• 17 Sep

    PRESS RELEASE: 17th September 2017, Manama, Kingdom of Bahrain

     Under the Patronage of the Central Bank of Bahrain - CIBAFI Seminar on Credit Ratings in Cooperation with S&P Global Ratings has been launched this morning in Manama, Kingdom of Bahrain. 

    17th September 2017, Manama, Kingdom of Bahrain | The General Council for Islamic Banks and Financial Institutions (CIBAFI), the umbrella of Islamic financial institutions, in cooperation with S&P Global Ratings and under the patronage of the Central Bank of Bahrain (CBB) launched this morning a Seminar on Credit Ratings: Focus on Islamic Banks and Sukuk Ratings Methodology in Manama, Kingdom of Bahrain. The Seminar is being Supported by Ithmaar Bank and the Bahrain Association of Banks.

    The aim of this Seminar is to engage participants in the discussion on different Credit Ratings Criteria which will focus on Sovereign, Islamic Banks and Sukuk Ratings Methodologies.

    Both S&P Global Ratings and General of the General Council for Islamic Banks and Financial Institutions raised important views on the above topics, during the opening remarks. 


    In his welcoming address Mr. Abdelilah Belatik, Secretary General of CIBAFI said: “We are delighted to see our member banks taking this opportunity to learn firsthand on Credit Ratings and its impact on Islamic Financial Institutions. We also hope that this two days will help our members to understand in practical terms how Islamic banks and sukuks are rated from rating agency perspective. Our collaboration with S&P Global Ratings is a first in the area of awareness and professional development, we are committed to continue bringing latest industry driven initiatives to our members. Appreciation is also extended to the Central Bank of Bahrain and  our supporting partners” 

    Commenting on the Seminar Dr. Mohamed Damak, Senior Director, Global Head of Islamic Finance, S&P Global Ratings said: “S&P Global Ratings is delighted to cooperate with CIBAFI on this training on banks and Sukuk ratings. We are committed to provide such trainings to enhance stakeholders’ understanding of our ratings methodologies and enhance transparency”

    From today until Monday, delegates from Bahrain, Bangladesh, Sudan, Saudi Arabia, Kuwait, and the United Arab Emirates, both CIBAFI member institutions and regional regulators will engage in insightful discussions with senior directors from S&P Global Ratings, and the seminar material has been designed accordingly. It will cover areas such as Sovereign Ratings Criteria, Bank Specific Rating Factors, Islamic and Conventional Bank Ratings and Sukuk Rating Methodology. It will also involves a discussion on GCC Sovereign Ratings Outlook and Banking Industry Country Risk Assessment as well as recent trends and updates on Sukuk issues and rating cases among many other topics. 

    This Seminar is an initiative that is aligned with CIBAFI’s endeavor to enhance capacity building in the Islamic Financial Services Industry (IFSI) as well as increasing Awareness and Information Sharing through collaborations with industry stakeholders and among CIBAFI members, by creating a platform for face-to-face dialogue and closed-door discussions. It is also part of S&P Global Ratings’s long standing journey of providing market intelligence and developing Islamic financial markets and regional capital markets.


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