27th November 2015, Barcelona, Spain | Manama, Kingdom of Bahrain - The General Council for Islamic Banks and Financial Institutions, the global umbrella of Islamic financial institutions, and the Association of the Mediterranean Chambers of Commerce and Industry (ASCAME) and the Chamber of Commerce of Barcelona have successfully opened the 3rd Mediterranean Islamic Finance Forum, themed "Building Bridges" today at Casa Llotja de Mar in Barcelona, Spain. Event included inaugural session with officials from Central Bank of Spain, CIBAFI, ASCAME, Chamber of Commerce and prominent bankers of Spain. Event has also seen attendance from all around the Mediterranean region and beyond, from financial institutions, business leaders, policy makers and regulators.
Forum shed more light on challenges and opportunities for the Mediterranean region to tap into Islamic finance for the much needed Infrastructure projects and Small and Medium Enterprises (SME) financing.
Forum had also the privilege to see the launch of the CIBAFI's Inaugural Global Islamic Bankers' Survey. The inaugural flagship publication of CIBAFI expressed the views of the Heads of 83 Islamic banks from 35 different countries. The survey is considered the first of its kind capturing practitioners' perspectives in detail, with significant numbers of responses from Islamic banks in both matured and frontier Islamic financial markets.
Commenting on the launch of the publication, Mr. Abdelilah Belatik, Secretary General of CIBAFI said: "I am delighted to announce CIBAFI's inaugural Global Islamic Bankers' Survey. As the voice of the Islamic finance industry and its advocate, we feel that it is important that we 'take the pulse' of our industry and report on its health, on its feelings and on its concerns and aspirations for the future. That is why, in April 2015, we sent a detailed questionnaire to our member banks and others. We asked them how optimistic they were about the future; we asked them to identify the greatest risks they are facing; we asked them to tell us how they are approaching some specific aspects of Islamic financing activities; and we asked them to tell us how they are addressing - and overcoming - the challenges that they face. "
The survey is grouped into four main parts.
The first is Islamic Banking Confidence Index, posing the questions to members and non-members (Islamic banks) about their optimism level, as well as main concerns with respect to various issues and challenges facing the industry.
The second section is Islamic Banking Risk Dashboard, where the survey was to rank the biggest risks that practitioners think the Islamic banks are facing.
The third section focused on Key Drivers of Growth Monitor, which aimed to unravel the underlying key drivers of sustainable growth of Islamic banks across various countries, including seeking for untapped business lines as potential sources of organic growth.
On the other hand, the final section presented Practitioners' Perspectives Towards Key Obstacles in Equity Finance, Profit Sharing Investment Account, and SME Finance, with the findings concluding some of the main capacities that Islamic banks need to build, as well as responsibilities of various stakeholders to develop external infrastructures for inclusion and risk sharing.
Mr. Belatik added: "The Secretariat is very proud of this inaugural Survey, and I offer my thanks to all those institutions that have contributed to it and made it possible. But this is only a beginning. Next year we will compare the health of the industry as it is then to its health as it is today, and from there we will start to make judgments about whether we are heading in the right direction. Over time, we hope to expand the scope of our Survey to include the views of Takaful companies and of those involved in Shariah-compliant capital markets. "
CIBAFI's Inaugural Global Islamic Bankers' Survey will be available for download at www.cibafi.org from 30th November.
For more information contact CIBAFI Secretariat at cibafi@cibafi.org.
About the General Council for Islamic Banks and Financial Institutions (CIBAFI)
CIBAFI is an international organization established in 2001 and Headquartered in the Kingdom of Bahrain. CIBAFI is affiliated with the Organization of Islamic Cooperation (OIC).
CIBAFI represents the Islamic financial services industry globally, defending and promoting its role, consolidating co-operation among its members, and with other institutions with similar interests and objectives.
With nearly 120 members from over 30 jurisdictions, representing market players, international intergovernmental organizations and professional firms, and industry associations.
For more information about CIBAFI, please visit www.CIBAFI.org
Tel: +973 17357300 Email: media@cibafi.org
© Press Release 2015
