Islamic Financial Services Board (IFSB) - Islamic Financial Services Board to authority its aboriginal anniversary Summit in South East Asia

Kuala Lumpur, 13 April 2009 - The accessible 6th Annual Summit of the Islamic Financial Services Board (IFSB) will be captivated on 7th – 8th May 2009 in Singapore beneath the advocacy of Singapore's Senior Minister, Goh Chok Tong. The Summit, appropriate themed The Future of Islamic Financial Services, takes abode amidst the accepted challenges and issues adverse the all-around banking market. The Monetary Authority of Singapore is hosting the Summit.

The anniversary IFSB Summit is the flagship accident for the IFSB, and has commonly admiring a baddest accumulation of high-profile Islamic banking casework industry stakeholders from above the globe. IFSB Secretary-General, Rifaat Ahmed Abdel Karim said “This 6th Summit is the aboriginal IFSB Summit to in actuality be captivated in East Asia.”

Already a advanced spectrum of chairpersons, speakers and assembly from the US, UK, EU, as able-bodied as the MENA and Asian regions accept accepted to participate in the Summit, which is aswell seeing the accord of assorted sponsors from a allotment of assorted regions.

The accord of Kim Jong Chang, Governor, Financial Supervisory Service of Korea, Heng Swee Keat, Managing Director of the Monetary Authority of Singapore (MAS), the Summit host, Edmund Lau, Executive Director, Hong Kong Monetary Authority as able-bodied as Alexa Lam, Executive Director of the Hong Kong Securities and Futures Commission reflects the growing East Asian absorption in Islamic banking and basic markets..

The abounding account of regulators and chief personalities from a allotment of the all-embracing organisations and bazaar players that accept accepted chairing and speaking in the Summit are:

1.H.E. Dr. Ahmad Mohamed Ali Al-Madani, President, Islamic Development Bank
2.H.E. Rasheed Mohammed Al Maraj, Governor, Central Bank of Bahrain
3.H.E. Kim Jong Chang, Governor, Financial Supervisory Service of Korea
4.H.E. Dr. Zeti Akhtar Aziz, Governor, Bank Negara Malaysia
5.H.E. Sheikh Abdulla Saoud Al-Thani, Governor, Qatar Central Bank
6.H.E. Dr Muhammad Sulaiman Al-Jasser, Governor, Saudi Arabian Monetary Agency and Chairman of the Council of the IFSB
7.H.E. Heng Swee Keat, Governor, Monetary Authority of Singapore
8.H.E. Sultan Bin Nasser Al Suwaidi, Governor, Central Bank of the United Arab Emirates
9.Professor Rifaat Ahmed Abdel Karim, Secretary-General, Islamic Financial Services Board
10.Dr. Siti Chalimah Fadjrijah, Deputy Governor, Bank Indonesia
11.Teo Swee Lian, Deputy Managing Director (Prudential Supervision), Monetary Authority of Singapore
12.Paul Koster, Chief Executive, Dubai Financial Services Authority
13.Professor Volker Nienhaus, President, University of Marburg, Germany
14.Edmond Lau, Executive Director (Monetary Management), Hong Kong Monetary Authority
15.Alexa Lam, Executive Director, Securities & Futures Commission, Hong Kong
16.Jaseem Ahmad, Director, Governance, Finance and Trade Division, Asian Development Bank
17.Tunc Tahsin Uyanik, Sector Manager, Financial and Private Sector Development, East Asia and Pacific Region, The World Bank
18.Richard Thomas, Chairman, Gatehouse Capital Plc, United Kingdom
19.Dato' Sri Abdul Wahid Omar, President and Chief Executive Officer, Maybank Group, Malaysia
20.Dr. Manfred Dirrheimer, Chief Executive Officer, FWU AG, Germany
21.Afaq Khan, Standard Chartered Saadiq, UAE
22.Cesare Calari, Managing Director, Wolfersohn & Co. LLC., USA
23.Professor Simon Archer, Visiting Professor, University of Reading, UK
24.Professor Kishore Mahbubani, Dean and Professor in the Practice of Public Policy, Lee Kuan Yew School of Public Policy, Singapore
25.Christine Kuo, Vice President and Senior Analyst, Financial Institutions Group Moody's Investors Services, Singapore
26.Daud Vicary Abdullah, Islamic Finance Specialist, Deloitte Southeast Asia

The IFSB and the MAS are auspicious a advanced ambit of stakeholders in the Islamic banking casework industry – authoritative and authoritative authorities, all-embracing agencies, bazaar players and added absorbed organisations – to actively participate in the one-and-a-half day Summit. This important accident will be preceded by accessible hearings on the latest IFSB Exposure Drafts and several Country Showcases.

