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Ithmaar Honours Staff Over Islamic Finance Training

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Ithmaar Bank, a Bahrain-based Islamic retail bank, recently honoured 10 employees who earned professional certificates in Islamic finance from the Bahrain Institute of Banking and Finance (BIBF).

The employees, from various departments including Commercial and Financial Institutions, Retail Banking, Product Development and Management, and Compliance & Anti Money Laundering had successfully completed professional training programme at the BIBF and earned the Advanced Diploma in Islamic Finance.

Abdul Rahim, assistant general manager, congratulated the employees on their achievements which, he said, helped contribute directly to developing the Islamic banking and finance industry both in Bahrain and abroad.

“Banking is all about people,” said Abdul Rahim. “At Ithmaar Bank, we have long recognised our people as our greatest asset and we have repeatedly stressed that our continued success is, ultimately, dependent on our people.”

“As a pioneered Islamic Bank, Ithmaar is committed to playing a key role in the development of the Islamic banking industry. One way we try to do so is by focusing on improving the qualifications and skills of our employees. This, in return, will reflect on the Bank’s performance, particularly in terms of delivering on our customers’ expectations and will in turn enhance the skill set in Islamic banking sector in the Kingdom,” he added.

“At Ithmaar Bank, we are working continuously to develop our employees who are the pillars for our success,” said Ithmaar Bank head of Human Resources, Enas Rahimi. “We always look for training programmes that will help our workforce gain new professional skills and knowledge in Islamic banking.”

“We also try to encourage our employees to join professional training programmes such as the Advanced Diploma in Islamic Finance,” said Rahimi. “These will help enhance their experience and add to their qualification which, in turn, will help their careers,” she said.

Originally published on www.tradearabia.com

Ibdar Bank Appoints Ayman Sejiny as CEO

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“I am pleased to welcome Ayman Sejiny as Chief Executive Officer of Ibdar Bank. Ibdar is building a fresh thinking, world class management team, and the appointment of Sejiny to the helm of the Bank is aligned with that vision.  Ayman has demonstrated strong business and financial talent and a proven track record of investment and management experience that will further strengthen our capabilities and support strategic success,” said Tareq Sadeq, Chairman, Ibdar Bank.

Sejiny brings over 24 years of Investment and Corporate Banking experience, having held senior roles in a number of leading local, regional and international financial institutions such as Barclays, CITI Bank and ABN Amro.

Before his appointment with Ibdar, Sejiny was the Group CEO of Bahrain-based Bank Alkhair, which has a presence in Saudi Arabia, United Arab Emirates, Turkey and Malaysia. Prior to this he was Board Member and Chief Executive Officer of Barclays Capital Saudi Arabia where he managed Barclay’s three business sectors consisting of Barclays Capital, Barclays Wealth, and Barclays Sales and Treasury.

He is also the Chairman of Bahrain Financing Company Group (BFC), holds positions on various boards regionally and internationally, and has spoken at numerous banking and finance conferences in Bahrain, KSA, UAE, UK and the USA.

“It is an honour to join the Ibdar team. Ibdar is built on strong foundations, a unique approach and high standards of excellence, and I look forward to strengthening the Bank’s footprint in the Islamic banking and investment domain. My focus will be to further hone the investment strategy, and spearhead efforts to develop the Debt Capital Market (DCM), Equity Capital Market (ECM), Private Equity, Asset Management and Treasury and Capital Market business lines. Building on Ibdar’s track record and execution platform, we are well placed to deliver the right opportunities to our investors, and ensure the Bank continues to build its reputation as one of the region’s most ethical, innovative and results-driven Islamic institutions,” said Sejiny.

Originally published on www. cpifinancial.net

Al Baraka to Pick Credit Agricole, Emirates NBD for Sukuk

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(Bloomberg) — Bahrain’s Al Baraka Banking Group BSC picked seven banks, including Credit Agricole SA and Standard Chartered Plc, to help arrange the international sale of Islamic bonds, people with knowledge of the matter said.

The Islamic bank also hired Emirates NBD PJSC, Dubai Islamic Bank PJSC, Noor Bank PJSC, QInvest LLC and Kuwait Finance House for the dollar-denominated tier one sukuk, the people said, asking not to be identified because the information is private. Al Baraka may sell at least $500 million as soon as the second quarter, they said.

S&P Global Ratings on Tuesday affirmed its BB+/B rating for the bank with a negative outlook, saying the planned sukuk would improve its capitalization. Al Baraka had a tier one, risk-based capital ratio of about 14 percent at the end of 2016, according to its annual report for the year.

