Manama, (UNA-OIC) – The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, held its 40th Board of Directors (BOD) meeting via video conference last week.
CIBAFI 40th BOD meeting was chaired by H.E. Abdulhameed M. Aboumoussa, Vice Chairman of the Board and Governor of Faisal Islamic Bank of Egypt. During the meeting, CIBAFI activities report for the period from May to August 2020, as well as the membership application from Bank Nizwa – Oman, were reviewed and approved. The meeting also facilitated the discussion on the financial highlights and the measures taken by CIBAFI to mitigate the impact of COVID–19 on its finances and operations.
As a follow up to the previous meeting resolutions, 25 members of the CIBAFI Sustainability Working Group (SWG) were approved. The Secretariat is planning to hold the first SWG meeting during the last quarter of the current year. This is in line with recent sustainability initiatives of CIBAFI, such as the signing of Memorandum of Understanding (MoU) with the Partnership for Carbon Accounting Financials (PCAF) and the upcoming launch of a briefing on climate change and its implications to the financial industry, mid of this month.
Finally, CIBAFI 40th BOD Meeting has witnessed the election of Sheikh Abdullah Saleh Kamel, representative of Al Baraka Banking Group, as the new Chairman of the Board of Directors for the current term ending June 2022. Sheikh Abdullah Saleh Kamel succeeds the late Chairman, H.E. Sheikh Saleh Kamel, may God have mercy on him. On this occasion, the BOD members led by the Vice Chairman congratulated the Chairman, wishing him success in his new role in supporting and fostering the development of the Islamic financial services industry.