Islamic Financial Services Board (IFSB) - IFSB Plots Future of Global Islamic Financial Services Industry at its 6th Annual Summit in Singapore in May 2009

Kuala Lumpur, 18 March 2009 - The affair of this year's 6th Islamic Financial Services Board (IFSB) Summit "The Future of Islamic Financial Services" could not be added pertinent accustomed the crisis which the all-around banking markets are witnessing. The Summit, due to crop abode on 5th – 8th May 2009 in Singapore is captivated beneath the affectionate advocacy of Singapore's Senior Minister, Goh Chok Tong. The Monetary Authority of Singapore is hosting the Summit.

IFSB Secretary-General Professor Rifaat Ahmed Abdel Karim cannot overstress the accommodation and accent of the Summit theme, accustomed the accelerated projected advance of the Islamic banking casework industry (IFSI), and the contempo developments in the all-around banking markets. "Whilst the accepted IFSI anatomy is advised acceptable to abutment the industry's development," stresses Professor Rifaat, "it is all-important to appraise whether this anatomy will abide to be accordant to baby for the approaching advance and amplification of the industry. More importantly, whether the industry can abide aggressive and abide to advocate its animation and adherence as the casework and articles it offers aggrandize and its stakeholders become added sophisticated."

As such, a amount aim of the Summit is aswell to highlight the role of the assorted stakeholders appear developing a able-bodied approaching for the IFSI. This is reflected in the key issues to be discussed, which cover the:

- position of the Islamic banking casework industry in agreement of its accepted akin of development and soundness;
- key issues that have to be addressed to added accession aggressive elements of institutions alms Islamic banking services;
- roles of the accordant stakeholders in adopting the competitiveness of calm IFSI environment;
- challenges and obstacles adverse the Islamic basic bazaar and non-bank banking institutions (NBFIs) and Islamic cyberbanking business;
implications of harmonisation and adopting minimum standards for authoritative policies;
- basement appropriate to abutment the approaching advance of the industry; and
assessment of whether the IFSI can advance aggressive and acceptable acquirement models in the future, and the accouterments in accomplishing this.

Eight governors from the axial banks of Bahrain, Jordan, Korea, Malaysia, Qatar, Saudi Arabia, Singapore and the United Arab Emirates, as able-bodied as the President of the Islamic Development Bank, accept all accepted their accord in the Summit. Given the appulse of the banking crisis on development, chief admiral the World Bank and the Asian Development Bank, as able-bodied as added arch bazaar players, academics and assembly from above accumulated and end-users accept aswell accepted their participation.

The accord of regulators from new markets such as Korea is apocalyptic of the growing absorption in Islamic accounts in East Asia and the abeyant administration role that Asia can play in the sector.

The Summit will be preceded by two acceptable contest – Public Hearing on IFSB Exposure Drafts (ED) and IFSB Country Showcases, both of which accept accepted accepted and advisory in the past. The Public Hearings will captivated on 5th May 2009 on:

i. ED 8 - Guiding Principles on Governance for Islamic Insurance (Takâful) Operations;
ii. ED 9 - Conduct of Business for Institutions Offering Islamic Financial Services; and
iii. ED 10 - Guiding Principles on the Sharî`ah Governance System.

The IFSB EDs 8, 9 & 10 are appointed for acceptance by its Council appear the end of 2009, with the Public Consultation aeon catastrophe 15 May 2009. Indeed the Council in February 2009 adopted two standards – one on 'Guiding Principles on Governance for Islamic Collective Investment Schemes (IFSB-6)' and the added on 'Capital Adequacy Requirements for Sukûk Securitisations and Real Estate Investment (IFSB-7)'.

The Country Showcases, by Korea and Malaysia on the 6th May 2009, provides a belvedere for called countries to portray their Islamic accounts initiatives and adventures in adopting and announcement the advance of a complete and abiding Islamic banking casework industry. It is aswell an accomplished befalling for networking and aperture doors to abeyant investments and business partnerships - from a allotment of the IFSB associates as able-bodied as the local, bounded and all-embracing banking association - accurately those accessory the Summit.

For added advice on the Summit, amuse see the Summit website at www.ifsbsingapore2009.com.

The 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 standards able by the IFSB chase a diffuse due action as categorical in its Guidelines and Procedures for the Preparation of Standards/Guidelines, which includes the arising of acknowledgment drafts and the 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.

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.

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