Islamic Financial Services Board (IFSB) - IFC-IFSB Seminar Participants Discuss Governance Issues for Institutions Offering Islamic Financial Services

Kuala Lumpur/Washington, D.C., March 28, 2008—The IFC Global Corporate Governance Forum, the Islamic Financial Services Board, and the World Bank Group Corporate Governance Department afresh organised a academy in Manama, Bahrain, to access acquaintance of accumulated babyminding issues in Islamic finance. The Central Bank of Bahrain hosted the academy on March 11 and 12, 2008.

Participants included added than 60 chief bankers from Bahrain, added Gulf Cooperation Council countries, Indonesia, Malaysia, and Sudan. Topics focused on banking, insurance, and basic markets—particularly aggregate investment schemes.

Peter Dey, Chairman of the Forum’s Private Sector Advisory Group, emphasised the affiliation amid acceptable accumulated babyminding and able activity of the economy. He aswell addressed the capital challenges in accumulated babyminding and suggestions on how to affected them. Participants’ discussions focused on accumulated babyminding standards that accept been developed by IFSB, with insights provided by authoritative officials, accumulated babyminding specialists at all-embracing multilateral agencies, and industry practitioners.

Professor Rifaat Ahmed Abdel Karim, Secretary General of IFSB, said, “We recognise the challenges of acceptable governance, and accept appropriately able several principle-based accumulated babyminding guidelines, accoutrement institutions that action Islamic banking casework as able-bodied as Islamic aggregate investment schemes. We are aswell developing accumulated babyminding guidelines for takāful operations and Sharī`ah governance. We assurance these guidelines will brainwash able babyminding in Islamic banking casework and accord to aplomb and banking adherence in the industry.”

"The IFSB has drafted a alternation of attempt on Islamic finance. This accident was advised to accession acquaintance of these issues and to advanced discussions on adapted modalities for ensuring acceptable governance," said Eugene Spiro, Senior Projects Officer of the IFC Global Corporate Governance Forum.

This was the aboriginal collective academy that IFSB, the World Bank Group, and the IFC Global Corporate Governance Forum accept tailored to accumulated babyminding convenance and accompanying bounded issues. The academy admiring bounded and all-embracing experts’ absorption to key issues that will be addressed traveling forward.

Siham Ismail
Islamic Financial Services Board
Kuala Lumpur, Malaysia
Tel: + 603 2698 4248 ext: 119
Fax: + 603 2698 4280

About IFC
IFC, a affiliate of the World Bank Group, fosters acceptable bread-and-butter advance in developing countries by costs clandestine area investment, mobilising clandestine basic in bounded and all-embracing banking markets, and accouterment advising and accident acknowledgment casework to businesses and governments. IFC’s eyes is that humans should accept the befalling to escape abjection and advance their lives. In FY07, IFC committed $8.2 billion and mobilised an added $3.9 billion through syndications and structured accounts for 299 investments in 69 developing countries. IFC aswell provided advising casework in 97 countries. For added information, appointment www.ifc.org.

The IFC Global Corporate Governance Forum is an IFC multidonor assurance armamentarium facility. It was cofounded by the World Bank and the OECD in 1999. Through its activities, the appointment aims to advance the clandestine area as an engine of growth, abate the vulnerability of developing and alteration economies to banking crisis, and accommodate incentives for corporations to advance and accomplish calmly in a socially amenable manner. It sponsors bounded and bounded initiatives that abode the accumulated babyminding weaknesses of middle- and low-income countries in the ambience of broader civic or bounded bread-and-butter ameliorate programs. Its donors cover IFC and the governments of Canada, France, Luxembourg, the Netherlands, Norway, Sweden, and Switzerland. For added information, appointment www.gcgf.org.

About 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. 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. IFSB works carefully with accordant international, regional, and civic organisations; analysis and educational institutions; and bazaar players. For added information, appointment www.ifsb.org.