Kuala Lumpur, November 7, 2007 – Limited availability of statistical advice and abridgement of cross-country actual abstracts with abundantly continued time-series accept been articular as some of the above challenges faced by the Islamic Financial Services Board (IFSB) in developing its all-embracing prudential standards for the Islamic banking casework industry. In acclamation this need, the IFSB has issued a Compilation Guide on Prudential and Structural Islamic Finance Indicators (PSIFIs), which covers Guidance on the Compilation and Dissemination of Prudential and Structural Islamic Finance Indicators for Banking and Near-Banking institutions alms Islamic banking services.
The Compilation Guide, which aims to act as a adviser for standardising the alignment of abstracts accumulation and broadcasting a allotment of institutions alms Islamic banking services, marks the achievement of the aboriginal date of the database development.
The Guide is accepted to:
•benefit bazaar players and the authoritative authorities who facilitate the ecology and appraisal of the acumen and adherence of the Islamic banking casework industry (IFSI) through a set of prudential, structural and banking backbone indicators, as able-bodied as advance cooperation a allotment of axial banks/monetary authorities and added accordant authoritative authorities;
•support and advice alike the formulation, development and accessory of adapted all-embracing prudential standards by the IFSB;
•strengthen accuracy and all-embracing allegory of calm IFSIs in adjustment to facilitate their affiliation into the all-embracing banking arrangement through accessible accessibility to the Prudential Islamic Finance Database and added appear cross-country industry abstracts in IFSB analysis reports.
IFSB Secretary General, Professor Rifaat Ahmed Abdel Karim says, “The PSIFIs is connected with added all-embracing banking statistics such as the Financial Soundness Indicators able by the International Monetary Fund and the database of the Bank for International Settlements. The PSIFIs, however, is acclimatized appropriately to baby for the specificities of institutions alms Islamic banking casework and added by some structural indicators.”
The IFSB is currently alive initially with 5 countries that accept agreed to participate in the additional appearance of the activity which restricts abstracts accumulating at this date to the cyberbanking and near-banking articulation of the industry. In due course, the IFSB will allure added banking abstracts compilers from a allotment of authoritative and authoritative authorities that are affiliate countries of the IFSB, adorning both the ambit and bounded advantage of the guide.
Siham Ismail
Marketing Communications
Islamic Financial Services Board
Email: siham@ifsb.org
Tel: + 603 2698 4248
The Islamic Financial Services Board (IFSB), which is based in Kuala Lumpur, serves as an international-standard ambience 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 Islamic Shari'ah principles, and acclaim them for adoption.
The 137 associates of the IFSB cover 35 authoritative and authoritative authorities as able-bodied as International Monetary Fund, The World Bank, Bank for International Settlements, Islamic Development Bank, Asian Development Bank, and 97 bazaar players and able firms from 22 countries.
2009年12月16日星期三
Islamic Financial Services Board (IFSB) - IFSB Council appoints new Chairperson for 2008, Members access to 150
Dr. Shamshad Akhtar and Hamad Al-Sayari will accept Chairmanship of the IFSB in 2008Store this angel in big sizeDr. Shamshad Akhtar, Governor of the State Bank of Pakistan is appointed as the fifth Chairperson of the Islamic Financial Services Board (IFSB) Council.
• Hamad Al-Sayari, Governor of the Saudi Arabian Monetary Agency is Deputy Chairperson.
• The IFSB admits 13 new associates bringing its absolute associates to 150 organisations. The IFSB associates now absolute 150 absolute 37 authoritative and authoritative authorities, 5 all-embracing inter-governmental organisations and 108 bazaar players and able firms operating in 31 jurisdictions.
Jeddah, November 22, 2007 – The Council of the Islamic Financial Services Board (IFSB) has bound to accredit H.E. Dr. Shamshad Akhtar, Governor of the State Bank of Pakistan as the Chairperson of the IFSB Council for a one year appellation able 1st January 2008. The Council aswell appointed H.E. Hamad Al Sayari, Governor of the Saudi Arabian Monetary Agency as Deputy Chairperson of the Council for the aforementioned period.
Dr. Shamshad is the 5th Chairperson of the IFSB Council, and Karachi is hosting the IFSB General Assembly and Council Meetings in March 2008.
The IFSB associates has connected to allure absorption from all-embracing authoritative and authoritative institutions. In the aforementioned meeting, the Council aswell bound to accept 13 new associates to the IFSB bringing the absolute associates to 150. The anew accepted associates cover Bank of Mauritius and Hong Kong Securities and Futures Commission, which abutting as Associate Member and Observer Member, respectively. The Council aswell accepted 11 added new Observer Members from a allotment of the banking bazaar players (see account below).
The IFSB associates now absolute 150 absolute 37 authoritative and authoritative authorities, 5 all-embracing inter-governmental organisations and 108 bazaar players and able firms operating in 31 jurisdictions.
Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB said “The IFSB is allowable to accommodate advice on able administration and adjustment that abetment in acceptable the acumen and adherence of the Islamic banking casework industry. The connected advance of the IFSB associates from organisations above assorted jurisdictions demonstrates the absorption and acknowledgment of the industry in the plan of the IFSB.”
He added that the IFSB looks advanced to its affiliate to accommodating in the alive groups, responding to surveys, accouterment acknowledgment on acknowledgment drafts, and accessory and accommodating in the assorted workshops and seminars.
The anew accepted associates are:
Associate Member (1)
1. Bank of Mauritius, Mauritius
Observer Members (12)
2. Venture Capital Bank B.S.C (c), Bahrain
3. UM Financial Inc., Canada
4. Hong Kong Securities and Futures Commission, Hong Kong SAR
5. Sumitomo Mitsui Banking Corporation, Japan
6. Al Rajhi Banking and Investment Corporation (Malaysia) Bhd, Malaysia
7. First Habib Modaraba, Pakistan
8. Dubai Islamic Bank Pakistan Limited, Pakistan
9. The Islamic Bank of Asia, Singapore
10. Al Rowad Financial Services Co., Sudan
11. Bank Asya, Republic of Turkey
12. Dubai International Financial Exchange, United Arab Emirates
13. Dow Jones Indexes, United States of America
The abounding account of 150 IFSB associates can be apparent on www.ifsb.org. Their roles and responsibilities (by category) can be begin in the IFSB Articles of Agreement which is downloadable from the website.
