Latest news with #25thAnnualGeneralMeeting
Biz Bahrain
19-04-2025
- Business
- Biz Bahrain
CIBAFI Celebrates a Decade of Impact and Future Vision at Annual Meetings with 2025 Innovation Award Ceremony
The General Council for Islamic Banks and Financial Institutions (CIBAFI), successfully concluded its Annual Meetings and Events yesterday in Madinah, Kingdom of Saudi Arabia, with parallel participation online. The event brought together CIBAFI members, global stakeholders and the members of CIBAFI`s committees for a series of high-level meetings and a celebration of innovation in advancing financial inclusion through Islamic finance. The day commenced with the 15th CIBAFI Members Consultative Group (MCG) Meeting, where members reviewed ongoing initiatives and exchanged views on how to further enhance CIBAFI's collective impact. This was followed by the 51st CIBAFI Board of Directors Meeting, during which the Board reviewed strategic developments, assessed ongoing projects, and discussed forward-looking plans to reinforce CIBAFI's leadership role in the Islamic finance industry. The programme culminated with the 25th Annual General Meeting (AGM), a cornerstone event that underscored CIBAFI's ongoing commitment to transparency, inclusiveness, and good governance. A key highlight of the AGM was the official launch of the CIBAFI Activities Report 2014–2024. This publication outlines a decade of achievements across CIBAFI's four strategic pillars: supporting the added value of Islamic finance, policy and regulatory advocacy, awareness-raising, and professional development. The AGM also featured the presentation of the Membership expansion progress. The day concluded with the highly anticipated CIBAFI Award 2025 Ceremony, held under the theme: 'Innovation for Advancing Financial Inclusion and Islamic Finance Objectives.' The ceremony opened with inspiring remarks by Mr. Houssem Ben Haj Amor, Group Chief Executive Officer of Al Baraka Group and Vice Chairman of Jordan Islamic Bank, who highlighted the essential role of financial inclusion in achieving the higher objectives of Islamic finance. He commended institutions leading with innovation to bring meaningful change to underserved communities. This year's CIBAFI Award was conferred upon Faisal Islamic Bank – Egypt, in recognition of its outstanding and innovative efforts to promote financial inclusion. The Bank was applauded for its impactful initiatives aimed at expanding access to Shariah-compliant financial services, particularly for unbanked and underserved populations. Its contributions support inclusive growth and embody the ethical and social values at the heart of Islamic finance. CIBAFI reaffirms its unwavering commitment to empowering the Islamic financial services industry by fostering global collaboration, recognising institutional excellence, and advancing initiatives that promote innovation, sustainability, and inclusive development within the financial ecosystem.
Zawya
22-02-2025
- Business
- Zawya
Kuwait Credit Information Network Company achieves highest net profits in its history
Strategy to increase capital and enhance financial solvency New services to provide comprehensive solutions for various sectors in credit and risk management Launching awareness campaigns on credit scoring Increasing the national workforce rate to 55% Kuwait: Kuwait Credit Information Network Company (CINET), Kuwait's leading and sole provider of credit information and credit rating, reported a net profit of KD 2,737,951 for the fiscal year ending 30 September 2024, with total revenue reaching KD 5,698,163 and shareholders' equity rising to KD 22,274,880. These results were presented at CINET's 25th Annual General Meeting (AGM), where the company outlined key financial achievements and strategic milestones. To strengthen the company's financial position, the Board of Directors recommended no cash dividend distribution, opting instead to proceed with a capital increase plan targeting KD 25 million. Mrs. Alia Bader Al-Humaidhi, Chairperson of CINET, highlighted the company's strategic vision and commitment to growth, stating: 'Our achievements reflect CINET's steadfast dedication to innovation and operational excellence. As we navigate the evolving financial landscape, we continue to expand our role in shaping Kuwait's credit ecosystem, ensuring that our services align with the country's economic ambitions under Kuwait Vision 2035. We are focused on long-term value creation for our shareholders while maintaining our leadership in digital transformation and financial data intelligence.' Achievements and Innovation Strategy CINET has achieved significant milestones and completed strategic projects in the last year to deliver exceptional value to its customers. The company has implemented several initiatives aimed at enhancing its services and expanding its scope of operations. One of the most notable achievements was the launch of the Bounce Cheques System, designed to include data related to returned cheques within the credit profile, reducing risk, and fostering a transparent financial environment. Additionally, the company introduced a new brand identity to enhance its market presence and expand its services beyond the banking sector. And as part of its corporate social responsibility efforts, CINET also launched the "Shlonik" campaign to raise awareness about the credit score and highlight its benefits in improving credits worthiness. Furthermore, the company introduced tailored products and services that address the unique challenges of the fintech space, to welcome "Buy Now, Pay Later" companies in its credit portfolios, taking a customer-centric approach to ensure delivering holistic and comprehensive views in credit reporting. Mrs. Mai B. Al-Owaish, CEO of CINET, emphasized the company's operational advancements, stating: 'Our focus in ensuring that every innovation is backed by robust data and cybersecurity protection measures has positioned CINET as a trusted partner in Kuwait's financial sector. Furthermore, we have been working to diversify our product portfolio to ensure CINET remains agile and responsive to the demands of an ever-changing market as we transform from a traditional credit bureau into a data and analytics provider that offers holistic solutions to the financial sector in credit and risk management.' Reinforcing National Workforce and Expanding Credit Services in Kuwait In alignment with Kuwait's national workforce development strategy, CINET has successfully increased the percentage of Kuwaiti employees to 55.17%, up from 44.68% in the previous fiscal year. The company remains committed to fostering local talent in specialized fields such as information systems and data science. CINET will continue to enhance its internal operations and foster a culture of innovation within its team to deliver advanced credit solutions that facilitate access to financial data and promote credit awareness. It also plans to expand its credit data to include new sectors, to diversify its product portfolio, leveraging emerging technologies to develop solutions that address the evolving needs of credit and financial risk management. In her closing statement, Al-Humaidhi said: 'On behalf of the Board of Directors, I extend our sincere appreciation to the Central Bank of Kuwait for their ongoing support and to our shareholders for their trust and confidence. We remain committed to sustainable growth and innovation, ensuring CINET continues to be a driving force in expanding Kuwait's financial ecosystem by providing leading credit solutions to contribute to economic development and financial stability in Kuwait.' About CINET Kuwait Credit Information Network (CINET) seeks to provide inquiry services, credit score, and credit information in an innovative manner and with the highest levels of professionalism and trustworthiness. The company contributes to strengthening the credit system, improving the credit culture, and raising the degree of trust among clients in the credit community. The activities of the Kuwait Credit Information Network Company are subject to the control and supervision of the Central Bank of Kuwait. Law No. 9 of 2019 regulates the exchange of credit information. Executive regulations of Law No. 9 of 2019. For more information: Kuwait Credit Information Network Company Al Mirqab - Othman Bin Affan Street - Capital Tower - Floor: 35 Website:
