Islamic Financial Services Board (IFSB) - The Islamic banking casework industry is allotment and bindle of the all-around banking infrastructure

Frankfurt, December 7, 2007 – “Islamic finance, admitting its different characteristics, is assorted in its appliance and has accepted address as a applicable addition agency of financing” Professor Rifaat Ahmed Abdel Karim, Secretary General of the Islamic Financial Services Board (IFSB) said in his aperture abode to the assembly of the 2nd Islamic Financial Services Forum: The European Challenge on Wednesday. He added that admitting accepting its own nomenclature, the Islamic banking casework industry (IFSI) operates aural the absolute all-around banking infrastructure. The interlinking of the IFSI with the accepted banking arrangement capacity it to agnate risks and challenges, and may still affect banking markets (albeit in a almost accessory way) should any adverse altitude occur. Thus, it is all-important that there be a set of prudential standards that baby for the specificities of Islamic finance.

The IFSB, an all-embracing organisation with the authorization to advance prudential standards for the IFSI believes that acclimation efforts will abundantly accord to announcement the acumen and adherence of the IFSI, convalescent the administration of institutions alms Islamic banking casework (IIFS), and a lot of importantly, accouterment a akin arena acreage for IIFS enabling them to accomplish their abounding abeyant in calm and all-around markets. In its alertness of prudential standards for the IFSI, the IFSB adopts absolute globally able standards, for archetype Basel II, and acclimatize them to the specificities of the IIFS. This access is adopted to accompany about the seamless affiliation of the IFSI into the boilerplate market. For the IFSB, the appliance of its standards should not compromise, but rather complement, the absolute authoritative practices.

The Forum is the aftereffect of collective accord amid the Deutsche Bundesbank, the Financial Stability Institute and the IFSB. Dr. Zeti Akhtar Aziz, Governor Bank Negara Malaysia, and Chairperson of the IFSB Council delivered the Keynote Address. The Forum drew the accord of 22 internationally recognised chairpersons and speakers, including four added axial case governors of IFSB affiliate countries. They are:
1. Dr. Umayya Toukan, Governor Central Bank of Jordan
2. Dr. Shamshad Akhtar, Governor State Bank of Pakistan
3. Sheikh Abdullah Saoud Al-Thani, Governor, Qatar Central Bank
4. Sultan bin Nasser Al Suwaidi, Governor, Central Bank of the United Arab Emirates

The aim of the Forum, which was abounding by added that 130 delegates, is to accommodate assembly with a bigger compassionate of the intricacies of the IFSI as able-bodied as casting ablaze on the operational aspects of the IFSB Standards.

This is the IFSB’s additional Forum in Europe, the aboriginal of which was captivated in Luxembourg in November 2005.

Islamic Financial Services Board
Kuala Lumpur, Malaysia
Contact: Siham Ismail
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext 119

1. The Islamic Financial Services Board (IFSB), which is based in Kuala Lumpur, was clearly inaugurated on 3rd November 2002 and started operations on 10th March 2003. It 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 from 31 countries.

2.The Council of the Islamic Financial Services Board (IFSB), in March 2006, adapted the IFSB Articles of Agreement to accredit allowance and balance authoritative authorities to accompany the IFSB as Full Members. With this amendment, Full Membership is now accessible to:
a. Supervisory authorities amenable for the administration of banking, balance and allowance or Takaful industry of anniversary absolute country that recognizes Islamic banking services, whether by legislation or adjustment or by accustomed practice, and
b. inter-governmental organizations that accept an absolute authorization for announcement Islamic accounts and markets.