Siham Ismail
Marketing Communications
www.ifsb.org
email: siham@ifsb.org
tel: + 603 2698 4248 ext 119
Note to the Editor:
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 international-standard ambience 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 Islamic Shari'ah principles, and acclaim them for adoption.
Chairmanship of the IFSB is on an anniversary rotational base from a allotment of Full associates as defined in the IFSB Articles of Agreement. Dr. Zeti Akhtar Aziz, Governor of Bank Negara Malaysia is the accepted Chairperson, while Dr. Shamshad is Deputy. Their appellation ends December 2007.
• Hamad Al-Sayari, Governor of the Saudi Arabian Monetary Agency is Deputy Chairperson.
• The IFSB admits 13 new associates bringing its absolute associates to 150 organisations. The IFSB associates now absolute 150 absolute 37 authoritative and authoritative authorities, 5 all-embracing inter-governmental organisations and 108 bazaar players and able firms operating in 31 jurisdictions.
Jeddah, November 22, 2007 – The Council of the Islamic Financial Services Board (IFSB) has bound to accredit H.E. Dr. Shamshad Akhtar, Governor of the State Bank of Pakistan as the Chairperson of the IFSB Council for a one year appellation able 1st January 2008. The Council aswell appointed H.E. Hamad Al Sayari, Governor of the Saudi Arabian Monetary Agency as Deputy Chairperson of the Council for the aforementioned period.
Dr. Shamshad is the 5th Chairperson of the IFSB Council, and Karachi is hosting the IFSB General Assembly and Council Meetings in March 2008.
The IFSB associates has connected to allure absorption from all-embracing authoritative and authoritative institutions. In the aforementioned meeting, the Council aswell bound to accept 13 new associates to the IFSB bringing the absolute associates to 150. The anew accepted associates cover Bank of Mauritius and Hong Kong Securities and Futures Commission, which abutting as Associate Member and Observer Member, respectively. The Council aswell accepted 11 added new Observer Members from a allotment of the banking bazaar players (see account below).
The IFSB associates now absolute 150 absolute 37 authoritative and authoritative authorities, 5 all-embracing inter-governmental organisations and 108 bazaar players and able firms operating in 31 jurisdictions.
Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB said “The IFSB is allowable to accommodate advice on able administration and adjustment that abetment in acceptable the acumen and adherence of the Islamic banking casework industry. The connected advance of the IFSB associates from organisations above assorted jurisdictions demonstrates the absorption and acknowledgment of the industry in the plan of the IFSB.”
He added that the IFSB looks advanced to its affiliate to accommodating in the alive groups, responding to surveys, accouterment acknowledgment on acknowledgment drafts, and accessory and accommodating in the assorted workshops and seminars.
The anew accepted associates are:
Associate Member (1)
1. Bank of Mauritius, Mauritius
Observer Members (12)
2. Venture Capital Bank B.S.C (c), Bahrain
3. UM Financial Inc., Canada
4. Hong Kong Securities and Futures Commission, Hong Kong SAR
5. Sumitomo Mitsui Banking Corporation, Japan
6. Al Rajhi Banking and Investment Corporation (Malaysia) Bhd, Malaysia
7. First Habib Modaraba, Pakistan
8. Dubai Islamic Bank Pakistan Limited, Pakistan
9. The Islamic Bank of Asia, Singapore
10. Al Rowad Financial Services Co., Sudan
11. Bank Asya, Republic of Turkey
12. Dubai International Financial Exchange, United Arab Emirates
13. Dow Jones Indexes, United States of America
The abounding account of 150 IFSB associates can be apparent on www.ifsb.org. Their roles and responsibilities (by category) can be begin in the IFSB Articles of Agreement which is downloadable from the website.
Siham Ismail
Marketing Communications
www.ifsb.org
email: siham@ifsb.org
tel: + 603 2698 4248 ext 119
Note to the Editor:
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 international-standard ambience 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 Islamic Shari'ah principles, and acclaim them for adoption.
Chairmanship of the IFSB is on an anniversary rotational base from a allotment of Full associates as defined in the IFSB Articles of Agreement. Dr. Zeti Akhtar Aziz, Governor of Bank Negara Malaysia is the accepted Chairperson, while Dr. Shamshad is Deputy. Their appellation ends December 2007.
Islamic Financial Services Board (IFSB) - IFSB Council appoints new Chairperson for 2008, Members access to 150
Dr. Shamshad Akhtar and Hamad Al-Sayari will accept Chairmanship of the IFSB in 2008Store this angel in big sizeDr. Shamshad Akhtar, Governor of the State Bank of Pakistan is appointed as the fifth Chairperson of the Islamic Financial Services Board (IFSB) Council.
• Hamad Al-Sayari, Governor of the Saudi Arabian Monetary Agency is Deputy Chairperson.
• The IFSB admits 13 new associates bringing its absolute associates to 150 organisations. The IFSB associates now absolute 150 absolute 37 authoritative and authoritative authorities, 5 all-embracing inter-governmental organisations and 108 bazaar players and able firms operating in 31 jurisdictions.
Jeddah, November 22, 2007 – The Council of the Islamic Financial Services Board (IFSB) has bound to accredit H.E. Dr. Shamshad Akhtar, Governor of the State Bank of Pakistan as the Chairperson of the IFSB Council for a one year appellation able 1st January 2008. The Council aswell appointed H.E. Hamad Al Sayari, Governor of the Saudi Arabian Monetary Agency as Deputy Chairperson of the Council for the aforementioned period.
Dr. Shamshad is the 5th Chairperson of the IFSB Council, and Karachi is hosting the IFSB General Assembly and Council Meetings in March 2008.
