9th May 2023, Manama, Kingdom of Bahrain | The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, has successfully organised two webinars today in conjunction with its annual meetings and events.
Following the successful execution of three consecutive joint seminars, CIBAFI and S&P Global Ratings have once again successfully gathered Islamic banks and financial institutions, regional regulators, and other international organisations, to discuss a timely subject for the industry on “Unlocking the Potential of Sukuk: Exploring Constraints and Accelerators for Growth in Islamic Financial Markets”.
The webinar was inaugurated with welcoming remarks from Dr. Abdelilah Belatik, Secretary General of CIBAFI. Dr. Mohamed Damak, Senior Director and Global Head of Islamic Finance at S&P Global Ratings facilitated the presentation and discussion on the outlook for Islamic finance. The presentation provided insights into the latest trends and innovations in Islamic finance and sukuk issuances, as well as explored strategies for leveraging sustainability and digitalization to drive growth and overcome current industry challenges.
The webinar featured an insightful panel session on Building a Sustainable Future: The Convergence of Islamic Finance and Sustainable Investing, where S&P Global Ratings, along with other industry experts, engaged in a discussion about the challenges facing the industry's growth. These included regulatory and structural issues, as well as the impact of global economic conditions on the Islamic finance sector. The speakers also explored the sustainable finance opportunities for growth, both regionally and globally, and the drivers for investors and issuers to participate in sustainable and green markets. The session panelists included: Mr. Ijlal Ahmed Alvi, Chief Executive Officer, International Islamic Financial Market (IIFM); Mr. Timucin Engin, Senior Director & Cross-Practice Coordinator GCC Region, S&P Global Ratings and Ms. Rawan Oueidat, Associate Director, Corporate Ratings, S&P Global Ratings. The session was moderated by Dr. Mohamed Damak, Senior Director and Global Head of Islamic Finance at S&P Global Ratings.
Hosting an awareness sharing platform, CIBAFI also witnessed the launch of CIBAFI’s 8th edition of its annual flagship publication - the Global Islamic Bankers’ Survey (GIBS) Report on “Talent Management Dynamics: Current Practices, Challenges, and Prospects”. This year, the report covers views from 103 heads of Islamic banks from 30 different jurisdictions.
The webinar was inaugurated by welcoming remarks from Dr. Abdelilah Belatik, Secretary General of CIBAFI. It also featured a keynote speech from Prof Dato’ Dr Mohd Azmi Omar, President and Chief Executive Officer, INCEIF University, Malaysia.
Commenting on the launch of the GIBS, CIBAFI Secretary General, Dr. Abdelilah Belatik said: "The Global Islamic Bankers’ Survey (GIBS), now in its 8th edition, has played a pivotal role in monitoring the perspectives of Islamic banking executives towards the future of the industry over the years. This year's GIBS edition underscores the vital role of talent management in the Islamic banking sector. The report presents a deep view into the practices and challenges of talent management in the Islamic banking industry to offer timely recommendations for Islamic banks to leverage talents for growth. We hope that the current report will act as a valuable reference to understand the challenges facing the industry and the opportunities Islamic banks can leverage to attract and retain top talent."
The webinar witnessed a presentation of the main findings of the GIBS 2023 Report by Ms. May Arshi, Senior Research Analyst at CIBAFI. The findings of the GIBS showed an overall hopeful view of the potential skill and educational level of available talent, although with recognised deficiency areas that should be fulfilled. It also showed a general recognition of the important changes that industry trends are driving in recruitment and skill set needs in Islamic banks.
The experts who shared their insights during the webinar on talent management trends and the current practices and challenges of Islamic banks in managing talent, included: Ms. Sana Haji, Associate Director Human Capital, Mumtalakat, Bahrain; Dr. Irum Saba, Assistant Professor and Program Director, Institute of Business Administration Karachi, Pakistan; and Mr. Husain Alkhaja, GCC Regional Director, DDCAP (DIFC) Limited, UAE. The session was moderated by Mr. Rachid Ettaai, Business Development Manager, CIBAFI.
CIBAFI would like to express its appreciation to the report’s supporting partners, DDCAP GroupTM and Kuwait International Bank. The Secretariat would also like to convey its sincere thanks to all its members, survey respondents, the speakers, participants and media agencies from various sectors and countries for their active involvement and contribution to the success of the report’s development and launch.
CIBAFI continues to support the Islamic financial services industry through various activities and initiatives. These initiatives include providing industry stakeholders with a platform to discuss emerging issues, representing the industry at major global financial events, and sharing knowledge through specialized publications and comprehensive training programmes.