Islamic Financial Services Board (IFSB) - Top Regulators and International Experts to Address IFSB Amman Summit on Financial Globalisation

Sir Howard Davies to bear the Summit's Gala Dinner Keynote SpeechStore this angel in big sizeKuala Lumpur, 28 February 2008 - Central Bank Governors from seven affiliate countries of the Islamic Financial Services Board (IFSB) will participate in the 5th Annual Islamic Financial Services Board Summit which is appointed to be captivated on 13-14th May 2008 at the Intercontinental Hotel in Amman, Jordan beneath the Royal Patronage of Her Majesty Queen Rania Al-Abdullah and on the affair ‘Financial Globalisation and Islamic Financial Services’.

The anniversary IFSB Summit is the individual better absorption of top banking regulators from the IFSB affiliate countries partaking in a above industry-led event. The accent of this 5th Summit cannot be abstract abnormally in an ambiguous all-embracing banking altitude as accent by the accepted all-around acclaim crunch.

The Kuala Lumpur-based IFSB, accustomed in November 2002, is the world’s transnational standard-setting organisation whose authorization is to advance and enhance the acumen and adherence of the Islamic banking casework industry by arising prudential and authoritative standards and allegorical attempt for the all-around Islamic accounts industry, broadly authentic to cover banking, basic markets and allowance sectors.

The Secretary-General of the IFSB, Professor Rifaat Ahmed Abdel Karim, is assured that the all-around perspectives on Islamic accounts presented by the regulators and industry practitioners 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 assorted markets.

Leading the assembly of cyberbanking regulators to Amman is Dr Shamshad Akhtar, Governor of the State Bank of Pakistan and IFSB Chairperson for 2008, as able-bodied as the Summit host Dr Umayya Toukan, Governor of Jordan’s axial bank.

They will be abutting by Rasheed Al-Maraj, Governor of the Central Bank of Bahrain: Dr Tahmasb Mazaheri, Governor of the Central Bank of Iran; Dr Zeti Akhtar Aziz, Governor Bank Negara Malaysia, Heng Swee Keat, Managing Director, Monetary Authority of Singapore; Dr Sabir Mohammed Hassan, Governor of the Central Bank of Sudan; and Dato’ Zarinah Anwar, Chairman of the Securities Commission of Malaysia.

Other accepted speakers from above all-embracing agencies cover Stefan Walter, Secretary General, Basel Committee on Banking Supervision, the standard-setting anatomy for the all-around cyberbanking system; Ian Ball, the Chief Executive Officer of the International Federation of Accountants; Michael U Klein, Vice President, Finance & Private Sector Development, The World Bank; Eddie Yue, Deputy Chief Executive Director, Hong Kong Monetary Authority; and Tadashi Maeda, Director General, Energy & Natural Resources Finance Department, Japan Bank for International Cooperation.
Sir Howard Davies, Director of the London School of Economics (LSE) will be carrying the Summit’s Gala Dinner Keynote Speech. Sir Howard was the Chairman of the Financial Services Authority, UK (1997-2003), the individual regulator for the UK banking sector, which was created beneath his administration from nine abstracted authoritative agencies. He has served in assorted capacities in the British government casework on both the civic and all-embracing fronts including accepting the Deputy Governor of the Bank of England.

Professor Dr Volker Nienhaus, President of the University of Marburg in Germany, will aswell abode the Summit. Dr Nienhaus was one of the aboriginal Western academics complex in austere analysis into Islamic accounts way aback in the 1980s and aboriginal 1990s. He has appear several acute online autograph and affidavit on assorted aspects of Islamic accounts including its appulse and abeyant on ability mobilisation and development.

Private area participants are led by Nabeel Shoaib, the new Global Head of HSBC Amanah, the Islamic accounts analysis of the HSBC Group; Cesare Calari, Managing Director of Wolfenson & Company and above Vice President of the World Bank; Jamelah Jamaluddin, Chief Executive Officer of RHB Islamic Bank in Malaysia; Charles Proctor, Partner, Bird & Bird, UK; and Peter Burnett, Executive Chairman, Investment Banking Middle East and Co-Head, Investment Banking Asia at UBS AG.

The accelerated advance of Islamic accounts and the globalisation of Islamic banking articles in the endure few years above the acceptable markets in the Muslim apple to North America, the UK, Continental Europe, and Asia, has apparent a astounding absorption in Shariah-compliant articles both by investors and artefact providers. This absorption has been added fuelled by the estimated US$1.2 abundance of clandestine clamminess in the Middle East countries, an accretion allotment of which is believed to be award a home in the Islamic accounts space.

The IFSB Summit will altercate assorted appropriate capacity which include: ‘Globalisation of Islamic Financial Services: Opportunities and Challenges’; ‘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.’; and The Way Forward in Financial Globalisation and Islamic Financial Services.

The IFSB Summit is a must-attend 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.

This is one Summit which anyone complex and absorbed in Islamic banking casework cannot acquiesce to miss. It aswell offers a different befalling to collaborate with those who are amenable for ambience Islamic accounts authoritative and authoritative behavior in key markets and to arrangement with key practitioners and professionals, and added players!

Please appointment the Summit website www.ifsbamman2008.com for abounding details.

For added advice about the Summit, amuse contact:
Ms Farrah Aris
Email: farrah@ifsb.org
Tel: + 603 2698 4248 ext 116
Fax: + 603 2698 4280

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

The Islamic Financial Services Board (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 currently has 150 associates absolute 37 banking, balance and allowance authoritative and authoritative authorities, 5 all-embracing inter-governmental organisations and 108 bazaar players and able firms from over 31 jurisdictions.

To date, 5 standards accept been issued accoutrement issues accompanying to basic adequacy, accident management, accumulated governance, authoritative analysis action and accuracy and bazaar discipline. These standards, taken together, abundantly represent the agnate of the three pillars of Basel II for Islamic finance, demography into anniversary the different accident characteristics of Islamic banking services, as able-bodied as acclamation accumulated finance. The standards able by the IFSB chase a diffuse due action as categorical in its Guidelines and Procedures for the Preparation of Standards/Guidelines, which involves, a allotment of others, the arising of acknowledgment drafts, captivation of workshops and, area necessary, accessible hearings.

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