The IFSB associates has connected to allure absorption from all-embracing authoritative and authoritative institutions. In the aforementioned meeting, the Council aswell bound to accept 13 new associates to the IFSB bringing the absolute associates to 150. The anew accepted associates cover Bank of Mauritius and Hong Kong Securities and Futures Commission, which abutting as Associate Member and Observer Member, respectively. The Council aswell accepted 11 added new Observer Members from a allotment of the banking bazaar players (see account below).
The IFSB associates now absolute 150 absolute 37 authoritative and authoritative authorities, 5 all-embracing inter-governmental organisations and 108 bazaar players and able firms operating in 31 jurisdictions.
Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB said “The IFSB is allowable to accommodate advice on able administration and adjustment that abetment in acceptable the acumen and adherence of the Islamic banking casework industry. The connected advance of the IFSB associates from organisations above assorted jurisdictions demonstrates the absorption and acknowledgment of the industry in the plan of the IFSB.”
He added that the IFSB looks advanced to its affiliate to accommodating in the alive groups, responding to surveys, accouterment acknowledgment on acknowledgment drafts, and accessory and accommodating in the assorted workshops and seminars.
The anew accepted associates are:
Associate Member (1)
1. Bank of Mauritius, Mauritius
Observer Members (12)
2. Venture Capital Bank B.S.C (c), Bahrain
3. UM Financial Inc., Canada
4. Hong Kong Securities and Futures Commission, Hong Kong SAR
5. Sumitomo Mitsui Banking Corporation, Japan
6. Al Rajhi Banking and Investment Corporation (Malaysia) Bhd, Malaysia
7. First Habib Modaraba, Pakistan
8. Dubai Islamic Bank Pakistan Limited, Pakistan
9. The Islamic Bank of Asia, Singapore
10. Al Rowad Financial Services Co., Sudan
11. Bank Asya, Republic of Turkey
12. Dubai International Financial Exchange, United Arab Emirates
13. Dow Jones Indexes, United States of America
The abounding account of 150 IFSB associates can be apparent on www.ifsb.org. Their roles and responsibilities (by category) can be begin in the IFSB Articles of Agreement which is downloadable from the website.
Siham Ismail
Marketing Communications
www.ifsb.org
email: siham@ifsb.org
tel: + 603 2698 4248 ext 119
Note to the Editor:
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 international-standard ambience 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 Islamic Shari'ah principles, and acclaim them for adoption.
Chairmanship of the IFSB is on an anniversary rotational base from a allotment of Full associates as defined in the IFSB Articles of Agreement. Dr. Zeti Akhtar Aziz, Governor of Bank Negara Malaysia is the accepted Chairperson, while Dr. Shamshad is Deputy. Their appellation ends December 2007.
• Hamad Al-Sayari, Governor of the Saudi Arabian Monetary Agency is Deputy Chairperson.
• The IFSB admits 13 new associates bringing its absolute associates to 150 organisations. The IFSB associates now absolute 150 absolute 37 authoritative and authoritative authorities, 5 all-embracing inter-governmental organisations and 108 bazaar players and able firms operating in 31 jurisdictions.
Jeddah, November 22, 2007 – The Council of the Islamic Financial Services Board (IFSB) has bound to accredit H.E. Dr. Shamshad Akhtar, Governor of the State Bank of Pakistan as the Chairperson of the IFSB Council for a one year appellation able 1st January 2008. The Council aswell appointed H.E. Hamad Al Sayari, Governor of the Saudi Arabian Monetary Agency as Deputy Chairperson of the Council for the aforementioned period.
Dr. Shamshad is the 5th Chairperson of the IFSB Council, and Karachi is hosting the IFSB General Assembly and Council Meetings in March 2008.
The IFSB associates has connected to allure absorption from all-embracing authoritative and authoritative institutions. In the aforementioned meeting, the Council aswell bound to accept 13 new associates to the IFSB bringing the absolute associates to 150. The anew accepted associates cover Bank of Mauritius and Hong Kong Securities and Futures Commission, which abutting as Associate Member and Observer Member, respectively. The Council aswell accepted 11 added new Observer Members from a allotment of the banking bazaar players (see account below).
The IFSB associates now absolute 150 absolute 37 authoritative and authoritative authorities, 5 all-embracing inter-governmental organisations and 108 bazaar players and able firms operating in 31 jurisdictions.
Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB said “The IFSB is allowable to accommodate advice on able administration and adjustment that abetment in acceptable the acumen and adherence of the Islamic banking casework industry. The connected advance of the IFSB associates from organisations above assorted jurisdictions demonstrates the absorption and acknowledgment of the industry in the plan of the IFSB.”
He added that the IFSB looks advanced to its affiliate to accommodating in the alive groups, responding to surveys, accouterment acknowledgment on acknowledgment drafts, and accessory and accommodating in the assorted workshops and seminars.
The anew accepted associates are:
Associate Member (1)
1. Bank of Mauritius, Mauritius
Observer Members (12)
2. Venture Capital Bank B.S.C (c), Bahrain
3. UM Financial Inc., Canada
4. Hong Kong Securities and Futures Commission, Hong Kong SAR
5. Sumitomo Mitsui Banking Corporation, Japan
6. Al Rajhi Banking and Investment Corporation (Malaysia) Bhd, Malaysia
7. First Habib Modaraba, Pakistan
8. Dubai Islamic Bank Pakistan Limited, Pakistan
9. The Islamic Bank of Asia, Singapore
10. Al Rowad Financial Services Co., Sudan
11. Bank Asya, Republic of Turkey
12. Dubai International Financial Exchange, United Arab Emirates
13. Dow Jones Indexes, United States of America
The abounding account of 150 IFSB associates can be apparent on www.ifsb.org. Their roles and responsibilities (by category) can be begin in the IFSB Articles of Agreement which is downloadable from the website.
