CIBAFI Stakeholders Met at its Annual Meetings in Jeddah


Jeddah Kingdom of Saudi Arabia, Manama, Kingdom of Bahrain |The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, concluded its Annual Meetings 2017 in Jeddah, Kingdom of Saudi Arabia.

Series of governing and strategic meetings of CIBAFI took place on 4th June in Jeddah, among them, CIBAFI 17th Annual General Meeting (AGM), 32nd Board of Directors (BOD) Meeting as well as Accreditation Board(AcB) Meeting.CIBAFI Members’ Strategic Session and Professional Development Strategic Session took place on the same day.

​The meetings, which were chaired by H.E. Sheikh Saleh A. Kamel, saw the launch of hard copies of CIBAFI’s Activities Report for 2016, which underpins CIBAFIs’ commitment in delivering its Stakeholders’ centric Strategic Plan 2015 – 2018.

17thAnnual General Meetinghas witnessed the election of new Board of Directors of CIBAFI with a term for 5 years.New BOD of CIBAFI is chaired by its founding chairman H.E. Sheikh Saleh A. Kamel, whereas Mr. Abdulhameed M. Aboumoussa,Governor, Faisal Islamic Bank of Egypt has been appointed as deputy chairman. In addition to existing BOD members, Mr.  Arastoo Khan, Chairman, Islami Bank Bangladesh ltd, Bangladesh; Mr. Musa A.Aziz Shihadeh, General Manager and Chief Executive Officer, Jordan Islamic Bank, Jordan; Mr. Shadi Zahran, Chief Financial Officer, Kuwait Finance House, Kuwait; Mr. Abdulrazzak M. Elkhraijy, Executive Vice President & Head of Shariah Group, the National Commercial Bank, Saudi Arabia; Dr. Sami Al-Suwailem, Head, Financial Product Development Center, Islamic Development Bank; Dr. Abdul Hameed Mohammed Jameel, Board of Director Members, Sudanese Bank Association, Sudan; Mr. Ahmed Mohammed Sabbagh, General Manager, Islamic Insurance Co, Jordan; Mr. Musaad Mohamed Ahmed Abdul Kareem, General Manager, Industrial Development Bank, Sudan; and Mr. Abdulla Zaid Al Shehhi, Head of International Expansion, Abu Dhabi Islamic Bank, United Arab Emirates;

New members include: Dato' Hj. Mohd Redza Shah Abdul Wahid, Bank Muamalat Malaysia Berhad, Malaysia; Mr. Mohamed Taya, Directeur Exécutif, Banque Al Wava Mauritanienne Islamique, Mauritania; Mr. Ahmed M. Sabbagh, General manager, The Islamic Insurance Company; Mr. Nidal N. Barghouti, General Manager, Bank Safa, Palestine; and Mr. Melikşah Utku, General Manager, Al Baraka Türk Participation Bank, Turkey.

Financial statements for the year 2016 year have also been approved during the AGM.

32nd Board of Directors meeting in its new composition took place right after the AGM, where BOD charter was presented to new members as well as other agenda items.

Commenting at the conclusion of the meeting, H.E. Sheikh Saleh A. Kamel, Chairman of CIBAFI said: “In the last 16 years, CIBAFI has evolved and developed into a key International Organisation in the international architecture of Islamic finance. Today we have seen the launch of CIBAFI Activities Report for 2016, which underpins international footprint of CIBAFI and its activities. For instance,the active role of CIBAFI in international advocacy front, providing its comment to BCBS to the IFSB is noteworthy. CIBAFI has also been leading in industry research, which in fact our industry lacks of, by delivering its second Global Islamic Bankers’ Survey 2016, report which measures the pulse of the industry, as well as launching series of “Briefings”, short documents addressing industry top concerns in precise manner. CIBAFI has celebrated its 15th anniversary last year with a grand Global Forum in its headquarters in Bahrain, gathering most of industry leaders under one roof, as well as expanding its professional development outreach into wider markets.”

​Commenting at the conclusion of the meeting, Mr. Abdelilah Belatik, Secretary General of CIBAFI said: “The 32ndBoard of Directors’ meeting and the 17thAGM were very productive. We have summarized 2016 with our AGM members and elected new BOD members. I would like to take this opportunity to thank previous BOD members for all their guidance and support extended to CIBAFI in its transformation, from building the Strategic Plan 2014-2018 to its execution up to date. I do look forward to equal commitment from new BOD members and their support and guidance in bringing CIBAFI further.”

Mr. Belatik added: “We are delighted to report that all activitiesunder work plan 2016, have been successfully achieved and in certain areas we have exceeded the expectation of our own work plan. We thank once again all the industry stakeholders for their tremendous support in all the initiatives of CIBAFI.”

In line with this, CIBAFI has also admitted seven new members into CIBAFI membership from Mauritania, Australia, Sudan, Palestine, Somalia and Nigeria.

During the meeting, the members of the BOD & AGM praised the efforts of the Secretariat for their continuous efforts and dedication to the tasks at hand.