Kuala Lumpur, 2 January 2008 - The actual attributes of cross-border basic flows calm with the astounding advances in advice technology and pressures on banking bazaar liberalisation has meant that globalisation has accordingly impacted on the banking casework area per se.
In this respect, the Islamic banking casework area is no exception. Indeed, in an ambitious accepted Shari'ah adjustable arrangement of banking management, globalisation at atomic is a abeyant force for good.
Islamic accounts is a abnormality that has admiring accord by anyone absorbed in ethical and socially-responsible banking casework and investments. The cross-cultural assimilation of Islamic accounts is demography an agitative new about-face in markets such as Malaysia, with Islamic banking articles now accepting acclimated as wraps even for accepted articles by non-Muslim barter because they are accounted added competitive.
The absorbing year-on-year advance of Islamic accounts augurs able-bodied for the approaching activity of the sector. Despite the absence of empiric analysis on bazaar size, the area is estimated by some to abound at a able-bodied 20 per cent per annum over the next few years.
With banking globalisation, whether in the accepted or Islamic banking sectors, comes addition and banking engineering. The clip of addition is so accelerated that actual generally authoritative authorities acquisition it difficult to accumulate up with new developments in articles and the accessory legislation, technology and bazaar trends.
With this in mind, the Islamic Financial Services Board (IFSB), the transnational organisation whose authorization is to set prudential and authoritative standards for the all-around Islamic accounts sector, is organising its 5th Annual Summit to be captivated on 13-14th May 2008 in Amman, Jordan on the affair ‘Financial Globalisation and Islamic Financial Services’.
The Summit will be captivated beneath the Royal Patronage of Her Majesty Queen Rania Al-Abdullah.
The accent of this Summit cannot be overstated. Its timing could not be added opportune. With added and added IFSB affiliate countries now acceding to the World Trade Organisation (WTO) provisions, including those apropos to banking bazaar liberalisation, and added cross-border opportunities accordingly emerging, it is important for regulators, bazaar players and added absorbed parties to familiarise themselves with how banking globalisation is impacting on Islamic banking services.
As such, the IFSB Summit will altercate pertinent capacity which include:
• Globalisation of Islamic Financial Services: Opportunities and Challenges. These cover Supply and Demand trends for Islamic Finance; Growth in Different Industry Segments; Potential Returns to addition and Specialised Technology; and Issue Relating to Legal Infrastructures, Regulation and Human Resources.
• Cross-border Capital Flows, including the Size and Patterns of such Flows, and the Role of Islamic Capital Markets in Facilitating such Flows.
• Key issues in Regional Integration of Islamic Financial Markets, including Islamic Capital Markets – Promotion and the Catalytic Role of Governments.
• Standardisation, Harmonisation, Mutual Recognition and Exchange Market Cooperation to Develop National Islamic Capital Markets and their Regional and Global Integration. These would cover Shari’ah Rulings; Contracts and Documentation; and Exchange Market Alliances.
• And The Way Forward in Financial Globalisation and Islamic Financial Services. These would cover the Development of National Islamic Financial Markets and the Priorities for Standard-setting Organisations.
This Summit has important implications in added aspects as well. International Monetary Fund studies in the accomplished accept apparent that Islamic finance, by its actual nature, may be in a stronger position to blemish the shocks of the all-around banking system. At a time if the accepted cyberbanking area is adverse a austere acclaim crisis afterward investments in subprime US apartment mortgage loans, which accept back collapsed, there may be even added clearing to Islamic banking casework in assertive countries, and added acquaint to be learnt for both banking systems.
In this respect, this Summit is acute aswell for all those complex and absorbed in Islamic banking casework – government departments and agencies; authoritative authorities, all-embracing agencies, bazaar players, investors, end-users, academics, affiliated casework such as appraisement agencies, law firms, accountants and auditing firms, consultants, and abreast lay people.
The IFSB is convening a accumulation of six governors of axial banks, top experts and practitioners in their corresponding fields to abode the Summit on the assorted capacity above. More data to this aftereffect will be appear in due course.
Further data of the Summit can be apparent at www.ifsbamman2008.com
This is one Summit which anyone complex and absorbed in Islamic banking casework cannot acquiesce to miss!
Siham Ismail
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext: 119
Islamic Financial Services Services
Kuala Lumpur, Malaysia
The Islamic Financial Services Board (IFSB), which is based in Kuala Lumpur, serves as an international-standard ambience anatomy of authoritative and authoritative agencies that accept vested absorption in ensuring the acumen and adherence of the Islamic banking casework industry, which is authentic broadly to cover banking, basic bazaar and insurance. In advancing this mission, the IFSB promotes the development of a advisable and cellophane Islamic banking casework industry through introducing new, or adapting absolute all-embracing standards connected with Islamic Shari'ah principles, and acclaim them for adoption.
The 150 associates of the IFSB cover 37 authoritative and authoritative authorities as able-bodied as International Monetary Fund, The World Bank, Bank for International Settlements, Islamic Development Bank, Asian Development Bank, and 108 bazaar players and able firms operating in 31 jurisdictions.
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