Latest news with #GeneralCouncilforIslamicBanksandFinancialInstitutions
Biz Bahrain
21-05-2025
- Business
- Biz Bahrain
CIBAFI Launches In-House Training on Islamic Risk Management for Banque Saudi Fransi
The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, is pleased to announce the launch of an in-house training programme on the Certified Islamic Specialist in Risk Management for senior employees of Banque Saudi Fransi. This programme marks the first collaboration between CIBAFI and Banque Saudi Fransi, representing a significant step toward enhancing professional capabilities in Islamic finance within the Kingdom of Saudi Arabia. The specialized training is designed to deepen participants' understanding of risk management principles from an Islamic finance perspective, equipping them with the tools and techniques to identify, assess, and mitigate risks in alignment with Shariah-compliant practices. It also features practical case studies and applications tailored to the banking environment. On this occasion, Dr. Abdelilah Belatik, Secretary General of CIBAFI, stated: 'In an era marked by uncertainties and transformative shifts in the global financial landscape, empowering professionals with the knowledge and skills to manage risk effectively has never been more critical. Robust risk management is fundamental to ensuring the resilience and long-term sustainability of Islamic financial institutions. CIBAFI is committed to supporting institutions like Banque Saudi Fransi in their engagement to strengthening internal capacity through practical and Shariah-compliant training initiatives.' This initiative reflects CIBAFI's continued commitment to developing human capital and promoting sound risk management practices across the Islamic financial services industry. It forms part of CIBAFI's broader efforts to enhance professional competencies and respond to the evolving needs of the industry through dynamic, high-quality, and context-specific training programmes. About CIBAFI: CIBAFI is an international non-profit organisation founded in 2001 by the Islamic Development Bank (IsDB) and a number of leading Islamic financial institutions. CIBAFI is affiliated with the Organisation of Islamic Cooperation (OIC). With more than 140 members from over 30 jurisdictions all around the world, CIBAFI is recognised as a key piece in the international architecture of Islamic finance.
Biz Bahrain
01-05-2025
- Business
- Biz Bahrain
CIBAFI Submits Technical Recommendations on IFSB's Takaful Recovery and Resolution Framework
The General Council for Islamic Banks and Financial Institutions (CIBAFI) submitted its comments to the Islamic Financial Services Board (IFSB) on the Exposure Draft (ED) (GN-10) on the 'Guidance Note on Recovery and Resolution for Takaful Undertakings'. Drawing upon expert insights from its diverse membership spanning more than 30 jurisdictions, CIBAFI's technical review identifies several areas for enhancement in the proposed regulatory framework. Key recommendations include: • Expanding the guidance to explicitly address retakaful undertakings, recognizing their potential systemic significance within the Islamic financial ecosystem • Strengthening the principle of independent recovery by removing references to potential public sector support during takaful recovery processes • Enhancing clarity on Point of Non-Viability (PONV) indicators specific to Participants' Risk Funds through additional qualitative and quantitative criteria • Aligning terminology with existing IFSB takaful standards, particularly regarding capital structure references • Providing more detailed guidance on loss allocation principles across segregated takaful fund structures in bail-in scenarios • Clarifying resolution authority procedures for outstanding qard treatment to ensure fair distribution of assets during resolution 'These recommendations reflect CIBAFI's ongoing commitment to supporting the development of robust regulatory frameworks that enhance stability while preserving the unique characteristics of Islamic financial institutions. The proposed enhancements aim to promote greater consistency, transparency, and Shariah compliance in takaful recovery and resolution mechanisms across jurisdictions.', said CIBAFI in its statement. The complete detailed comments submitted to IFSB are available on CIBAFI's website: CIBAFI continues to support the Islamic Financial Services Industry through advocacy, global representation, and various initiatives, including specialised publications and comprehensive professional development programmes.
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.
Biz Bahrain
27-02-2025
- Business
- Biz Bahrain
Charting the Future of Islamic Finance in Russia: CIBAFI and TIDA Host Strategic Session and Training Programme
The General Council for Islamic Banks and Financial Institutions (CIBAFI), in collaboration with the Tatarstan Investment Development Agency (TIDA), successfully hosted a high-level strategic session titled 'Prospects for Islamic Finance in the Russian Federation' in Kazan, Tatarstan. The session brought together key stakeholders, industry leaders, and policymakers to shape the strategic direction of Islamic finance in the region and explore collaboration between the Russian Federation and established Islamic financial markets. The event was inaugurated by Dr. Abdelilah Belatik, Secretary General of CIBAFI, and Mrs. Taliya Minullina, CEO of TIDA. Dr. Belatik stated: 'Islamic finance has strong growth potential, and collaboration between Russia and countries where it is well established can accelerate its development. It offers opportunities for economic growth by supporting real economic activities and promoting ethical finance. CIBAFI remains committed to this progress through advocacy, capacity building, and industry engagement. By strengthening human capital and refining regulations, we can drive sustainable growth that benefits the financial sector and the broader economy' Ms. Minullina stated: 'Our companies are actively working with Islamic countries, and while the use of Islamic financial instruments is still in its early stages, there is noticeable progress and significant potential for growth. It is crucial for us to establish a comprehensive infrastructure to accelerate this process. Today, we have launched a new training phase aimed at deepening the knowledge of our specialists and enhancing their capabilities for the future development of Islamic banking in Russia. It is important to note that this training is conducted by global experts with international professional standards.' Following the opening remarks, Dr. Belatik provided a briefing on CIBAFI's activities, emphasizing its role in advancing Islamic finance through advocacy, research, and capacity-building initiatives. The session then featured a panel discussion, where experts examined key challenges, opportunities, and regulatory considerations for the industry's growth in Russia. As part of its ongoing efforts, CIBAFI also launched a three-day Orientation Programme in Islamic Finance, offering a comprehensive understanding of Islamic finance principles, key financial products, and Shariah-compliant structures. The programme, facilitated by Dr. Ayman Sami Homoud, Group Chief Executive Officer, FEH Consulting combined theoretical knowledge with practical applications in Islamic finance, addressing emerging trends and regulatory developments. In conjunction with the strategic session and training programme, Dr. Belatik held a productive meeting with H.E. Rustam Nurgaliyevich Minnikhanov, President of the Republic of Tatarstan, in Kazan. The meeting was also attended by Ms. Taliya Minullina, CEO of the TIDA, who represented the interests of the region's investment and development initiatives. Discussions focused on key initiatives and potential avenues for collaboration in supporting Islamic finance and raising public awareness. The meeting concluded with strategic plans set to be implemented in the coming period. This initiative reaffirms CIBAFI's commitment to strengthening Islamic finance globally through capacity-building and industry collaboration.
