Manama, Kingdom of Bahrain | The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, in cooperation with S&P Global Ratings, has successfully launched the Virtual Seminar on “Sukuk Structuring and Rating Methodology”. This 3rd series of seminar jointly organised by CIBAFI and S&P Global Ratings was delivered virtually in French language.

Following their productive collaborations in 2017 & 2019, 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. The seminar was inaugurated with a welcoming remark from Dr. Abdelilah Belatik, Secretary General of CIBAFI and has witnessed a special opening remarks from Mr. Sourou Antonin DOSSOU, Director General of Financial Stability and Financing of Economies, on behalf of the Governor of the Central Bank of West African States (BCEAO).

Dr. Mohamed Damak, Senior Director and Global Head of Islamic Finance of S&P Global Ratings facilitated the presentation and discussion on Sukuk structuring and rating methodology. During the presentation, the attendees were exposed to an insightful understanding of the different Sukuk structures most commonly used, and how Sukuk rating methodology differs from conventional bond rating methodology through practical case studies.

The Seminar culminated with a Panel Session on “Global Islamic Finance Industry Outlook”, where S&P Global Ratings, along with other industry experts engaged in a discussion about the expectation of the global industry growth and the Sukuk market. The session also highlighted the interlinkages between Islamic finance and ESG principles and the opportunities and challenges that the Islamic financial institutions face in integrating Fintech to their core business. The session was moderated by Mr. Boubkeur AJDIR, Partner, Islamic Finance Advisory and Assurance Services (IFAAS), while the panelists included Mr. Nabil Al Madani, General Manager, Banque Zitouna; Mr. Lilian Le Falher, Executive Manager & Head of Treasury and Capital Markets, Kuwait Finance House (Bahrain); and Mr. Mohammed ZOUGARI-LAGHRARI, Head of Research and Relations with Participation Financial Institutions, Bank Al-Maghrib.

This initiative is aligned with CIBAFI’s third objective of Training and Professional Empowerment which endeavors to enhance capacity building in the Islamic financial services industry (IFSI). CIBAFI, as the ‘voice’ of the industry, aims to provide a high-level platform to develop the human capital and bring industry professionals together to encourage dialogue and enhance knowledge sharing on most relevant matters to the IFSI. It is also part of S&P Global Ratings’ long-standing journey of providing market intelligence and developing Islamic financial markets and regional capital markets.

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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 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. CIBAFI is currently representing market players, international intergovernmental organisations and professional firms, and industry associations with over 130 members from 34 jurisdictions.

For more information about CIBAFI, please visit www.CIBAFI.org  

About S&P Global Ratings

S&P Global Ratings and its predecessor organizations have been in business for more than 150 years. They are the world’s leading provider of credit ratings across industries, asset classes and geographies. Whether you are looking to access and diversify pools of funding, access new markets, or enhance transparency, S&P Global Ratings goal is to help clients, investors, credit counterparties and other market participants - make decisions with confidence.

S&P Global Ratings is part of S&P Global, the world’s foremost provider of credit ratings, benchmarks and analytics in the global capital and commodity markets. Other S&P Global’s divisions are:
S&P Global Market Intelligence
S&P Dow Jones Indices
S&P Global Platts

S&P Global’s goal is to provide the essential intelligence you need to make decisions with conviction.

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