ADFIMI which stands for Association of National Development Finance Institutions (DFIs) in Member Countries of the Islamic Development Bank (IDB) is a Regional Association of DFIs established as an autonomous independent international organization. At the 11th IDB Board of Governors Meeting, (Amman, March 1986), a provisional constituent assembly of NDFI’s representatives elected to establish ADFIMI. It started its operation in September 1987 at its headquarters is in Istanbul, Turkey, on being given the status of an International Organization by the Turkish Government.
The rationale behind setting up ADFIMI was the experience gained from multilateral agencies and regional associations. The UNIDO advocated setting up Regional Associations of DFIs in the respective regions (five) so as to benefit through the collective wisdom, resources and experience of its members The objective being to enhance the effectiveness of DFIs and banks in its region. This would provide the member DFIs the opportunity to work together and successfully develop expertise, exchange mutually beneficial ideas and experiences and to promote cooperation in the region, to prepare policy papers, to undertake advocacy and to complement the IDB’s activities. The wisdom of setting up this Association has been enhanced in the light of financial crisis confronted by the world financial sector today. The finance institutions are learning to become more competent to face crisis and to learn from each other. As long as DFIs learned from each other and share their experiences they will become stronger and this makes the existence of ADFIMI more relevant.
ADFIMI is governed by a Management Committee and is headed by a Secretary General who is the Chief Executive. The Association is supported by the membership fees of its members, by voluntary donations and the co-sponsorship of its members.
ADFIMI conducts research, training and capacity building to meet the needs and requests of members and forms partnerships with other agencies or its members for the development and implementation and training and capacity building programs to meet needs of its members.
It has diverse cultures and different societies and different levels of development. ADFIMI has gone to remote corners of Africa and least developed countries of Asia to conduct conferences, workshops, seminars, and survey missions. Its membership of 57 now spans three continents and 19 countries. It has trained some 1500 officers and senior executives of banks. ADFIMI has developed a particular vision which is relevant to the region.
As an autonomous Association ADFIMI enjoys a certain flexibility and scope of initiative and hence gives great significance to its members. ADFIMI maintains a constant dialogue with its members to develop its programs. Being inclined towards applied research, it is able to empower members to develop knowledge, skills and tools to bring about the required change for the benefit of the banks and local economy; In this process ADFIMI enhances regional cooperation and regional linkages.
OBJECTIVES
1. To educate, train, conduct R&D, provide consultancy services, develop the human resource factor in banking, the ethical factors in financial sector industry, develop related technical sector, innovative, intellectual and conceptual practices of banking, at the global contemporary benchmark level.
2. To develop the human resource factor in the contemporary skills, and management skills to achieve highest productivity for competitive advantage.
3. To create an environment of appreciation and of rewarding merit and recognization of competence and to institute awards regularly.
4. To create an environment for trade and business among the member bank customers for economic development.
5. To bring the countries of the region closer through trade, investment, culture, and other means of feasible activities considered relevant and necessary.
6. To develop expertise on all levels of development and investment banking activities.
7. To develop expertise in all aspect of small enterprises financing.
8. To foster all financial institution in the region into the ADFIMI network.
9. To induct ethics in all corporate and business practices of the members and institutions through training.
10. To act as the accreditation agency for certification and laying the criteria of good practices and quality education in financial sector industry.