An official at Al Baraka referred Bloomberg to a statement issued after the EGM, which said a sukuk issue of up to $500 million was approved, and declined to comment further. Credit Agricole, QInvest, Kuwait Finance House didn’t immediately respond to requests for comment, while Standard Chartered, Emirates NBD declined to comment. Dubai Islamic Bank could not immediately be reached, while nobody at Noor Bank was available to comment.

Originally published on www.bloombergquint.com

Bahrain’s Islamic Banking Experience Praised

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Manama, Apr. 2 (BNA): The General Council for Islamic Banks and Financial Institutions (CIBAFI) has launched a Roundtable Meeting titled “Impact of the Legal Framework on Islamic Financial Services Industry (IFSI) Development” hosted by Al Baraka Banking Group here in the capital Manama.

The roundtable meeting gathered nearly 40 practitioners and academicians of Islamic finance, to discuss the importance of legal framework and its impact on further development of the Islamic Financial Services Industry (IFSI) development and look into country case studies.

The meeting saw presentation of research papers from 6 countries experiences, evaluating and understanding the Impact of the Legal Framework on Islamic Financial Services Industry (IFSI) Development. Specific country case studies were presented on experiences of Bahrain, Malaysia, Saudi Arabia, Sudan, Tunisia, and United Kingdom.

Abdelilah Belatik, Secretary General, CIBAFI said: “CIBAFI Global Islamic Bankers Survey 2017 which represents view of 86 Heads of Islamic banks in 29 countries revealed that the development of legal and regulatory infrastructures for Islamic finance industry needs to be accelerated in countries where Islamic Finance is in its early stages of development. For instance demand for Islamic finance in regions such as Sub-Saharan Africa and Central Asia is increasing and banks cited the lack of laws and regulations underpinning Islamic financial transactions as an important impediment to their future growth”.

Adnan Yousef, President and Chief Executive Officer, Al Baraka Banking Group said: “Al Baraka Banking Group is pleased to host this Roundtable meeting, and has worked closely with CIBAFI in a carefully designed agenda to conduct productive discussions intended to tackle key issues faced by Islamic Financial Services Industry (IFSI). ABG as one of pioneer Islamic banking groups is committed to fostering and developing the Islamic financial services industry taking into account international and cross border experiences, that could help us learn as we continue our strategic expansion beyond our existing and traditional markets”.

This roundtable meeting goes in line with CIBAFI’s third strategic objective on increasing Awareness and Information Sharing through collaborations with industry stakeholders and among CIBAFI members, by creating a platform for face-to-face dialogue and closed door discussions. The results and recommendations of the meeting will be formally conveyed to relevant authorities and stakeholders of the IFSI in due time.

Originally published on www.bna.bh

Ithmaar Wins WIBC Award For Top Islamic Bank Globally

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Ithmaar Bank, a Bahrain-based Islamic retail bank, was singled out among the world’s Islamic banks for a prestigious international award in recognition of its corporate social responsibility and financial disclosure.

The independent award was presented at the World Islamic Banking Conference (WIBC) which was recently held in Bahrain in strategic partnership with the Central Bank of Bahrain (CBB). The high-profile event, which was attended by leading international banking experts, is widely recognised as one of the most important events on the world Islamic banking calendar.

The award was received by Ithmaar Bank head of Human Resources, Enas Rahimi, from Sahar Kazranian, CEO of Middle East Global Advisors, WIBC’s conveners throughout its 23-year history, in the presence of Ithmaar Bank chief operating officer, Ravindra Khot and general manager Banking Group Abdulhakeem Al Mutawa.

“The Performance Awards are the WIBC’s flagship awards, and are granted to the top financial institutions based on their aggregate performance scores against multiple measures on a global, regional and country level,” said Kazranian.

“This year, Ithmaar Bank topped the WIBC Leaderboard in terms of Corporate Social Responsibility and Financial Disclosure when compared to Islamic banks across the world. Its ultimate win is a testament to its commitment to transparency and impact, and I hope their leadership will inspire other banks to follow suit,” she said.

“As a pioneering Islamic retail bank, Ithmaar recognises the important role we must play both in the community in which we operate, as well as in promoting high levels of transparency in the local banking and finance industry,” said Ithmaar Bank chief executive officer Ahmed Abdul Rahim.