The capital cold of the Summit is to accentuate the role of the assorted stakeholders appear developing a able-bodied approaching for Islamic banking casework industry. As such, the afterward 5 affair capacity of the Summit could not be added relevant:.

The Islamic banking casework landscape. This affair will accede the accepted akin of development and acumen of the IFSI compared with the accepted sector, and altercate the approaching abeyant advance of the industry.
Competitive strategies of Islamic banking casework industry. This affair will barometer the competitiveness of the industry and will analyze the key elements that have to be addressed to added advantage the aggressive bend of Islamic accounts abnormally in its calm markets.
Role of non-banks banking institutions (NBFIs) in the approaching of Islamic finance. This affair affair is a awful contemporary one in the ablaze of accepted crisis in the banking markets pertaining to the structures of the bootless or declining institutions. Should NBFIs be afar from capital Islamic cyberbanking business, and will they accord a greater role to the development of Islamic banking casework industry?
Direction of authoritative policies. Regulators accept appear beneath greater analysis in the deathwatch of the all-around banking crisis. Not surprisingly, this affair will altercate what the a lot of able authoritative anatomy for the IFSI traveling advanced is and the abiding affair of harmonisation and minimum standards for authoritative policies.
Direction of development policies. Similarly this is an important affair because it will altercate the development initiatives and architectonics bare to abutment the acceptable advance of the Islamic banking casework industry.
The capital affairs will be preceded by two acceptable pre-Summit contest – Public Hearings on IFSB Exposure Drafts (EDs) and IFSB Country Showcases, both of which accept accepted accepted and advisory in the past.
The Public Hearings will be captivated on 5th May 2009 on the afterward IFSB Exposure Drafts: Guiding Principles on Governance for Islamic Insurance (Takâful) Operations; Conduct of Business; and Guiding Principles on the Sharî`ah Governance System.
The three IFSB Exposure Drafts are appointed for acceptance by the IFSB Council by end of 2009, with the Public Consultation aeon catastrophe 15 May 2009.
This year, Malaysia, Korea and a third country will organise the Country Showcases, which will be captivated on the 6th May 2009. These contest are advantageous platforms for IFSB affiliate countries to advertise their absolute Islamic accounts markets or the abeyant for Islamic accounts in their corresponding markets. The adverse is absolute in the Malaysian access which is absorption on announcement the role of Islamic accounts in the approaching of all-around finance, abnormally through cardinal alliances, while Korea is announcement itself as a bazaar “where new opportunities abide for Islamic finance”.

The Summit and the Country Showcases accommodate accomplished networking platforms for bookish barter of account and discussions for abeyant investments and business partnerships, abnormally for and a allotment of the 185 IFSB associates as able-bodied as the local, bounded and all-embracing banking community.

For added advice on the Summit, amuse see the Summit website at www.ifsbsingapore2009.com.

The IFSB is an all-embracing standard-setting organisation that promotes and enhances the acumen and adherence of the Islamic banking casework industry by arising all-around prudential standards and allegorical attempt for the industry, broadly authentic to cover banking, basic markets and allowance sectors.

The IFSB aswell conducts analysis and coordinates initiatives on industry-related issues, as able-bodied as organises roundtables, seminars and conferences for regulators and industry stakeholders. Towards this end, the IFSB works carefully with accordant international, bounded and civic organisations, research/educational institutions and bazaar players.

For added advice about the IFSB, amuse appointment www.ifsb.org

Siham Ismail
Islamic Financial Services Board (IFSB)
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext: 119