Latest news with #CIBAFI
Biz Bahrain
7 days ago
- Business
- Biz Bahrain
CIBAFI Launches GIBS 2025 Report on AI and Data Analytics and the Digital Momentum Guide
The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, successfully held today a webinar titled 'AI and Data Analytics: Revolutionizing Islamic Banking Operations and Services,' marking the soft launch of the tenth edition of the Global Islamic Bankers' Survey (GIBS) 2025 Report. This edition of the GIBS Report explores the expanding role of artificial intelligence (AI) and data analytics in transforming Islamic banking operations, service delivery, and risk management. It captures insights from 105 executives across 29 countries, providing valuable regional perspectives and industry benchmarks. The webinar opened with remarks from Dr. Abdelilah Belatik, Secretary General of CIBAFI, who stated: 'Marking the 10th anniversary of the GIBS initiative, this year's findings reflect an industry on the brink of a technological shift. While AI adoption is still early, its strategic value is increasingly recognized. CIBAFI's role is to support this transition through dialogue, research, and capacity building. We hope this milestone report will guide Islamic financial institutions in shaping effective, forward-looking AI strategies.' Following Dr. Belatik's remarks, Ms. Jenni Denniston, Director of Business Development at Ivey Business School, announced the upcoming Joint Executive Programme with CIBAFI, aimed at equipping executive managers with strategic leadership skills in AI and digital transformation within Islamic banking. Dr. Muhammad Bilal, Project Manager – Research & Regulatory Affairs, shared insights from the GIBS, such as the growing strategic importance of AI in Islamic banking. He noted that adoption remains limited due to high costs, lack of expertise, and concerns over cybersecurity and credit risks. The webinar also featured expert insights from distinguished speakers, including Mr. Peter Casey, Consultant; Dr. Ahmed Tahiri Jouti, Founder of NeuronAIze and Managing Partner at Green For South; and Mr. Yasser Rahrovani, Associate Professor, Information Systems, Ivey Business School, who shared practical perspectives on the evolving digital landscape in Islamic finance. The session was moderated by Mr. Rachid Ettaai, Business Development Manager, CIBAFI. CIBAFI extends its sincere appreciation to its Supporting Partner, DDCAP Group, for their valuable contribution to the successful launch of the GIBS 2025 Report and continued support in promoting innovation in the Islamic financial services industry. In conjunction with the webinar, CIBAFI also launched the Digital Momentum Guide: Impact on Islamic Banks and Guidelines for Adaptability, which offers practical insights and strategies for Islamic banks to remain agile, innovative, and Shariah-compliant in an evolving digital landscape. To download Digital Momentum: Impact on Islamic Banks and Guidelines for Adaptability, click here.
Biz Bahrain
24-06-2025
- Business
- Biz Bahrain
CIBAFI Conducts Online Technical Workshop on Governance and Compliance for Islamic Financial Institutions
The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella organization for Islamic financial institutions, is conducting its Online Technical Workshop on 'Governance and Compliance for Islamic Financial Institutions (IFIs)'. Delivered in English, the workshop brings together professionals from across the Islamic financial services industry. Effective governance frameworks are essential to ensuring sound practices, ethical conduct, and Shariah compliance in Islamic financial institutions. In recognition of this, CIBAFI launched the workshop as part of its strategic objective of Professional Development, which focuses on enhancing the technical capacity of industry practitioners. The programme features a combination of technical sessions, real-world applications, and case-based discussions, covering key topics such as Shariah governance principles, internal control systems, risk-based compliance approaches, and international regulatory perspectives. The workshop began with opening remarks from Ms. Zainab Al Owainaty, Director of Administration and Finance Affairs at CIBAFI. She emphasized the vital importance of governance and compliance in the face of ongoing global shifts in the financial sector, particularly within the Islamic finance industry. Ms. Al Owainaty highlighted that the sustained success of Islamic financial institutions relies on their ability to develop a comprehensive framework that effectively integrates strong governance, rigorous compliance, and sustainable practices. The more effectively we align these pillars, the greater our potential to lead in global markets and deliver meaningful value to our communities. The workshop was facilitated by Prof. Dr. Younes Soualhi, Senior Researcher and Professor at INCEIF – The Global University of Islamic Finance, Malaysia. Participants benefited from his extensive expertise and practical insights. The programme also featured contributions from distinguished guest speakers, including Dr. AbdelGadir Warsama Ghalib, Founder & Principal Legal Counsel, Abdelgadir Warsama Legal Consultancy, Bahrain and Mr. Usama Saleh, Chief Shariah Audit Executive, TAJ Bank, Nigeria. This workshop underscores CIBAFI's ongoing dedication to advancing the Islamic financial services industry through targeted technical programmes and knowledge-sharing platforms that address the sector's evolving governance and compliance priorities. 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
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
