Islamic Financial Services Board (IFSB) - Seminar on Islamic Finance aims to be agitator for the development of Islamic banking casework industry in Korea

Seoul, January 13, 2009—The Seminar on Islamic Finance kicked off in Seoul at the Lotte Hotel this morning with Dr. Jun Kwang-Woo, Chairman of Korea’s Financial Services Commission, carrying the aperture animadversion by H.E. Lee Myung-Bak, President of the Republic of Korea. Approximately 300 participants, including assembly from the IFSB, regulators, accounts practitioners, business executives, and government representatives, abounding the meeting.

In his aperture remarks, President Lee Myung-Bak continued a balmy acceptable to the academy participants and thanked the Islamic Financial Services Board (IFSB), the Financial Services Commission (FSC), and the Financial Supervisory Service (FSS), for alive calm to authority the academy in Korea. Stressing the abeyant allowances of developing a active Islamic banking casework industry in Korea, President Lee Myung-Bak acclaimed that “What we would like to see is decidedly broadcast basic flows and banking casework amid Korea and Islamic countries in accession to the barter of appurtenances that accept benefited anniversary added so abundant over the accomplished several decades.” He aswell commended the academy by advertence that “The Seoul Seminar is advised to achieve, a allotment of others, greater compassionate and acceptance of Islamic accounts in Korea’s business community, in accurate its abeyant for Korea’s banking account industry. It is a different opportunity, and we are captivated to accept it.”

Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB said in his aperture abode that, “The following of banking adherence does not alone depend on the able administration and accomplishing of top above prudential standards.” He accent that banking adherence requires the development of added key apparatus of the Islamic banking infrastructure, which include: (1) A systemic clamminess infrastructure; (2) A acknowledged infrastructure; (3) An advice infrastructure; and (4) Financial assurance net mechanisms. On the cooperation in organising the Seminar with FSC/FSS, Rifaat added, “This countdown acquisition is hoped to be a agitator for the development of the Islamic banking casework industry in Korea, as able-bodied as activate cooperation with assembly from added countries.”

FSS Governor Kim Jong Chang aswell bidding top expectations by cogent the academy participants that "This is the aboriginal Seminar on Islamic Finance for Korea and the third for the IFSB. For those of us in Korea who are analytic to advance bounded acquaintance and development of Islamic finance, today's academy is a absolutely agitative and different occasion. Amid discussions on beginning access to all-around banking challenges, it is aswell a appropriate appointment that will advice us afford new ablaze on opportunities for the Islamic banking casework industry, its acute bond to all-around finance, and its abeyant to accord to the all-around economy."

The Seminar, the aboriginal such cooperation amid the IFSB and the FSC/FSS, aims to actualize acquaintance of Islamic accounts in Korea to facilitate acceptable acceptance a allotment of its banking community. It aswell aims to highlight the industry’s abeyant opportunities in the country. The Seminar continues tomorrow.

INFORMATION ON THE ORGANISERS

About the IFSB
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 178 associates of the IFSB comprise 42 authoritative and authoritative authorities, 6 all-embracing inter-governmental organizations and 130 bazaar players and able firms operating in 34 jurisdictions. 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

About the FSC
The Financial Services Commission (FSC), the almsman to Financial Supervisory Commission, was reestablished as Korea’s banking action and administration ascendancy on March 3, 2008, afterward revamping of the authoritative structures and the banking action and blank functions of the authoritative authorities. The FSC has four primary mandates: to advanced the banking industry, to advance the adherence of the banking markets, to advance a complete acclaim arrangement and fair trading practices, and to assure investors and depositors. The FSC is led by nine commissioners: the Chairman, the Vice Chairman, Vice Minister of Strategy and Finance, Deputy Governor of the Bank of Korea, President of the Korea Deposit Insurance Corporation, Governor of the Financial Supervisory Service, two commissioners recommended by the Chairman of the FSC, and one abettor recommended by the Chairman of the Korea Chamber of Commerce and Industry. The Chairman, who is appointed by the President of the Republic of Korea, presides over FSC affairs and administers the activities of the FSC.

For added advice on FSC, amuse appointment www.fsc.go.kr/eng

About the FSS
The Financial Supervisory Service (FSS) was accustomed on January 2, 1999, beneath the Act on the Establishment of Financial Supervisory Organizations by bringing calm the Banking Supervisory Authority, Securities Supervisory Board, Insurance Supervisory Board, and Non-bank Supervisory Authority into a individual authoritative organization. As an controlling arm of the FSC, the FSS is primarily amenable for accustomed out administration and assay of adapted banking institutions with the approved ascendancy to conduct investigations of actionable conduct and crop administration actions. The FSS aswell serves as a advocate of disputes amid banking institutions and consumers. It is headed by the Governor. In a move advised to facilitate added able banking supervision, the FSS was afresh reorganized into 25 departments and 16 offices that are aggregate into nine abstracted divisions: (1) cardinal planning, (2) administration abutment and chump protection, (3) authoritative account coordination, (4) cyberbanking service, (5) non-banking service, (6) allowance service, (7) banking investment service, (8) basic bazaar investigation, and (9) accounting service.

For added advice on FSS, amuse appointment english.fss.or.kr

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

Mr. Douglas Kim
Financial Services Commission/Financial Supervisory Service
Seoul, Korea
E-mail: kdouglas@fss.or.kr
Tel: +82-2-3786-7901