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Annual meetings of the General Council for Islamic Banks and Financial Institutions

The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, held its annual meetings on 6th of July 2014 in the Hilton Hotel, Jeddah, Saudi Arabia.

The meetings, which included the inaugural Member’s Strategy Session, the 23rd Meeting of the Board of Directors (BOD), and the 14th Annual General Meeting, discussed the findings from a recent stakeholder survey, and provided members with an opportunity to provide their input on a proposed Strategic Plan for the period 2015-2018, among other agendas.

Commenting on the meetings, Secretary General of CIBAFI, Mr. Abdelilah Belatik said: “As the ‘voice’ of the industry, stakeholder feedback is vital and therefore meetings such as the Annual General Meeting, and the Members Strategy Session, are invaluable as they provide a platform from which members can add their own voice.”

The Survey, which was high on the agenda at the meetings, was disseminated to 67 Islamic financial institutions in 27 countries across the globe. It was undertaken in order to gather stakeholders’ feedback that would allow CIBAFI to enhance its product and service offerings and shape a strategy that works towards the successful development of both its members, and the Islamic Financial Services Industry as a whole.

During the meetings, the members of the General Assembly and the BOD praised the efforts of the Secretariat of CIBAFI in implementing the Satisfaction and Expectation Survey (SES), a formal survey that was conducted during May-June 2014. Members also expressed their appreciation to the Secretariat for the high levels of transparency in the consultancy process and BOD has approved the finalisation of the proposed Strategic Plan 2015 – 2018 – A roadmap that is set to herald a new era for CIBAFI as it continues to support further industry development.

Mr. Belatik added: “The annual meetings were extremely productive. The feedback from members and the BOD will facilitate the further refinement of the Strategic Plan 2015 –2018, which we are looking forward to finalise by the end of 2014.”