3rd May 2016, Manama, Kingdom of Bahrain | General Council of Islamic Banks and Financial Institutions, the umbrella of Islamic financial institutions on the occasion of its 15th Anniversary launched its Global Forum "Rethinking Values for Sustainable Growth" this morning at the Four Seasons Hotel, Manama, Kingdom of Bahrain.
The two day forum, organised under the patronage of the Central Bank of Bahrain, brought together stakeholders from the Islamic finance industry, multilateral development institutions, international and national regulatory bodies, policy-makers, and academia to discuss the key emerging issues within the industry. The Forum was attended by delegates from more than 28 countries.
Mr. Abdelilah Belatik, Secretary General, of CIBAFI, Mr. Musa A. Shihadeh, CIBAFI BoD member and Chief Executive Officer & General Manager, of the Jordan Islamic Bank, have welcomed Forum delegates with their welcoming and H.E. Rasheed Mohammed AlMaraj, Governor of the Central Bank of Bahrain keynote address.
A special keynote address guest, the renowned Emerging Markets and Asset Management Guru, Dr. Mark Mobius, Executive Chairman, Franklinand Templeton Asset Management kept up the momentum of the Forum. The inspiringspecial keynote address emphasized on main thoughts as to how finance can contribute to sustainable growth of the economy, and some insights on how financial markets in the global and emerging markets are expected to perform.The speech also covered expert views on MENA and emerging markets including the impact of oil prices on economies, as well as assessment of and what structuralreforms are required to spur good growth.
Forum continued with the opening session, themed "Macroeconomic Outlook- Regulatory Development, Strategic Risk and sustainability", which was chaired by Mr. Abdelilah Belatik, Secretary General of CIBAFI Central Bank of Bahrain; Panelist included Dr. Jarmo Kotilaine, Chief Economist, Economic Development Board of Bahrain; Dr. Ali Al Amari, Economic and Financial Councilor, Prime Minister's Office, Qatar; Mr. Abdul Hakim al Khayat, Managing Director & Chief Executive Officer, Kuwait Finance House. The opening session focused on the structuralshift in the sources of organic growth, and risk exposures to on-going low oiland commodity prices. With reference to values, the session intensively discussed the major trends in sustainability globally, with a specific theme in ESG (environment, social, governance) initiatives and practices.
Session 1 followed with the theme "Global Trends in Social responsibility - Strategies for IFIs to drive Long-Term Value Creation and performance". It was chaired by Dr. Ali Adnan Ibrahim, Head of Group Social Responsibility, Al Baraka Banking Group, Bahrain; and the panel included Mr.Lorenzo Saa, Director, Networks & Global Outreach, the United Nations Principles for Responsible Investment (UNPRI), United Kingdom; Shariah Advisor, AlBaraka Banking Group, Bahrain; Dr. Sami Ibrahim Al-Suwailem, Head, Financial Product Development Center, Islamic Development Bank, Saudi Arabia; and Dr. Ashraf Gamal El Din, Chief Executive, Hawkamah,United Arab Emirates and Mr. Agus Sudiarto, President Director, Bank Syariah Mandiri, Indonesia. The session focused on rethinking business model in Islamic finance. The discussion was geared towards the means to shift from shareholders' to stakeholders'value creation in IFIs, including opportunities, transition progress, andchallenges. This session also discussed Shariah principles on responsible business, particularly on the shared framework and principles of ResponsibleInvestment (RI) and Islamic Finance (IF).
Session 2, themed "Keyareas of business innovation to achieve good growth - unlocking potential ofIslamic Finance", was chaired by Ms. Shaima Hasan, Manager, Research and Product Development, Thomson Reuters, Bahrain, panelist of the session included Mr. Iyad Asali, General Manager, Islamic International Arab Bank PLC,Jordan; Mr. Jaafar S. Abdulkadir, General Manager, Islamic Banking, Kenya Commercial Bank, Kenya; Mr. Melikşah Utku, Assistant General Manager, Al BarakaTurk Participation Bank, Turkey; and Mr. Tahir Naseem, Lawyer, Clyde & Co.;.
The Session focused on moving towards non-traditional banking models inIslamic finance, which included enhancing capabilities in private banking andasset management as well as the role of structured finance to promotesocio-economic development.
The second day of the Forum will continue with an exclusive "CIBAFI Breakfast Session", where Professor Dr. Mehmet Asutay from Durahm University & Dr. Muhammad Amjad Saqib from Akhuwat Foundation will share their unique insights on Values of Value: Finance Islamic Whither? and Islamic Social Impact Financing For Value Creation in Community Development respectively. The Session will befollowed by a "Frontier Markets Dialogue", where Ambassadors from various parts of theglobe will share their country perspectives on investment and Islamic finance.Forum will be concluded by a special FinTech & Digital Financial services session, where experts from Senegal, United Arab Emirates and Luxembourg will share the latest developments and potential of the sector.
Commenting on the Forum, Mr. Abdelilah Belatik, Secretary General of CIBAFI said: "On theoccasion of 15th Annivesary we are delighted to be able to have allof our stakeholders here with us today, engaging in a constructive forwardlooking dialog. I would like to extend our thanks and appreciation to theCentral Bank of Bahrain for its patronage to this Forum. Our thanks also go to theEconomic Development Board of Bahrain, , Al Baraka Banking Group and Jordan IslamicBank, the Islamic International Arab Bank, as well as to our new member PathSolutions for their support to this Forum.. Our appreciation is also for ourKnowledge Partners- Thomson Reuters & Zawya, and all media partners fortheir continuous support for all CIBAFI initiatives. We thank all the delegateswho made this event happen, without you it would be impossible to have thissuccessful gathering".
About the General Council forIslamic Banks and Financial Institutions (CIBAFI)
CIBAFI is an international organizationestablished in 2001 and Headquartered in the Kingdom of Bahrain. CIBAFI isaffiliated with the Organization of Islamic Cooperation (OIC). CIBAFIrepresents the Islamic financial services industry globally, defending andpromoting its role, consolidating co-operation among its members, and withother institutions with similar interests and objectives. With nearly 120 members from over 30 jurisdictions, representing market players, internationalintergovernmental organizations and professional firms, and industryassociations. For more information about CIBAFI, please visit www.CIBAFI.org - Tel: +973 17357300 Email:media@cibafi.org
© Press Release 2016
