26th May 2021, Manama, Kingdom of Bahrain | The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, has successfully concluded its Annual Meetings on 25th May 2021. CIBAFI 21st Annual General Meeting and side-events were held fully virtual.
The second day of CIBAFI Annual Meetings featured a Members’ Strategic Session to evaluate CIBAFI current Strategic Plan 2019 – 2022; the Awarding Ceremony of CIBAFI Award 2021 on the “Adoption of Financial Technologies (FinTech)”; and the 21st Annual General Meeting of CIBAFI Members and Stakeholders.
Members’ Strategic Session: Evaluating the Current Strategic Plan 2019 – 2022 is part of CIBAFI’s periodic assessment of its activities and initiatives to align with its road map continuously. To keep up with the rapid developments and changes in the financial services industry, it is essential for CIBAFI to evaluate its strategic plan to address the members’ needs and expectations, especially during the current circumstances.
After the two successful editions of CIBAFI Award in 2017 and 2019, CIBAFI was also pleased to announce the winner of this year’s CIBAFI Award 2021 on the “Adoption of Financial Technologies”. CIBAFI Award 2021 rewarded the Islamic financial institution that adopted financial technologies within its core business activities resulting to a positive impact internally as well as on the society.
This year’s Award recipient is “Al Baraka Türk Participation Bank”, an exemplar and a dedicated bank towards implementing effective strategies and organisational approaches for Fintech adoption. Following the designation of the winner during the selection process, due diligence was conducted to review and verify the existing technology-based products and services offered by the bank.
CIBAFI Award 2021 Ceremony has also revealed the upcoming theme of the CIBAFI Award 2023on Financial Sustainability, including “Environmental Social and Governance”. This announcement will allow CIBAFI member banks and financial institutions to prepare and be rewarded with this unique recognition from CIBAFI.
The 2-day event ended with CIBAFI 21st Annual General Meeting (AGM), where the Secretariat presented the Activities Reports for the year 2020 and membership status report and the audited financial statements for the year 2020. CIBAFI Annual Meeting attendees praised the Secretariat's efforts for their commitment to delivering excellent outputs, wishing CIBAFI further success for the next period.