CIBAFI launches seminar on credit rating in Bahrain

CIBAFI-launches-seminar-on-credit-rating-in-Bahrain

CIBAFI launches seminar on credit rating in BahrainManama : The General Council for Islamic Banks and Financial Institutions (CIBAFI), the umbrella of Islamic financial institutions, in cooperation with S&P Global Ratings and under the patronage of the Central Bank of Bahrain (CBB), launched a Seminar on Credit Ratings: Focus on Islamic Banks and Sukuk Ratings Methodology in Bahrain’s capital Manama on Sunday.

The seminar, which is being supported by Ithmaar Bank and the Bahrain Association of Banks, is aimed at engaging participants in the discussion on different credit rating criteria focusing on sovereign, Islamic banking and sukuk rating methodologies.

Both S&P Global Ratings and the General Council for Islamic Banks and Financial Institutions raised important views on the above topics, during the opening remarks, according to a press statement from the CBB.

In his welcoming address, CIBAFI Secretary General Abdelilah Belatik said: “We are delighted to see our member banks taking this opportunity to learn firsthand about Credit Rating and its impact on Islamic Financial Institutions. We also hope that these two days will help our members to understand in practical terms how Islamic banks and sukuks are rated from rating agency perspective.”

“Our collaboration with S&P Global Ratings is the first in the area of awareness and professional development, we are committed to continuing to bring the latest industry-driven initiatives to our members,” he added.

Commenting on the seminar, Dr. Mohamed Damak, head of Islamic Finance at S&P Global Ratings, said: “S&P Global Ratings is delighted to cooperate with CIBAFI on this training on banks and sukuk ratings. We are committed to providing such training sessions to enhance stakeholders’ understanding of our rating methodologies and promote transparency.”

Delegations from Bahrain, Bangladesh, Sudan, Saudi Arabia, Kuwait and the United Arab Emirates, as well as CIBAFI member institutions and regional regulators will engage in insightful discussions with senior directors from S&P Global Ratings.

The seminar topics have been prepared to cover areas including sovereign rating criteria, bank-specific rating factors, Islamic and conventional banking ratings and sukuk rating methodologies. Participants in the seminar will also discuss the sovereign ratings of the Gulf Cooperation Council (GCC) states, the future outlook for these countries and their banking sectors, as well as the risk assessment of each country, among many other topics.

This seminar is an initiative that is aligned with CIBAFI’s endeavor to enhance capacity building in the Islamic Financial Services Industry (IFSI) and increasing awareness and information sharing through partnerships between industry stakeholders and CIBAFI members, by the creation of a platform for face-to-face dialogue and closed-door discussions. It is also a part of the many initiatives by the S&P Global Ratings to provide market intelligence and develop Islamic financial market and credit ratings.

—AB/IINA

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