Siham Ismail
Marketing Communications
www.ifsb.org
email: siham@ifsb.org
tel: + 603 2698 4248 ext 119
Note to the Editor:
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 international-standard ambience 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 Islamic Shari'ah principles, and acclaim them for adoption.
Chairmanship of the IFSB is on an anniversary rotational base from a allotment of Full associates as defined in the IFSB Articles of Agreement. Dr. Zeti Akhtar Aziz, Governor of Bank Negara Malaysia is the accepted Chairperson, while Dr. Shamshad is Deputy. Their appellation ends December 2007.
Islamic Financial Services Board (IFSB) - The Islamic banking casework industry is allotment and bindle of the all-around banking infrastructure
Frankfurt, December 7, 2007 – “Islamic finance, admitting its different characteristics, is assorted in its appliance and has accepted address as a applicable addition agency of financing” Professor Rifaat Ahmed Abdel Karim, Secretary General of the Islamic Financial Services Board (IFSB) said in his aperture abode to the assembly of the 2nd Islamic Financial Services Forum: The European Challenge on Wednesday. He added that admitting accepting its own nomenclature, the Islamic banking casework industry (IFSI) operates aural the absolute all-around banking infrastructure. The interlinking of the IFSI with the accepted banking arrangement capacity it to agnate risks and challenges, and may still affect banking markets (albeit in a almost accessory way) should any adverse altitude occur. Thus, it is all-important that there be a set of prudential standards that baby for the specificities of Islamic finance.
The IFSB, an all-embracing organisation with the authorization to advance prudential standards for the IFSI believes that acclimation efforts will abundantly accord to announcement the acumen and adherence of the IFSI, convalescent the administration of institutions alms Islamic banking casework (IIFS), and a lot of importantly, accouterment a akin arena acreage for IIFS enabling them to accomplish their abounding abeyant in calm and all-around markets. In its alertness of prudential standards for the IFSI, the IFSB adopts absolute globally able standards, for archetype Basel II, and acclimatize them to the specificities of the IIFS. This access is adopted to accompany about the seamless affiliation of the IFSI into the boilerplate market. For the IFSB, the appliance of its standards should not compromise, but rather complement, the absolute authoritative practices.
The Forum is the aftereffect of collective accord amid the Deutsche Bundesbank, the Financial Stability Institute and the IFSB. Dr. Zeti Akhtar Aziz, Governor Bank Negara Malaysia, and Chairperson of the IFSB Council delivered the Keynote Address. The Forum drew the accord of 22 internationally recognised chairpersons and speakers, including four added axial case governors of IFSB affiliate countries. They are:
1. Dr. Umayya Toukan, Governor Central Bank of Jordan
2. Dr. Shamshad Akhtar, Governor State Bank of Pakistan
3. Sheikh Abdullah Saoud Al-Thani, Governor, Qatar Central Bank
4. Sultan bin Nasser Al Suwaidi, Governor, Central Bank of the United Arab Emirates
The aim of the Forum, which was abounding by added that 130 delegates, is to accommodate assembly with a bigger compassionate of the intricacies of the IFSI as able-bodied as casting ablaze on the operational aspects of the IFSB Standards.
This is the IFSB’s additional Forum in Europe, the aboriginal of which was captivated in Luxembourg in November 2005.
Islamic Financial Services Board
Kuala Lumpur, Malaysia
Contact: Siham Ismail
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext 119
1. 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 international-standard ambience 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 Islamic Shari'ah principles, and acclaim them for adoption.
The 150 associates of the IFSB cover 37 authoritative and authoritative authorities as able-bodied as International Monetary Fund, The World Bank, Bank for International Settlements, Islamic Development Bank, Asian Development Bank, and 108 bazaar players and able firms from 31 countries.
2.The Council of the Islamic Financial Services Board (IFSB), in March 2006, adapted the IFSB Articles of Agreement to accredit allowance and balance authoritative authorities to accompany the IFSB as Full Members. With this amendment, Full Membership is now accessible to:
a. Supervisory authorities amenable for the administration of banking, balance and allowance or Takaful industry of anniversary absolute country that recognizes Islamic banking services, whether by legislation or adjustment or by accustomed practice, and
b. inter-governmental organizations that accept an absolute authorization for announcement Islamic accounts and markets.
The IFSB, an all-embracing organisation with the authorization to advance prudential standards for the IFSI believes that acclimation efforts will abundantly accord to announcement the acumen and adherence of the IFSI, convalescent the administration of institutions alms Islamic banking casework (IIFS), and a lot of importantly, accouterment a akin arena acreage for IIFS enabling them to accomplish their abounding abeyant in calm and all-around markets. In its alertness of prudential standards for the IFSI, the IFSB adopts absolute globally able standards, for archetype Basel II, and acclimatize them to the specificities of the IIFS. This access is adopted to accompany about the seamless affiliation of the IFSI into the boilerplate market. For the IFSB, the appliance of its standards should not compromise, but rather complement, the absolute authoritative practices.
The Forum is the aftereffect of collective accord amid the Deutsche Bundesbank, the Financial Stability Institute and the IFSB. Dr. Zeti Akhtar Aziz, Governor Bank Negara Malaysia, and Chairperson of the IFSB Council delivered the Keynote Address. The Forum drew the accord of 22 internationally recognised chairpersons and speakers, including four added axial case governors of IFSB affiliate countries. They are:
1. Dr. Umayya Toukan, Governor Central Bank of Jordan
2. Dr. Shamshad Akhtar, Governor State Bank of Pakistan
3. Sheikh Abdullah Saoud Al-Thani, Governor, Qatar Central Bank
4. Sultan bin Nasser Al Suwaidi, Governor, Central Bank of the United Arab Emirates
The aim of the Forum, which was abounding by added that 130 delegates, is to accommodate assembly with a bigger compassionate of the intricacies of the IFSI as able-bodied as casting ablaze on the operational aspects of the IFSB Standards.
This is the IFSB’s additional Forum in Europe, the aboriginal of which was captivated in Luxembourg in November 2005.
