21st April 2022, 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.
The last day of CIBAFI Annual meetings featured the CIBAFI 2nd
Innovation and Technology Working Group (ITWG) Meeting, CIBAFI Webinar on
“Building Blocks of a Successful Digital Transformation Strategy”, Extra-Ordinary
General Meeting, CIBAFI 22nd Annual General Meeting, and the CIBAFI 45th
Board of Directors Meeting.
In recent years, the financial industry, and more broadly the
global economy, have seen critical global developments, including an increase
in technology integration, and disruptive trends such as artificial
intelligence, blockchain, cryptocurrencies, open banking, and digital banking.
These developments present numerous opportunities for financial inclusion,
operational efficiency, and business growth. In this context, the 2nd
CIBAFI Innovation and Technology Working Group (ITWG) Meeting was held to
present some technology use cases in Islamic banks and the global market, with
the goal of encouraging and supporting innovation and technology integration
within ITWG members’ institutions and the Islamic banking industry as a whole.
The IFSI is increasingly embracing digitalisation across its
various segments, reshaping and enabling the emergence of new solutions. Following
the 2nd ITWG meeting, a CIBAFI Webinar on “Building Blocks
of a Successful Digital Transformation Strategy” was successfully held,
bringing together leading experts who discussed the opportunities and
challenges associated with digital transformation in IFIs, as well as the
necessary resources, organizational and leadership capabilities for implementing
a successful digital transformation strategy. The panelists included Prof. Dr. Etsuaki Yoshida, Professor Doshisha Business School, Japan; Dr. Mohamed
Nass, Partner - Consulting, Mazars, Bahrain; Mr. Salam Slim, Director, Digital Core Lead, Global
Banking Practice, Oracle, UAE, Mr. Rachid Harrando, Cybersecurity
Leader and Entrepreneur, ServiceNow, France; and Mr. Nezih Sensoy,
Expert in Digital Experience, Turkey and the session
was moderated by Ms.
Research Analyst, CIBAFI.
The day concluded with an Extra-Ordinary General Meeting and
the CIBAFI 22nd Annual General Meeting. During the
Extra-Ordinary General Meeting, members reviewed and approved the proposed
amendments to CIBAFI`s Articles of Association. CIBAFI Strategic Plan 2022 –
2025, CIBAFI Activities Report 2021, and the CIBAFI Sustainability Guide for
Islamic Financial Institutions were all officially launched at the 22nd
AGM. The financial statements for the year 2021 also have been presented and
approved during the meeting.
The election of the new CIBAFI Board of
Directors Members for a 5-year term was one of the highlights of the CIBAFI 22nd
Annual General Meeting. The Chairman, H.E. Sheikh Abdullah Saleh Kamel and
two Deputy Chairmen, Mr. Abd El Hameed Abou Mosa, Governor of Faisal
Islamic Bank of Egypt and Mr. Shadi Zahran, Group Chief Financial
Officer, Kuwait Finance House – Kuwait were elected at the 45th Board
of Directors meeting of CIBAFI, which followed right after the AGM. CIBAFI is
pleased to congratulate the members of its Board of Directors for the current
Al Baraka Banking Group, Faisal Islamic
Bank of Egypt, Islamic Development Bank, Jordan Islamic Bank, Kuwait Finance
House – Kuwait, Saudi National Bank, Abu Dhabi Islamic Bank, Al Baraka Türk
Participation Bank, Safa Bank, Islami Bank Bangladesh Limited, Islamic
Insurance Co., Sudanese Bank Association, Bank Muamalat Malaysia Berhad, Iraqi
Islamic Bank for Investment and Development and Umnia Bank.
During the meeting, the members of
the BOD & AGM praised the efforts of the Secretariat for their continuous
efforts and dedication to delivering its mandate.