Stakeholders gathered at CIBAFI Annual Meetings

Manama, Kingdom of Bahrain, Jeddah, Kingdom of Saudi Arabia | The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions held its Annual Meetings from 12^th - 13^th May 2019 at Hilton Hotel in Jeddah, Kingdom of Saudi Arabia.

As part of the CIBAFI Annual Meetings, members and stakeholders witnessed: (1) CIBAFI Award 2019 Ceremony, (2) Presentation of CIBAFI Activities Report 2015 – 2018, (3) The official launch of the new CIBAFI Strategic Plan 2019 – 2022, (4) Launch of CIBAFI’s flagship publication, the Global Islamic Bankers’ Survey fourth edition and (5) Inauguration of New CIBAFI Website.

Various meetings and sessions were also held as part of the Annual Meetings, including (1) 7^th CIBAFI Members Consultative Group (MCG) Meeting, (2) 13^th CIBAFI Accreditation Board (AcB) Meeting, (3) Members and Professional Development Agents Strategic Session, (4) 37^th Board of Directors Meeting and (5) 19^th Annual General Meeting.

CIBAFI Award 2019 themed “Investment Innovation in Micro, Small, and Medium Enterprises (MSMEs) Financing”, was established in succession to the first CIBAFI Award in 2017 on Environmental and Social Responsibility. CIBAFI Award 2019 aimed to showcase Islamic financial institutions that are actively involved in MSMEs financing and innovation.

Islami Bank Bangladesh Limited has emerged to be this year’s deserving recipient of CIBAFI Award 2019. Following the designation of the winner during the selection process, a due diligence was conducted at the headquarters of Islami Bank Bangladesh Limited and site visits were arranged to the Bank’s MSMEs investments.

With the completion of CIBAFI’s Strategic Plan 2015 – 2018, during which it successfully executed multiple projects, initiatives, and activities with support from its members and stakeholders, CIBAFI was proud to share its Activities Report 2015 – 2018, which garnered positive feedback and praises from the attendees of the meeting.

To keep up with the rapid developments of the financial services industry and the changing needs of its members and stakeholders, it is important that CIBAFI performs a continuous assessment of its activities and initiatives to continuously align them with what the members, stakeholders, and the industry as a whole need. By this, CIBAFI was also pleased to present CIBAFI’s Strategic Plan 2019-2022, that will serve as its roadmap for the next four years to come.

CIBAFI Annual Meetings also witnessed the launch of CIBAFI Global Islamic Bankers’ Survey (GIBS) 2019 themed “Sustainability, Growth Drivers, and the Regulatory Challenge”. Under its second strategic objective of Research and Innovation, CIBAFI conducts a survey and issues a report that addresses different topics year by year and that serves as a point of reference for measuring the health of the Islamic banking industry, capturing practitioners’ perspectives in detail. This year’s fourth edition of the GIBS sheds light on the main issues facing Islamic financial institutions in the coming years, the necessary factors for business growth as well as the main regulatory challenges constraining them. It reflected the views of 106 heads of Islamic Banks and Financial Institutions from 33 countries globally.

In order to keep its members and stakeholders well informed and updated on its previous and upcoming activities in a more innovative and effective way, CIBAFI has endeavored to have its website revamped. Through this, visitors will have a new and improved experience navigating through the new CIBAFI website.

On the sideline of the above events, from 12^th – 13^th May 2019, CIBAFI has also conducted its regular meetings of the Board of Directors (BOD), Members Consultative Group (MCG), Accreditation Board (AcB) and the Annual General Meeting (AGM) to discuss among others CIBAFI Activities Report 2018, CIBAFI sustainable financial resources, upcoming activities and publications and a way forward to improve professional trainings and certifications.

On the evening of 12^th May 2019, a Strategic Session for CIBAFI Members, Professional Development Agents and Stakeholders was also held that witnessed an interactive experience sharing among agents and other participants representing Islamic banks and financial institutions. It facilitated an open dialogue among the attendees discussing ways on how to support CIBAFI in achieving its objectives under the new Strategic Plan for the period 2019 - 2022.

CIBAFI Annual Meeting attendees praised the efforts of the Secretariat for their dedication to deliver excellent outputs and being committed to what they do, wishing CIBAFI further and effective success for the next period.

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About the General Council for Islamic Banks and Financial Institutions (CIBAFI)

CIBAFI is an international organization established in 2001 and headquartered in the Kingdom of Bahrain. CIBAFI is affiliated with the Organization of Islamic Cooperation (OIC).  CIBAFI represents the Islamic financial services industry globally, defending and promoting its role, consolidating co-operation among its members, and with other institutions with similar interests and objectives. CIBAFI is currently representing market players, international intergovernmental organizations and professional firms, and industry associations with over 130 members from 34 jurisdictions.

For more information about CIBAFI, please visit www.CIBAFI.org  

Tel: +973 17357300  Email: media@cibafi.org 

© Press Release 2019