Latest news with #GeneralCouncilforIslamicBanksandFinancialInstitutions
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
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.
