Manama, Kingdom of Bahrain, 29th June 2015

The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, held its 26th Board of Directors meeting on the 25th June 2015 and its 15th AGM on 26th June in Hilton Jeddah Hotel, Jeddah, Saudi Arabia where the recently approved Strategic Plan for the period 2015 - 2018 was launched together with CIBAFI - IDB Roundtable Meeting Proceedings Publication - "Internationalisation Strategies for Islamic Financial Institutions".

The meeting, which was chaired by H.E. Sheikh Saleh A. Kamel, saw the launch of hard copies of CIBAFI's new Strategic Plan for the next four years - a comprehensive plan that is the result of rigorous data gathering, analysis, and importantly the stakeholders' feedback. The Strategic Plan aims to promote and grow the Islamic financial services industry, enhance cooperation and knowledge sharing between regional and international Islamic financial institutions, and foster economic growth. Key to the achievement of these goals is CIBAFI's role as the 'voice' of the industry, part of which will see CIBAFI strengthen its role as advocate for the IFSI with International standard setting organisations and regulatory and supervisory authorities. The strategy also underscores CIBAFI's role in providing relevant market research and high quality publications that seek to guide innovation in the financial sector, promote best practices, and highlight opportunities in emerging markets.

As well as creating and disseminating value added information, CIBAFI will enhance platforms that endeavour to increase industry awareness and share industry knowledge and focus on professional development initiatives that support the development of a diverse and well-qualified pool of talent; a prerequisite of further industry growth and innovation.

Meeting also saw the launch of CIBAFI - IDB Roundtable Proceedings Publication - "Internationalisation Strategies for Islamic Financial Institutions", a publication derived from the proceedings of the CIBAFI - IDB Roundtable Meeting held on 23 - 24 February 2015. It summarises the key points made during the Roundtable and identifies priorities and action items that will enable IFIs to fulfil their desire to deepen and widen their international operations. The Report synthesises the presentations and the discussions among participants at the Roundtable and includes additional material subsequently submitted by the speakers.

Commenting at the conclusion of the meeting, Mr. Abdelilah Belatik, Secretary General of CIBAFI said: "The 26th Board of Director's meeting & 15th AGM were very productive. The new strategy, which has been crafted through a consultation process with our members, and which was unanimously approved back in November 2014, was presented in its final printed form to our members. In line with the Strategic Plan, CIBAFI has also produced its publication from the proceedings of the Roundtable Meeting in partnership with IDB. During the meetings, there were other number of constructive comments and advice we have received from our governing bodies, which shall guide CIBAFI in its way forward."

Members discussed important initiatives proposed by CIBAFI Secretariat, and have approved the establishment of the Members Consultative Group (MCG). The MCG will be established from CIBAFI's members to provide inputs on technical and policy issues. The objective of the MCG is to consider issues and produce opinions on subjects of relevance to the Islamic and global financial industry. The composition and qualification of the MCG members will reflect a diverse set of competencies which are representatives of various main fields within the Islamic finance industry, as well as in line with the value propositions of Islamic financial institutions.

In line with this, CIBAFI has also admitted four new members into CIBAFI membership from Kazakhstan, Djibouti, United Arab Emirates and Mauritania.

During the meeting, the members of the BOD & AGM also praised the efforts of the Secretariat of CIBAFI for the high levels of transparency and collaboration in the strategic process and voiced their confidence in its successful implementation.

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About the General Council For Islamic Banks And Financial Institutions (CIBAFI)
CIBAFI is an international organisation established in 2001 and Headquartered in the Kingdom of Bahrain. CIBAFI is affiliated with the Organisation 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 over 30 jurisdictions, representing market players, international inter-governmental 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