Islamic Financial Services Board
Kuala Lumpur, Malaysia
Contact: Siham Ismail
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext 119
1. 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 international-standard ambience 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 Islamic Shari'ah principles, and acclaim them for adoption.
The 150 associates of the IFSB cover 37 authoritative and authoritative authorities as able-bodied as International Monetary Fund, The World Bank, Bank for International Settlements, Islamic Development Bank, Asian Development Bank, and 108 bazaar players and able firms from 31 countries.
2.The Council of the Islamic Financial Services Board (IFSB), in March 2006, adapted the IFSB Articles of Agreement to accredit allowance and balance authoritative authorities to accompany the IFSB as Full Members. With this amendment, Full Membership is now accessible to:
a. Supervisory authorities amenable for the administration of banking, balance and allowance or Takaful industry of anniversary absolute country that recognizes Islamic banking services, whether by legislation or adjustment or by accustomed practice, and
b. inter-governmental organizations that accept an absolute authorization for announcement Islamic accounts and markets.
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
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
Islamic Financial Services Board (IFSB) - IFSB General Assembly appoints administrator and agent administrator for 2009
Hamad Al-Sayari, Governor of the Saudi Arabian Monetary Agency appointed as the 7th Chairman of the General Assembly of the Islamic Financial Services Board (IFSB) for the anniversary appellation 2009.
- Dr. Sabir Mohamed Hassan, Governor of the Central Bank of Sudan appointed as Deputy Chairman.
Jeddah, March 26, 2008 – In its 6th affair captivated at the Islamic Development Bank’s (IDB) address in Jeddah, the General Assembly of the Islamic Financial Services Board (IFSB) bound to accredit H.E. Hamad Al Sayari, Governor of the Saudi Arabian Monetary Agency as the next Chairman of the IFSB General Assembly for a one year appellation able 1st January 2009. The General Assembly aswell appointed H.E. Dr. Sabir Mohamed Hassan, Governor of the Central Bank of Sudan as Deputy Chairman of the General Assembly for the aforementioned period.
Hamad Al Sayari will be the 7th Chairman of the IFSB General Assembly, and will alter the accepted chairperson, Dr. Shamshad Akhtar, Governor of the State Bank of Pakistan whose appellation ends 31st December 2008.
The Chairmanship of the IFSB is on an anniversary rotational base from a allotment of the Full associates who are aswell Council members, as defined in the IFSB Articles of Agreement.
Siham Ismail
Islamic Financial Services Board
Kuala Lumpur, Malaysia
Tel: + 603 2698 4248 ext 119
Email: siham@ifsb.org
About the IFSB:
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.
Earlier in the day, the IFSB Council accepted 14 new associates to the IFSB membership, bringing the absolute associates of the IFSB General Assembly to 164 organisations.
For abounding associates account or added information, amuse appointment www.ifsb.org
- Dr. Sabir Mohamed Hassan, Governor of the Central Bank of Sudan appointed as Deputy Chairman.
Jeddah, March 26, 2008 – In its 6th affair captivated at the Islamic Development Bank’s (IDB) address in Jeddah, the General Assembly of the Islamic Financial Services Board (IFSB) bound to accredit H.E. Hamad Al Sayari, Governor of the Saudi Arabian Monetary Agency as the next Chairman of the IFSB General Assembly for a one year appellation able 1st January 2009. The General Assembly aswell appointed H.E. Dr. Sabir Mohamed Hassan, Governor of the Central Bank of Sudan as Deputy Chairman of the General Assembly for the aforementioned period.
Hamad Al Sayari will be the 7th Chairman of the IFSB General Assembly, and will alter the accepted chairperson, Dr. Shamshad Akhtar, Governor of the State Bank of Pakistan whose appellation ends 31st December 2008.
The Chairmanship of the IFSB is on an anniversary rotational base from a allotment of the Full associates who are aswell Council members, as defined in the IFSB Articles of Agreement.
Siham Ismail
Islamic Financial Services Board
Kuala Lumpur, Malaysia
Tel: + 603 2698 4248 ext 119
Email: siham@ifsb.org
About the IFSB:
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.
Earlier in the day, the IFSB Council accepted 14 new associates to the IFSB membership, bringing the absolute associates of the IFSB General Assembly to 164 organisations.
For abounding associates account or added information, amuse appointment www.ifsb.org
Islamic Financial Services Board (IFSB) - The IFSB associates continues to allure absorption from all-embracing authoritative and authoritative institutions
The IFSB admits 14 new organsiations to its’ associates and upgrades one affiliate from eyewitness to accessory status.
- The IFSB associates now absolute 164 organisations absolute 41 authoritative and authoritative authorities, six all-embracing inter-governmental organisations and 117 bazaar players and able firms operating in 33 jurisdictions.
Jeddah, March 26, 2008 – The Islamic Financial Services Board (IFSB) associates has connected to allure absorption from all-embracing authoritative and authoritative institutions. In its’ 12th affair captivated at the Islamic Development Bank’s (IDB) address in Jeddah, the Council of the IFSB bound to accept 14 new associates to the IFSB bringing the absolute associates to 164.
The affair was chaired by H.E. Dr. Shamshad Akhtar, Governor of the State Bank of Pakistan and Chairperson of the 18-member Council, and abounding by 13 axial banks’ governors, 3 governors’ assembly as able-bodied as the President of the IDB.
The 4 anew accepted authoritative and authoritative authorities’ associates are the Maldives Monetary Authority (Full member), Maldives Capital Market Development Authority and Dubai International Financial Centre Authority (Associate members) and Ministry of Economy and Finances, Senegal (Observer member). The Hong Kong Monetary Authority, which is already an Observer member, has been upgraded to Associate member. The Council aswell accepted the Islamic Corporation for the Development of Private Sector, which is one of the IDB group, as an Associate member. The nine new banking bazaar players accepted as Observer Members are from Bahrain, Japan, Malaysia, Qatar, Saudi Arabia and Sudan (see account below).
Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB said “The connected advance of the IFSB associates from organisations above assorted jurisdictions demonstrates the absorption and acknowledgment of the industry in the plan of the IFSB. The IFSB 164 associates now comprise 41 authoritative and authoritative authorities, six all-embracing inter-governmental organisations and 117 bazaar players and able firms operating in 33 jurisdictions.”
He added that the IFSB looks advanced to its associates accommodating in the alive groups, responding to surveys, accouterment acknowledgment on acknowledgment drafts, and accessory the assorted workshops and seminars. Participation of associates abundantly abutment the IFSB in its’ authorization to accommodate advice on able administration and adjustment that assists in acceptable the acumen and adherence of the Islamic banking casework industry.
The anew accepted associates are:
Full Member
1. Maldives Monetary Authority, Maldives
Associate Members
2. Capital Market Development Authority, Maldives
3. Islamic Corporation for the Development of Private Sector Sector, Saudi Arabia
4. Dubai International Financial Centre Authority, United Arab Emirates
5. Hong Kong Monetary Authority, Hong Kong SAR (upgrade)
Observer Members
6. ABC Islamic Bank (E.C.), Bahrain
7. Hannover ReTakaful B.S.C, Bahrain
8. Shariyah Review Board, Bahrain
9. Nomura Securities Co. Ltd., Japan
10. Asian Finance Bank Berhad, Malaysia
11. Masraf Al Rayan, Qatar
12. Allied Cooperative Insurance Group, Saudi Arabia
13. Ministry of Economy and Finances, Senegal
14. Algazeera Sudanese Jordanian Bank, Sudan
15. Farmer’s Commercial Bank, Sudan
The abounding account of the 164 IFSB associates can be apparent on www.ifsb.org. Their roles and responsibilities (by category) are abundant in the IFSB Articles of Agreement which is downloadable from the website.
Siham Ismail
Islamic Financial Services Board
Kuala Lumpur, Malaysia
Tel: + 603 2698 4248 ext 119
Email: siham@ifsb.org
About the Islamic Financial Services Board (IFSB):
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 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
- The IFSB associates now absolute 164 organisations absolute 41 authoritative and authoritative authorities, six all-embracing inter-governmental organisations and 117 bazaar players and able firms operating in 33 jurisdictions.
Jeddah, March 26, 2008 – The Islamic Financial Services Board (IFSB) associates has connected to allure absorption from all-embracing authoritative and authoritative institutions. In its’ 12th affair captivated at the Islamic Development Bank’s (IDB) address in Jeddah, the Council of the IFSB bound to accept 14 new associates to the IFSB bringing the absolute associates to 164.
The affair was chaired by H.E. Dr. Shamshad Akhtar, Governor of the State Bank of Pakistan and Chairperson of the 18-member Council, and abounding by 13 axial banks’ governors, 3 governors’ assembly as able-bodied as the President of the IDB.
The 4 anew accepted authoritative and authoritative authorities’ associates are the Maldives Monetary Authority (Full member), Maldives Capital Market Development Authority and Dubai International Financial Centre Authority (Associate members) and Ministry of Economy and Finances, Senegal (Observer member). The Hong Kong Monetary Authority, which is already an Observer member, has been upgraded to Associate member. The Council aswell accepted the Islamic Corporation for the Development of Private Sector, which is one of the IDB group, as an Associate member. The nine new banking bazaar players accepted as Observer Members are from Bahrain, Japan, Malaysia, Qatar, Saudi Arabia and Sudan (see account below).
Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB said “The connected advance of the IFSB associates from organisations above assorted jurisdictions demonstrates the absorption and acknowledgment of the industry in the plan of the IFSB. The IFSB 164 associates now comprise 41 authoritative and authoritative authorities, six all-embracing inter-governmental organisations and 117 bazaar players and able firms operating in 33 jurisdictions.”
He added that the IFSB looks advanced to its associates accommodating in the alive groups, responding to surveys, accouterment acknowledgment on acknowledgment drafts, and accessory the assorted workshops and seminars. Participation of associates abundantly abutment the IFSB in its’ authorization to accommodate advice on able administration and adjustment that assists in acceptable the acumen and adherence of the Islamic banking casework industry.
The anew accepted associates are:
Full Member
1. Maldives Monetary Authority, Maldives
Associate Members
2. Capital Market Development Authority, Maldives
3. Islamic Corporation for the Development of Private Sector Sector, Saudi Arabia
4. Dubai International Financial Centre Authority, United Arab Emirates
5. Hong Kong Monetary Authority, Hong Kong SAR (upgrade)
Observer Members
6. ABC Islamic Bank (E.C.), Bahrain
7. Hannover ReTakaful B.S.C, Bahrain
8. Shariyah Review Board, Bahrain
9. Nomura Securities Co. Ltd., Japan
10. Asian Finance Bank Berhad, Malaysia
11. Masraf Al Rayan, Qatar
12. Allied Cooperative Insurance Group, Saudi Arabia
13. Ministry of Economy and Finances, Senegal
14. Algazeera Sudanese Jordanian Bank, Sudan
15. Farmer’s Commercial Bank, Sudan
The abounding account of the 164 IFSB associates can be apparent on www.ifsb.org. Their roles and responsibilities (by category) are abundant in the IFSB Articles of Agreement which is downloadable from the website.
Siham Ismail
Islamic Financial Services Board
Kuala Lumpur, Malaysia
Tel: + 603 2698 4248 ext 119
Email: siham@ifsb.org
About the Islamic Financial Services Board (IFSB):
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 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
Islamic Financial Services Board (IFSB) - The IFSB Council adopts two abstracts for the Islamic banking casework industry
Kuala Lumpur, 1st April 2008 – In its 12th affair captivated at the Islamic Development Bank’s (IDB) address in Jeddah on March 26th 2008, the Council of the Islamic Financial Services Board (IFSB) bound to accept two abstracts that aim to added facilitate efforts appear acceptable the acumen and adherence of the Islamic banking casework industry. The two abstracts are:
• Guidance Note in Connection with the Capital Adequacy Standard: Recognition of Ratings by External Credit Assessment Institutions (ECAI) on Shari’ah-Compliant Financial Instruments (Guidance Note).
