Islamic Financial Services Board (IFSB) - Sixth Islamic Financial Services Board Summit: Stakeholders accompaniment charge to industry’s connected acumen and stability

Opening & Keynote Speakers: Heng Swee Keat (Governor MAS), Muhammad Al Jasser (Governor SAMA & Chairman IFSB), Dr. Ali Al-Madani (President IDB), Rifaat Abdel Karim (Secretary-General IFSB)Store this angel in big sizeSingapore, 7th May 2009 - The Sixth Annual Summit of the Islamic Financial Services Board (IFSB) begins today in Singapore with arch abstracts in the Islamic banking casework industry pointing out the different appearance of Islamic accounts which may accord to animation and abyss in the all-around banking system. They aswell declared their close charge to its connected acumen and adherence demography anniversary of the accessible changes in the all-around banking architecture.

The Summit, captivated beneath the advocacy of Singapore's Senior Minister, Goh Chok Tong and themed “The Future of Islamic Financial Services”, is hosted by the Monetary Authority of Singapore (MAS) and abounding by added than 250 Islamic banking casework industry stakeholders from above the globe.

In the keynote session, H.E. Dr. Muhammad Sulaiman Al-Jasser, Governor of the Saudi Arabian Monetary Agency and Chairman of the Council of the IFSB, empiric that Islamic accounts is now affective to a new date whereby, rather than accepting apprenticed by individuals’ decisions based on faith, it is now aggressive on its own claim in agreement of able articles and casework in the all-around marketplace. Its accent on administration of risks amid application parties has an constant appeal, abnormally in the after-effects of a all-around banking crisis. However, he cautioned that the contempo crisis has shown, a allotment of others, the abortion of self-regulation. This implies that the Islamic banking casework industry needs to accommodated the all-around standards and best practices for accident management, basic adequacy, accumulated babyminding and transparency.

In a additional keynote speech, H.E. Dr Ahmed Mohamed Ali Al-Madani, President of the Islamic Development Bank, acclaimed that admitting the almost baby assets managed by institutions alms Islamic banking services, the absolute bond of banking assets and absolute advantageous activities can advice economies face the ascent challenges, thereby abating abjection and mobilising institutions such as Zakah and Awqaf in accouterment amusing safety-nets abnormally to the added accessible segments of the society. He appealed to those anxious to accommodate an befalling for Islamic accounts to play an breath role in architecture a bigger all-around banking system.

H.E. Mr Heng Swee Keat, Governor of the MAS, in his affable remarks, declared that admitting the arduous times, the Summit provides a appropriate befalling for the industry’s stakeholders to reflect on the shortcomings in the absolute bread-and-butter and banking models, as able-bodied as in authoritative approaches. The MAS has been committed to developing a authoritative access that is clear, accordant and consistent, above the ambit of Islamic banking activities. It has issued directives on how its cyberbanking regulations administer to Islamic banking, ensured according tax, regulatory, and clamminess analysis of Sukuk with Singapore Government Securities. In addition, the MAS will be developing animal basic by allotment acceptance for a amount of acceptable Islamic Finance Masters programmes.

Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB, accent that the IFSB has directed its plan appear developing the analytical architecture blocks of the Islamic banking architecture, decidedly in banking adjustment and supervision. However, as the all-around banking architectonics undergoes structural reforms in acknowledgment to the crisis, there may be a charge to analysis the Islamic banking casework industry architectonics in the ablaze of these developments.

The Summit ends tomorrow.

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 all-embracing standard-setting 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 Shari'ah principles, and acclaim them for adoption. To this end, the plan of the IFSB complements that of the Basel Committee on Banking Supervision, International Organisation of Securities Commissions and the International Association of Insurance Supervisors.

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