“This is a responsibility we have always taken very seriously, and I am pleased to note that our efforts, with the blessings of Allah, under the guidance of the Board of Directors and with the continuous support of the Central Bank of Bahrain, are paying off and earning the Bank international praise and recognition,” he added.

Originally published on www.tradearabia.com

Tourism Grows Steadily In MEA Region

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tourism-in-meaThe Middle East and Africa region is more focused than ever on developing its hospitality infrastructure with 538 hotels totaling 151,771 rooms under contract in the ME and 321 hotels totaling 62,194 rooms under contract in Africa, said a report.

Makkah, Saudi Arabia, reported the largest number of rooms under construction with 21,068 rooms in 13 hotels, the January Pipeline Report from STR Global showed.

Three other markets reported more than 5,000 rooms under construction: Dubai, UAE (19,846 rooms in 63 hotels); Riyadh, Saudi Arabia (6,738 rooms in 30 hotels); and Doha, Qatar (5,980 rooms in 26 hotels).

As tourism continues to steadily grow in the Middle East, Arabian Travel Market (ATM), a leading regional travel trade exhibition taking place in Dubai next month, has planned to focus on mid-market tourism, which is becoming a key area of opportunity for regional destinations.

Dubai, for instance, currently has a total hotel key count of approximately 94,000 and this figure is set to rise to between 140,000 and 160,000 keys by 2020 with around 20 per cent set to “As tourism infrastructure across the Gulf and beyond continues on its high profile development path, our spotlight theme for 2016 has turned to mid-market tourism,” said Nadege Noblet-Segers, exhibition manager, Arabian Travel Market. “This has been identified as both an underdeveloped and potential growth area for the region, driven by demand from the growing middle class markets such as China, India and Africa combined with budget Generation Y travellers and young families.”

A key point of discussion will be the number of new hotel rooms entering the market, including the share that is planned to be in the four- and three-star classification.

Midmarket focused seminars include the opening session, Dubai of the Future, taking place on April 25 from 13:00 – 14:30 on the new ATM Global Stage. Panelists including Gerald Lawless, head of tourism, Dubai Holding will pinpoint the source markets Dubai should be targeting including midmarket travellers, families, young independent travellers and couples, as well as the high-growth-potential BRIC countries in order to evolve over the next two decades.

The mid-market strategies session, taking place on April 26 from 13:15 – 14:15, also on the ATM Global Stage, is designed specifically to identify who the midmarket traveller is, where they come from and what they want. Confirmed panelists include, Dr Amine Moukarzel, president of Louvre Hotels Group Mena, Hilton Worldwide.

An additional exhibition hall has been added this year to cater to rising demand. ATM 2016 will welcome over 400 main stand holders and over 2,800 exhibiting companies with more than 26,000 visitors expected. Over 80 countries will be represented by exhibitors and over 150 countries will be represented by pre-registered visitors. A total of over 100 exhibitors are new this year and there are over 60 country pavilions.

Other new features at this year’s event include the Wellness & Spa Lounge, a dedicated space for 25 exhibitors designed to connect Middle East wellness and spa buyers with international suppliers in a series of exclusive pre-scheduled appointments on April 26 and 27. There will also be a series on seminars taking place in the Showcase Theatre

There is also a new networking feature for exhibitors and travel bloggers. The ATM Bloggers’ Speed Networking will provide an opportunity for up to 40 travel bloggers to take part in mini-meetings with exhibitors to explore ways to work together in the future. Bloggers will be grouped by geographytarget the mid-market hotel sector, according to a recent Knight Frank report.

and by travel sector such as luxury travel, family travel, food and more. The event will take place on Thursday April 28 from 10am to 11am in Hall 8.The Travel Agent Academy will take place on the final day of the exhibition.

Other highlights this year include the popular Travel Tech Show at ATM.

“The region has seen phenomenal growth in online engagement in the last two years, transitioning from a traditional face-to-face booking model to a new virtual reality where 24/7 updated information is a basic expectation and speed of access is essential when it comes to planning, researching and booking,” said Noblet-Segers. “Airlines and hotels are the acknowledged market leaders when it comes to highly effective online marketing and consumer engagement. This is an area where all industry players need to ensure that they look at increasing market share and awareness through a blend of creative messaging, teamed with ongoing technology investment, especially when it comes to mobile applications.”

