9th IDB Global Forum on
Islamic Finance
PRESENTED AT:
Hilton Hotel
Jeddah, Saudi Arabia| 24th June 2014
GENERAL COUNCIL FOR ISLAMIC BANKS AND FINANCIAL INSTITUTIONS
CIBAFI
• General Council for Islamic Banks and Financial Institutions
(CIBAFI) is a non-profit institution that constitutes the official
umbrella for Islamic financial institutions in the world.
• CIBAFI was founded by the Islamic Development Bank and 30
members, following its 13 years of operations CIBAFI
membership, have increased to 105 members.
 Objectives of CIBAFI:
• Promoting & Protecting Islamic Finance
• Enhancing Cooperation among members and with other institutions of similar
interest
• Providing information related to Islamic Finance
• Promoting interest of members
• Participating in the development of the Islamic Financial Services
• Development of human resources
GENERAL COUNCIL FOR ISLAMIC BANKS AND FINANCIAL INSTITUTIONS
Islamic Finance Evolution
Islamic Finance in 2000
• Size: USD 80 billion
• Countries: 51
Islamic Finance in 2014
• Size: USD 2 trillion expected (USD 1.8 trillion in 2013)
• Countries: 75
• Regulatory Framework
•
• Regulatory Framework
– AAOIFI
–
–
–
–
–
Shariah standards -9
Accounting standard - 14
Auditing - 5
Ethics - 1
Governance - 3
•
•
AAOIFI
– Shariah standards -48
– Accounting standard -26
– Auditing - 5
– Ethics - 2
– Governance - 7
IFSB est. 2002
– 16 Standards, 5 GN, 1 TN;
IIFM est. 2002
– 5 Standards on documentation
GENERAL COUNCIL FOR ISLAMIC BANKS AND FINANCIAL INSTITUTIONS
Assessment & Industry Expectations
In light of these developments in order to remain relevant in our mission to our
stakeholders, under the guidance of its Board of Directors (BOD), CIBAFI has
engaged into a wide consultation process with its stakeholders. The
consultation included:
 Formal meetings and direct discussions with the industry
 Formal survey reaching to our stakeholders, members and nonmembers
from the Islamic Financial Services Industry (IFSI)
 Secretariat received
complete questionnaires
from 66 respondent
representing 27
countries
GENERAL COUNCIL FOR ISLAMIC BANKS AND FINANCIAL INSTITUTIONS
Stakeholders Needs & Expectations
Understanding
Understanding the
the
Stakeholders
Stakeholders
Islamic
Islamic financial
financial
services
services industry
industry
General Assembly
NEEDS AND
EXPECTATIONS
Strategic Goals /
Impact
Strategic
Objectives
BOD/Executive
Committee
Continuous assessment process
Secretariat
Input/Activities
OUTPUTS
OUTCOMES
Members Experts
Group (MEG)
GENERAL COUNCIL FOR ISLAMIC BANKS AND FINANCIAL INSTITUTIONS
What you told us
Dialogue/exchange of views with
central bank of member countries
for enacting comprehensive Islamic
Banking law there; arrange more
training and awareness programs
by affiliated training institutions.
Promote mutual friendship
and the exchange of
information amongst
members based in the Asia
and Middle East
To assist in establishing coordination
amongst all the institutions for joint
objectives
To promote activities that
CIBAFI have held via emails /
newsletters / magazines
To assist in establishing coordination amongst all the
institutions for joint objectives
 CIBAFI should invest more
time, money and human
capital to improve its
brand awareness in core
markets and follow best
practices of international
organizations such as IIF
and American Bankers
Association.
 Also, would the Council consider simplifying its name –
as CIBAFI is quite a long brand name and not the easiest
abbreviation to remember?
To represent
consolidated voice of
the Islamic Financial
Institutions in terms
of its development
and protecting its
interest.
To continue to
promote what
ethical financing
is all about and
help emerging
Islamic finance
institutions to
thrive
Arranging get
together of the
industry
operators and the
regulators
periodically with
a view of sharing
industry best
practices.
GENERAL COUNCIL FOR ISLAMIC BANKS AND FINANCIAL INSTITUTIONS
Strategic action
Strategic
Goals
Strategic
Objectives
Action Plan/
Work Plan
Members Strategy Session - 9th of Ramadan 1435H,
corresponding to 6th July 2014 at noon 12.00hrs Hilton Hotel,
Jeddah, Saudi Arabia
GENERAL COUNCIL FOR ISLAMIC BANKS AND FINANCIAL INSTITUTIONS
THANK YOU
Abdelilah Belatik
Secretary General, CIBAFI
abdelilah@cibafi.org
GENERAL COUNCIL FOR ISLAMIC BANKS AND FINANCIAL INSTITUTIONS