAFI professional Certifications have also undergone alignment of its delivery and content review as well as accreditation of pending materials has been accomplished successfully.”

The General Meeting has reviewed and approved amendments to the articles of association of CIBAFI, the main governing document of the Council.

In line with this, CIBAFI has also admitted seven new members into CIBAFI membership from Australia, Kuwait, Mauritania, Turkey and United Arab Emirates.

During the meeting, the members of the BOD & AGM praised the efforts of the Secretariat for their continuous efforts and dedication to the tasks at hand.