CIBAFI announced the winner of inaugural CIBAFI Award 2017, today in Jeddah, Kingdom of Saudi Arabia

4th June 2017, Manama, Kingdom of Bahrain, Jeddah, Kingdom of Saudi Arabia | The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, held its inaugural CIBAFI Award 2017 ceremony today in Jeddah, Kingdom of Saudi Arabia.

Purpose of establishment of CIBAFI Award is to recognise, showcase and encourage Islamic financial institutions that provide an outstanding example to the industry, based on specific criteria that reflect the values and purposes of Islamic finance. The 2017 Award is given to the Islamic financial institution that promotes “Environmental and Social Responsibility” in its activities, practices and operations. CIBAFI annual Award criteria is based on the “Core Values of Islamic Financial Institutions”, which are also known as Maqasid al Shariah.

This year’s award recipient is “Jordan Islamic Bank”, an exemplar and a dedicated bank towards achieving environmental and social responsibility in Islamic banking practices
Jordan Islamic Bank (JIB) has taken leadership in Environmental and Social Responsibility. It maximized the social and environmental benefits that are incorporated in its business activities, financial products, services, and charitable activities. The reports provided by Jordan Islamic Bank showed substantial investment in that arena.

Examples of the practices done by JIB include a well defined CSR Policy and Social Responsibility Plan, which is guided and administered by a Social Responsibility Commitee and a Social Responsibility Department. JIB equipped its branches with alternative sources of energy and operated renewed energy system units for some mosques and schools. JIB also supports Micro and SME sectors and has signed an agreement with Jordan Loan Guarantee Corporation and Jordan Chamber of Industry to support Micro and SME finance. It has been funding infrastructure development at existing and new educational institutions, scholarship programs for the talented and needy students, and community development programs. These activities are among many other environmental and social responsibility activities that this bank was keen on achieving.

Commenting on the announcement of the Award, Mr. Abdelilah Belatik, Secretary General of CIBAFI said: “We are delighted to present CIBAFI Award 2017 to Jordan Islamic Bank. This bank has demonstrated significant evidenced practices in Environmental and Social Responsibility in its operations. When we opened the door for our member institutions to apply for this Award last year, we hoped that it would encourage institutions to become more active in the area of Environmental and Social Responsibility. We have noticed that happening in the last few months and CIBAFI is proud to have such influence. I would like to thank all the institutions that applied for this Award and encourage them to apply again for the next CIBAFI Award.’’

Commenting on the award Mr. Musa A. Shihadeh, General Manager & CEO of Jordan Islamic Bank said: Jordan Islamic Bank has been taking Environmental and Social Responsibility initiatives as part of overall bank’s commitment to giving back to the society. As a leading bank in Jordan, I am delighted to receive this award today, JIB is committed to continue its strong hold of Environmental and Social Responsibility initiatives and this award shall motivate us to do more in areas that are close to our hearts.”

CIBAFI would like to highlight that Institutions considered for the nomination were required to submit a Memo with the information on activities in the form of an Executive Summary (maximum of two pages). It included supporting detailed documents, procedures or web links for them to be considered for CIBAFI Award. An independent Screening Committee evaluated each nomination in the light of the objectives and criteria for the award and short listed 10 nominations along with the respective evaluation reports to the selection committee. The shortlisted institutions were brought to the Selection Committee that evaluated the applications and decided on the final selection of the winner with the presence of an external auditor from Mazars auditing firm.

CIBAFI Award fall into CIBAFI’s 3rd Strategic Objective “Awareness & Information Sharing” of its Strategic Plan 2015 – 2018. This CIBAFI Award aims to mark its place in the industry recognizing the efforts of Islamic banks and institutions.