10-05-2025
- Business
- Biz Bahrain
CIBAFI Submits Recommendations to IFSB on Climate Risk Guidance for Islamic Banks
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-11) on the ' Guidance Note on Climate-Related Financial Risks for Institutions Offering Islamic Financial Services (Banking Segment)'. Drawing upon expert insights from its diverse membership spanning more than 30 jurisdictions, CIBAFI's review identifies several areas for enhancement in the ED. Key recommendations include: • Encouraging RSAs to ensure that IIFS clearly demonstrate how responsibilities for climate-related financial risks are embedded within governance structures, including integration into board committee mandates and structured engagement with Shariah boards. • Recommending that IIFS incorporate climate-related objectives into institutional strategies using defined key performance indicators (KPIs) and performance management frameworks to enhance accountability. • Supporting the inclusion of internal, measurable climate-related objectives within ICAAPs/ILAAPs, with disclosures—where material—to reinforce transparency and effective capital and liquidity assessments. • Recommending more detailed guidance on how IIFS can integrate climate-related risks into their stress testing, ICAAP, and ILAAP frameworks to promote consistency and ensure a level playing field in capital and liquidity adequacy assessments across Islamic banks. • Providing more detailed guidance on adapting risk assessment methodologies to the specificities of Islamic contracts, particularly equity-based structures such as musharakah and mudarabah, to ensure alignment with BCBS Principles. • Explicitly addressing reputational and liability risks related to climate claims, including potential greenwashing risks, which may also constitute Shariah governance concerns given the ethical commitments of IIFS. • Expanding guidance on climate-related disruptions to commodity markets, which are critical to Shariah-compliant liquidity management, by recommending contingency planning measures to support effective implementation of BCBS Principle 10 in the IIFS context. 'These recommendations reflect CIBAFI's ongoing commitment to supporting the development of forward-looking regulatory frameworks that strengthen the resilience of Islamic financial institutions in the face of emerging risks. By addressing climate-related financial risks in a manner consistent with Islamic principles, the proposed enhancements aim to promote effective risk governance, greater transparency, and long-term sustainability across the Islamic financial services industry,' 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.
Zawya
08-05-2025
- Business
- Zawya
CIBAFI submits recommendations to IFSB on Climate Risk Guidance for Islamic Banks
Manama, Kingdom of Bahrain |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-11) on the " Guidance Note on Climate-Related Financial Risks for Institutions Offering Islamic Financial Services (Banking Segment)". Drawing upon expert insights from its diverse membership spanning more than 30 jurisdictions, CIBAFI's review identifies several areas for enhancement in the ED. Key recommendations include: Encouraging RSAs to ensure that IIFS clearly demonstrate how responsibilities for climate-related financial risks are embedded within governance structures, including integration into board committee mandates and structured engagement with Shariah boards. Recommending that IIFS incorporate climate-related objectives into institutional strategies using defined key performance indicators (KPIs) and performance management frameworks to enhance accountability. Supporting the inclusion of internal, measurable climate-related objectives within ICAAPs/ILAAPs, with disclosures—where material—to reinforce transparency and effective capital and liquidity assessments. Recommending more detailed guidance on how IIFS can integrate climate-related risks into their stress testing, ICAAP, and ILAAP frameworks to promote consistency and ensure a level playing field in capital and liquidity adequacy assessments across Islamic banks. Providing more detailed guidance on adapting risk assessment methodologies to the specificities of Islamic contracts, particularly equity-based structures such as musharakah and mudarabah, to ensure alignment with BCBS Principles. Explicitly addressing reputational and liability risks related to climate claims, including potential greenwashing risks, which may also constitute Shariah governance concerns given the ethical commitments of IIFS. Expanding guidance on climate-related disruptions to commodity markets, which are critical to Shariah-compliant liquidity management, by recommending contingency planning measures to support effective implementation of BCBS Principle 10 in the IIFS context. 'These recommendations reflect CIBAFI's ongoing commitment to supporting the development of forward-looking regulatory frameworks that strengthen the resilience of Islamic financial institutions in the face of emerging risks. By addressing climate-related financial risks in a manner consistent with Islamic principles, the proposed enhancements aim to promote effective risk governance, greater transparency, and long-term sustainability across the Islamic financial services industry,' 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. 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, with over 140 members from more than 30 jurisdictions, representing market players, international intergovernmental organizations and professional firms, and industry associations.
