Muscat: The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, concluded its Annual General Meeting (AGM) 2018 in Jeddah, the Kingdom of Saudi Arabia.
The AGM had four key agendas: the CIBAFI new Strategic Plan 2019-2022, launch of the CIBAFI Activities Report 2017, Audited Financial Statements for the year 2017, and admission of new members.
The meeting discussed the new Strategic Plan for 2019–22 to measure the satisfaction and expectations of members and stakeholders regarding its activities, initiatives and outputs with an aim to remain relevant in its mission.
The CIBAFI Activities Report for 2017, which underpins its commitment to delivering the stakeholder-centric Strategic Plan 2015–2018, was reviewed and, in the presence of the external auditor, the financial statements for the period were approved.
“CIBAFI has developed to become an international reference in the Islamic financial services industry. We reviewed today CIBAFI Activities Report for 2017, which underpins CIBAFI’s milestones and activities. CIBAFI has been active in research and publications, which our industry needs for a better understanding of the nature and challenges of Islamic Finance," said Abdelilah Belatik, Secretary General of CIBAFI.
"The recent launch of CIBAFI flagship publications ‘Global Islamic Bankers’ Survey 2018’ and inaugural ‘Global Takaful Survey 2018’ demonstrates our commitment towards being a leading voice of the Islamic finance industry,” he added. “I would like to take this opportunity to thank our Board of Directors for the guidance and support extended to CIBAFI in its operations, from building the Strategic Plan 2015-2018 to its execution up to date."
"We are delighted to report that all activities under work plan 2017 have been successfully completed and in certain areas we have exceeded the expectation of our own work plan. We thank once again all the industry stakeholders for their highly appreciated support in all the initiatives of CIBAFI. And we look forward to preparing the Strategic Plan 2019-22 for action with impact,” he added.
In line with this, CIBAFI also admitted 15 new members from Iraq, Kazakhstan, Kenya, Morocco, Palestine and Sudan.
Members and stakeholders who attended the AGM praised the Secretariat for its dedication to the tasks at hand.