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 and under the patronage of the Central Bank of Bahrain (CBB) launched this morning a “Seminar on Credit Ratings: Focus on Islamic Banks and Sukuk Ratings Methodology” in Manama, Kingdom of Bahrain. The Seminar is held with contribution from the Bahrain Association of Banks (BAB).
Following the successful execution of the first joint seminar in 2017, CIBAFI and S&P Global Ratings continue their collaboration for the second time to deliver this seminar in Manama, Kingdom of Bahrain. This seminar aims to deliver an interactive learning experience to participants and provide them with an opportunity to identify the methodology and outcomes of credit ratings as well as gain more fruitful insights on other areas of credit ratings.
CIBAFI Seminar was inaugurated with welcoming remarks from Mr. Abdelilah Belatik, Secretary General of CIBAFI, and Dr. Mohamed Damak, Senior Director & Global Head of Islamic Finance, Financial Services Research, S&P Global Ratings.
Commenting on the seminar, Mr. Belatik said “CIBAFI is pleased to cooperate again with S&P Global Ratings to bring this second series of seminar in the Kingdom of Bahrain, which will eventually bring opportunity to our member banks and other stakeholders to have fruitful insights on Credit Ratings in general and Islamic banks and sukuk ratings methodology in particular. I would also like to express our sincere appreciation to the Central Bank of Bahrain for extending its support for this seminar; and all the delegates from Islamic Banks, regulatory and supervisory agencies from various jurisdictions who have joined us here in the Kingdom of Bahrain for this programme.”
Delegates from Bahrain, Sudan, Saudi Arabia, Kuwait, Iraq, Egypt, Turkey, Malaysia, Italy and Morocco, from CIBAFI member institutions, regional regulators and other international organizations, will gain access to an insightful discussion with senior directors from S&P Global Ratings, other guest speakers and industry experts.
The first day of the Seminar will discuss in details the sovereign ratings methodology. It culminates with a Panel Session on “Sovereign Outlook: Emerging Markets Headwinds and Implications for Islamic Financial Institutions”, chaired by Mr. Trevor Cullinan, Director of Sovereign Ratings at S&P Global Ratings. The panelists of the session includes Dr. Jarmo Kotilaine, Chief Economist, Economic Development Board of Bahrain (EDB); Mr. Ijlal Ahmed Alvi, Chief Executive Officer, International Islamic Financial Market (IIFM); and Dr. Mohamed Damak, Senior Director & Global Head of Islamic Finance, Financial Services Research, S&P Global Ratings.
The Seminar will run for two days, of which the second day will also feature an opening remarks from Mr. Khalid Hamad, Executive Director of Banking Supervision of the Central Bank of Bahrain. The second day will focus on bank rating factors, sukuk ratings methodology and will end with an engaging discussion on outlook for Islamic finance and the prospects for Green Sukuk issuance.
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, with over 130 members from 34 jurisdictions, representing market players, international intergovernmental organisations and professional firms, and industry associations.
For more information about CIBAFI, please visit www.CIBAFI.org
Tel: +973 17357300 Email: media@cibafi.org
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