All of this is complemented by over 50 wide-ranging seminar and tech theatre sessions with topics covering mid-market travel, luxury, aviation, technology trends, spa and wellness tourism, business, adventure and halal tourism. Responsible tourism is also a key focus and will headline several seminar theatre sessions with exhibitors including The Ministry of Tourism of Indonesia, Namibia Tourism Board, Gray Line and FHRI Hotels & Resorts, tour operators, airlines and other industry sub-sectors focusing additional resources on exploring new opportunities in this area.

Popular annual features include the easy-to-follow exhibition trails covering mid-market travel, halal tourism, business travel, health & wellbeing, shopping, transportation, cultural and heritage and adventure travel.

There is also the high profile New Frontiers Recovery Awards, which recognises the efforts of those nations that have suffered devastating economic and human losses in the last 12 months, as a result of natural disasters. This year’s shortlist includes Taiwan, Philippines and Nepal.

Also on the agenda is the prestigious ATM Leaders Breakfast that will welcome 100 heads of private sector travel organisations to this exclusive by invitation only event. The breakfast will be hosted in Dubai World Trade Centre, Dubai on Wednesday April 27.

Following the success of its inauguration in 2015, the ATM Best Stand Awards are back for a second innings and will see a line-up of top judges and visitors to the annual industry event acknowledge the design creativity and positioning of exhibiting companies’ physical presence at the annual showcase.

Held under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, Ruler of Dubai, the show has grown to become the largest showcase of its kind in the region and one of the biggest in the world.

Originally published on www.gdnonline.com

CIBAFI’s 1st Annual Global Forum to highlight the “Rethinking Values for Sustainable Growth”

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cibafi-first-forumManama: – The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions is pleased to announce the launch of its   1st Annual Global Forum: “Rethinking Values for Sustainable Growth”, which is organized by CIBAFI under the Patronage of the Central Bank of Bahrain on the 3 – 4 May 2016, at the Four Seasons Hotel, Manama, Kingdom of Bahrain.

The Forum aims to bring together various stakeholders from the Islamic finance industry, multilateral development institutions, international and national regulatory bodies, policy-makers, and academia to discuss the key emerging issues within the industry.

Participants will have the opportunity to present their views on the most recent challenges and opportunities that shape the future of the global Islamic finance industry towards the global trends of social responsibility and sustainability, including organic growth drivers, risk outlook, technical capacities and infrastructures.

The Global Forum will discuss among others, key agenda topics addressing macroeconomic outlook, regulatory development, strategic risk and sustainability. The participants will gain insights on the Global Trends in Social Responsibility, and will explore the key areas of business innovation to achieve “Good Growth” unlocking potential of Islamic finance. Discussions will also cover the values of values: whither Islamic finance? And Internalizing consumers’ core values in Islamic Finance.

This international seminar, falls under CIBAFI’s Strategic Objective 3 – Awareness & Information Sharing, which aims to increase the awareness of Islamic Financial institutions and promote information sharing among its members and the industry stakeholders.

GCC Banks Lag In Mobile Banking & Digital Customer Experience

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dubaiDubai: The banking industry in the GCC is facing huge challenges in meeting the customer expectations in digital experience and delivering banking service over smart phones, according to the EY GCC Digital Banking Report 2015.

“Although many GCC countries like the UAE have some of the highest smart phone penetration in the world, our study finds that when it comes to use of smartphone for main banking interactions in the GCC is low,” Ashar Nazim, Partner, Global Islamic Banking Center at EY, told Gulf News.

According to the EY study only 14 per cent of customers banking interactions there are made on a smartphone.

The first ever study on customer expectations on digital experience in the banking industry and service delivery on smart phones comes at a time when a vast majority of banks across the region are grappling with the question of delivering the right kind of digital offerings to maximise customer experience and customer loyalty.

The study covered more than 2,000 customers across Saudi Arabia, UAE, Qatar and Kuwait and includes analysis of 700,000 sentiments on social networks; and discussions with 30 leading banks and 80 banking industry leaders.

“What we found from our discussions with customers across these six countries is that the customer satisfaction levels in smart phone based banking services and overall digital experience in banking services are very low,” said Nazim.

Satisfaction

The study showed that only 50 per cent of customers using digital services are happy with the service offering while in the more than 55 per cent were unhappy. In Qatar and Saudi Arabia the level of unhappiness was 58 per cent and 60 per cent, respectively.

“Mobile banking has not fully taken off in the GCC. A large number of transactions are still made on home computers or ATMs, or through traditional channels involving human interaction, such as branches or call centres. Only a limited number of banking transactions are mobile,” said Paul Sommerin, Mena Financial Services Technology and Transformation Leader at EY.

