3rd series of CIBAFI seminar in cooperation with S&P Global Ratings conducted virtually

3rd series of CIBAFI seminar in cooperation with S&P Global Ratings conducted virtually

Manama, (UNA-OIC) – 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 seminars jointly organized by CIBAFI and S&P Global Ratings was delivered virtually in the 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 organizations 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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