21^st 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 2^nd Innovation and Technology Working Group (ITWG) Meeting, CIBAFI Webinar on “Building Blocks of a Successful Digital Transformation Strategy”, Extra-Ordinary General Meeting, CIBAFI 22^nd Annual General Meeting, and the CIBAFI 45^th 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 2^nd 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 2^nd 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. May Arshi, Research Analyst, CIBAFI.

The day concluded with an Extra-Ordinary General Meeting and the CIBAFI 22^nd 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 22^nd 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 22^nd 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 45^th 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 term.

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.