• Technical Note on Issues in Strengthening Liquidity Management of Institutions Offering Islamic Financial Services: The Development of Islamic Money Markets (Technical Notes).
Guidance Note in Connection with the Capital Adequacy Standard: Recognition of Ratings by External Credit Assessment Institutions (ECAI) on Shari’ah-Compliant Financial Instruments (Guidance Note).
The Guidance Note aims to accompaniment absolute all-embracing guidelines and to accommodate advice to civic authoritative authorities. It’s cold is to outline belief which the IFSB recommends civic admiral crop into anniversary if chargeless which External Credit Assessment Institutions (ECAIs) or added frequently accepted as appraisement agencies may accept their ratings acclimated to account basic adequacy ratios beneath the IFSB’s December 2005 Capital Adequacy Standard.
The IFSB trusts that the Guidance Note, which was ahead issued for a three-month accessible appointment period, will advance a added agitation on key credibility of appraisement alignment for Shari’ah-compliant instruments. In developing this Guidance Note, the IFSB has benefited from discussions with authoritative and authoritative authorities, appraisement agencies and bazaar participants in assorted IFSB workshops on ratings appraisal issues captivated in 2003, 2006 and 2008.
The Council accustomed the Guidance Note and recommended its acceptance a allotment of associates of the IFSB.
Technical Note on Issues in Strengthening Liquidity Management of Institutions Offering Islamic Financial Services: The Development of Islamic Money Markets (Technical Notes)
The Technical Notes aim to abode the afterward analytical apparatus of the systemic clamminess basement by absorption on:
• budgetary operations application tradable Islamic money bazaar instruments;
• accessible debt and costs administration operations that supply, in acceptable aggregate and on anticipated schedule, tradable government Islamic accounts instruments;
• adapted trading and bazaar micro-structure for these instruments; and
• associated transaction adjustment arrangement that fulfils the requirements of Shari’ah.
The Council of the IFSB accustomed the Technical Notes.
The 12th affair of the IFSB Council was chaired by H.E. Dr. Shamshad Akhtar, Governor of the State Bank of Pakistan, and abounding by 13 axial banks’ governors, 3 governors’ assembly and the President of the IDB. It was followed by the IFSB General Assembly.
Both abstracts will be accessible from the IFSB website www.ifsb.org
Siham Ismail
Islamic Financial Services Board
Kuala Lumpur, Malaysia
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext 119
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 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
• Guidance Note in Connection with the Capital Adequacy Standard: Recognition of Ratings by External Credit Assessment Institutions (ECAI) on Shari’ah-Compliant Financial Instruments (Guidance Note).
• Technical Note on Issues in Strengthening Liquidity Management of Institutions Offering Islamic Financial Services: The Development of Islamic Money Markets (Technical Notes).
Guidance Note in Connection with the Capital Adequacy Standard: Recognition of Ratings by External Credit Assessment Institutions (ECAI) on Shari’ah-Compliant Financial Instruments (Guidance Note).
The Guidance Note aims to accompaniment absolute all-embracing guidelines and to accommodate advice to civic authoritative authorities. It’s cold is to outline belief which the IFSB recommends civic admiral crop into anniversary if chargeless which External Credit Assessment Institutions (ECAIs) or added frequently accepted as appraisement agencies may accept their ratings acclimated to account basic adequacy ratios beneath the IFSB’s December 2005 Capital Adequacy Standard.
The IFSB trusts that the Guidance Note, which was ahead issued for a three-month accessible appointment period, will advance a added agitation on key credibility of appraisement alignment for Shari’ah-compliant instruments. In developing this Guidance Note, the IFSB has benefited from discussions with authoritative and authoritative authorities, appraisement agencies and bazaar participants in assorted IFSB workshops on ratings appraisal issues captivated in 2003, 2006 and 2008.
The Council accustomed the Guidance Note and recommended its acceptance a allotment of associates of the IFSB.
Technical Note on Issues in Strengthening Liquidity Management of Institutions Offering Islamic Financial Services: The Development of Islamic Money Markets (Technical Notes)
The Technical Notes aim to abode the afterward analytical apparatus of the systemic clamminess basement by absorption on:
• budgetary operations application tradable Islamic money bazaar instruments;
• accessible debt and costs administration operations that supply, in acceptable aggregate and on anticipated schedule, tradable government Islamic accounts instruments;
• adapted trading and bazaar micro-structure for these instruments; and
• associated transaction adjustment arrangement that fulfils the requirements of Shari’ah.
The Council of the IFSB accustomed the Technical Notes.
The 12th affair of the IFSB Council was chaired by H.E. Dr. Shamshad Akhtar, Governor of the State Bank of Pakistan, and abounding by 13 axial banks’ governors, 3 governors’ assembly and the President of the IDB. It was followed by the IFSB General Assembly.
Both abstracts will be accessible from the IFSB website www.ifsb.org
Siham Ismail
Islamic Financial Services Board
Kuala Lumpur, Malaysia
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext 119
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 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
Islamic Financial Services Board (IFSB) - Malaysia, Singapore and Hong Kong to advertise Islamic accounts initiatives in IFSB Amman Summit on 12 May
Kuala Lumpur, 24 April 2008 – Malaysia, Singapore and Hong Kong are accommodating in the Country Showcases which will be captivated above-mentioned to the 5th Islamic Financial Services Board (IFSB) Summit, on 12th May 2008 in Amman, Jordan. The Country Showcases are allotment of this anniversary Summit which is appointed to be on 13-14th May 2008. The Summit, that the Central Bank of Jordan is hosting, is captivated beneath the Royal Patronage of Her Majesty Queen Rania Al-Abdullah, and themed ‘Financial Globalisation and Islamic Financial Services’.