The study’s result has come as a surprise given the extremely high number of banking customers that use smartphones across the GCC. Outside of the region, digital-only banks, which don’t have a branch network, have been rising in popularity due to their agility and lower cost base.

Customer requirements

Although many banks have been investing in digital and mobile service delivery platforms, the study showed in many cases the approach have been wrong or in many cases banks have been just copying technology solutions from other markets, without giving much thought to the customer requirements of specific markets.

“Our interaction with banking customers from the GCC showed that what customers are looking for are easy to use intuitive solutions that can assist them in financial decision making process. The bottom-line is simple that technology needs to be an enabler rather than an end in itself,” said Nazim.

Mobile-first is the future

It is not enough for banks to just introduce new digital channels. They must reinvent their customer processes to offer technology-enabled, simple, end-to-end banking experiences, according to the EY GCC Digital Banking Report 2015.

Well-developed digital channels create opportunities for banks to address this challenge as well as increase their share of wallet and expand their market share. The foundation of these opportunities is the data that digital channel transactions generate on customer behaviour, such as buying habits. This data, which is objective and gathered without human intervention, can show how customers behave throughout all channels.

With an improved understanding of their customers, banks can personalise the customer experience and recommend new products and services, both of which aid customer retention. Equipped with customer data that is generated in real-time banks are likely to find sophisticated but easy-to-use analytics tools to improve customer experience and to compete with global banks.

Originally published on www.gulfnews.com

Middle East Digital Economy Set To Double By 2018

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Digital-economyMiddle East’s Digital Economy is set double from $15 billion in 2015 to $30 billion in 2018.

Middle East boardrooms are urged to adopt real-time data solutions to compete in the region’s digital economy, set to double to $30 billion by 2018, business experts announced on Monday at Gitex Technology Week.

With the growth in digital Islamic services, such as mobile apps, websites, and e-commerce platforms for Islamic finance and fashion, and halal food and travel, the Middle East’s Digital Economy is set double from $15 billion in 2015 to $30 billion in 2018, according to a report by Deloitte .

The rapid uptake in mobile and Web usage, along with spending on e-commerce and digital advertising, are fuelling the global digital economy, which is set to grow from $1.9 trillion in 2014 to $4.3 trillion by 2020, according to a recent report by Thomson Reuters.

“To compete and grow in the digital economy, executives in the boardrooms of the Middle East need real-time, contextualised data to make decisions for today, setting the stage for transformation and future growth,” said Jonathan Becher, chief digital officer and head of SAP Digital.

“Middle East business leaders driving digital transformations cannot rely on static slideshows and outdated data,” added Becher. “They need to simplify operations through real-time analysis of data from different divisions, such as HR, logistics and marketing.

In the recent IDC report “Chief Digital Officers: Bridging the Innovation Gap Between the CIO and CMO”, by 2020, 60 per cent of organisations will have a chief digital officer.

IDC states that chief digital officers will be key to lead the digital transformations in organisations, as the role can bring together digital, communications and operations to forge collaboration, drive innovation and raise the “digital IQ” across the company.

Digital transformation, re-imagining the boardroom, and simplifying business processes are the major themes that SAP is focusing on at Gitex. In the Middle East, key verticals that are being impacted by the digital economy are halal education, food and tourism; the sharing economy; Islamic finance; pharmacy and cosmetics; and modest fashion, art and design, according to the Thomson Reuters report.

Providing real-life examples of boardroom-level, digital solutions, SAP is presenting its first demonstration in the Middle East and North Africa of its SAP Digital Boardroom solution. It contextualises the boardroom, locations and devices into a real-time enterprise experience.

Originally published on www.khaleejtimes.com

BIBF Islamic Finance Programme Concludes

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The Bahrain Institute of Banking and Finance (BIBF) has announced the conclusion of its second Islamic Finance Executive Programme (IFEP), held in partnership with the Islamic Financial Services Board (IFSB) to highlight the potential of growing Islamic Capital Markets (ICM) in the region.

bibf-islamic-finance-program-concludesHeld under the theme Towards a Vibrant Islamic Capital Market: Opportunities and Challenges, the programme featured key areas expected to act as catalysts in driving Islamic capital markets into the next phase of growth and development, and was aimed at regulators and supervisors of Islamic capital markets, chief executives and board members of investment companies, originators and issuers as well as arrangers/bookrunners of ICM products, and senior management at credit rating agencies, said a report in the Gulf Daily News (GDN), our sister publication.

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