Islamic Financial Services Board (IFSB) - Seminar on Islamic Finance - Opportunities and Challenges in Hong Kong

January 15, 2008 - The Hong Kong Monetary Authority (HKMA) and the Islamic Financial Services Board (IFSB) accordingly organised the Seminar on Islamic Finance captivated today (15 January) to advance altercation of the development of an Islamic banking belvedere in Hong Kong.

The academy was able-bodied abounding by over 280 assembly including assembly from axial banks, banking regulators, arresting bartering bankers, bazaar professionals and acknowledged practitioners from Hong Kong and the region, and assembly from countries alfresco the arena including Dubai, Saudi Arabia, Kuwait, Bahrain and countries in Europe.

The Chief Executive of the HKMA, Mr Joseph Yam, said, “The accent of Islamic accounts is ascent in the all-around banking market. As an all-embracing banking centre, Hong Kong is dispatch up its efforts to advance its banking casework to above Islamic countries and regions, and developing an Islamic band market. The HKMA is actual blessed to plan with the IFSB to organise this seminar. It has provided an accomplished befalling for Hong Kong to accept added about the characteristics of Islamic finance.

The Secretary-General of the IFSB, Professor Rifaat Ahmed Abdel Karim, said, “The IFSB hopes that the all-around perspectives on Islamic accounts presented by the regulators and industry practitioners in the Seminar will accord to greater compassionate of Islamic accounts as a applicable anatomy of intermediation that promotes the advance of absolute bread-and-butter activities calm with amusing justice, as able-bodied as highlight the challenges, issues and opportunities in the addition of Islamic accounts in Hong Kong.”

He added that the IFSB, as an all-embracing organisation allowable to advance prudential standards for Islamic accounts has, to date, issued 5 standards accoutrement issues accompanying to basic adequacy, accident management, accumulated governance, authoritative analysis processes and accuracy and bazaar discipline. In ample terms, these 5 standards, taken together, may be beheld as the agnate of the three pillars of Basel II for the Islamic banking casework industry. They aim to abetment the authoritative and authoritative authorities as able-bodied as bazaar players to abode the specificities of risks in Islamic accounts in adjustment to ensure the acumen and adherence of the arrangement in which the industry operates.

Professor Rifaat delivered the aperture animadversion for the seminar, Her Excellency Dr Zeti Akhtar Aziz, Governor of Bank Negara Malaysia (Central Bank of Malaysia) delivered the aperture and keynote abode and the Financial Secretary of Hong Kong, Mr John C Tsang, delivered the affable and keynote address.

On the aboriginal of the one-and-a-half day seminar, speakers with a advanced accomplishments and acquaintance in the Islamic banking acreage advised the opportunities and challenges adverse the Islamic banking casework industry. They discussed the operational and business structural issues for institutions adulatory to authorize an Islamic banking casework assemblage and the aggregation of the Islamic banking casework industry with the boilerplate banking casework industry.

The academy will abide tomorrow at the Hong Kong Monetary Authority, 56/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong.

Hong Kong Monetary Authority
Peggy Lo, Manager (Press), at 2878 1687 or
Hing-fung Wong, Officer (Press), at (852) 2878 1802

IFSB – www.ifsb.org
Ms. Siham Ismail – siham@ifsb.org / +603 2698 4248: 119

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.