7th May 2020, Manama, Kingdom of Bahrain | The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions held its 20th Annual General Meeting (AGM) today. The meeting was held remotely for the first time, due to the growing health concerns related to the Covid-19.

The meeting was inaugurated and chaired by the Chairman H.E. Sheikh Saleh A. Kamel, thanking members and stakeholders from across countries who attended and witnessed the first virtual Annual General Meeting.

The meeting stressed the growing concerns that the Covid-19 outbreak have on the global economy, which could be on its worst state since the 2008 global financial crisis. It was pointed out that the current challenges need attention and should be analyzed to come up with solutions that Islamic banks and financial institutions can implement in cooperation with governments and regulatory authorities in their countries, to reduce the risks of the pandemic on the global economy and the Islamic financial sector. These challenging conditions represent an opportunity for Islamic financial institutions to differentiate themselves, rethink their business models and demonstrate value to their customers and communities. In the same context, the efforts of the governments and central banks in facing and accelerating the recovery from the impact of this health and economic crisis have been praised.

Moving on to the meeting agenda, CIBAFI Secretariat presented the Activities Reports for the year 2019 as well as for the period January – April 2020. The audited financial statements for the year 2019 were also approved during the AGM. The membership status report for the period 2019 showed the expansion coverage of CIBAFI membership geographically with the assistance of the Board of Directors and its other members in entering new markets of Islamic finance.

Commenting at the conclusion of the meeting, Dr. Abdelilah Belatik, Secretary General of CIBAFI said: “Due to the growing health concerns related to the Covid-19, CIBAFI as many other organisations is facing a new challenge illustrated in managing its activities and initiatives. However, CIBAFI Secretariat is committed to continuing its work plan of this year while ensuring the safety of its members and stakeholders. In the same context, I would like to take this opportunity to thank our Board of Directors (BOD) members for all their guidance and support and all the stakeholders for their highly appreciated support in all the initiatives of CIBAFI, which enable us to overcome the current challenges using innovative solutions by implementing alternatives for virtual meetings and events in lieu of its physical gatherings.”

CIBAFI Annual General Meeting attendees praised the efforts of the Secretariat for their dedication to deliver excellent outputs and being committed to what they do, wishing CIBAFI continuous success for the next period.