Professor Rifaat Ahmed Abdel Karim, IFSB’s Secretary General said, “This is our additional year of introducing the Country Showcases as a Pre Summit event. The IFSB is blessed to accommodate this belvedere for its affiliate countries to advertise their alone country initiatives and behavior on Islamic banking services. This is in band with the IFSB authorization to animate cooperation amidst its affiliate countries in developing the Islamic banking casework industry as a whole.”
The Country Showcases will run accordingly with addition Pre Summit event, namely a Public Hearing on two IFSB Exposure Drafts: 1) Governance for Islamic Collective Investment Schemes and 2) Capital Adequacy Requirements for Sukuk Securitisation and Real Estate Investment, which were issued in December 2007 for accessible appointment as allotment of the IFSB due action for advancing its standards and guidelines.
Participation in these Pre Summit contest is chargeless of charge. For allotment details, amuse appointment www.ifsbamman2008.com
For added Information, 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
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext 119
About the Islamic Financial Services Board:
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 IFSB currently has 164 associates absolute 41 banking, balance and allowance authoritative and authoritative authorities, 6 all-embracing inter-governmental organisations and 117 bazaar players and able firms from over 31 jurisdictions.
For added advice about the IFSB, amuse appointment www.ifsb.org
Professor Rifaat Ahmed Abdel Karim, IFSB’s Secretary General said, “This is our additional year of introducing the Country Showcases as a Pre Summit event. The IFSB is blessed to accommodate this belvedere for its affiliate countries to advertise their alone country initiatives and behavior on Islamic banking services. This is in band with the IFSB authorization to animate cooperation amidst its affiliate countries in developing the Islamic banking casework industry as a whole.”
The Country Showcases will run accordingly with addition Pre Summit event, namely a Public Hearing on two IFSB Exposure Drafts: 1) Governance for Islamic Collective Investment Schemes and 2) Capital Adequacy Requirements for Sukuk Securitisation and Real Estate Investment, which were issued in December 2007 for accessible appointment as allotment of the IFSB due action for advancing its standards and guidelines.
Participation in these Pre Summit contest is chargeless of charge. For allotment details, amuse appointment www.ifsbamman2008.com
For added Information, 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
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext 119
About the Islamic Financial Services Board:
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 IFSB currently has 164 associates absolute 41 banking, balance and allowance authoritative and authoritative authorities, 6 all-embracing inter-governmental organisations and 117 bazaar players and able firms from over 31 jurisdictions.
For added advice about the IFSB, amuse appointment www.ifsb.org
Islamic Financial Services Board (IFSB) - IFSB Hearings to Discuss Capital Requirements for Sukūk Securitisations and Realty Investments & Islamic CIS
5th IFSB Summit will be captivated in Amman, JordanStore this angel in big sizeKuala Lumpur, 4 May 2008 – As affairs for the 5th Annual Islamic Financial Services Board (IFSB) Summit on 13-14th May 2008 at the InterContinental Hotel in Amman, Jordan accumulate drive with the accepted accord of nine axial banks’ governors, the IFSB is aswell convening two pre-summit Public Hearings on 12th May 2008 in the Jordanian basic on basic adequacy requirements for Sukūk securitisations and absolute acreage investments and accumulated babyminding on Islamic aggregate investment schemes.
The Capital Adequacy Requirements for Sukūk Securitisations and Real Estate Investment deals with aspects of authoritative basic requirements for institutions alms Islamic banking casework (IIFS) in account of Sukūk that are not covered in the IFSB Capital Adequacy Standard. These include:
1. basic requirements for IIFS that are holders of Sukūk; and
2. basic analysis of the exposures of an IIFS area it is, or acts in a accommodation such that it is advised to be, the artist of a Sukūk issue, or as an issuer or servicer of a Sukūk issuance.
On absolute acreage investment, the Exposure Draft deals primarily with:
1. basic requirements for an IIFS that invests its own funds in absolute acreage investment activities; and
2. basic analysis of exposures in absolute acreage investment activities area an IIFS either commingles the funds of investment anniversary holders with those of shareholders (and added non-profit-sharing investment anniversary holders) or contrarily invests the funds of complete investment anniversary holders.
The Guiding Principles on Governance for Islamic Collective Investment Schemes aims to accompaniment IFSB Guiding Principles on Corporate Governance and added internationally recognised babyminding standards, by reinforcing all-embracing best practices while acclamation the specificities in the babyminding of Islamic Collective Investment Schemes.
The 5th IFSB Summit, which is organised beneath the Royal Patronage of Her Highness Queen Rania Al-Abdullah of Jordan and on the affair Financial Globalisation and Islamic Financial Services, will aswell advertise the Islamic accounts initiatives of three IFSB affiliate countries.
Hong Kong, Malaysia and Singapore will advertise their initiatives and adventures in adopting and announcement the advance of a complete and abiding Islamic banking casework industry. The country exhibitions will accommodate investors, top executives, chief management, banking industry players, advisers and academics with a added abstruse compassionate of their corresponding policies, regulations, acknowledged requirements and adopted investment incentives regime. As such, they are an accomplished befalling for networking and aperture doors to abeyant investments and business partnerships.
The IFSB, accustomed in November 2002, is a trans-national 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.
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 Summit has admiring a assembly of top regulators, area experts and bazaar players from a assorted geographic and institutional background. As such, 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, Sharī`ah advisories and added players!
For added advice and allotment details, amuse appointment www.ifsbamman2008.com or contact:
Ms Farrah Aris
Email: farrah@ifsb.org
Tel: + 603 2698 4248 ext 116
Fax: + 603 2698 4280
Siham Ismail
Marketing Communications
Islamic Financial Services Board
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext 119
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 IFSB currently has 164 associates absolute 41 banking, balance and allowance authoritative and authoritative authorities, 6 all-embracing inter-governmental organisations and 117 bazaar players and able firms from over 31 jurisdictions.
For added advice about the IFSB, amuse appointment www.ifsb.org
The Capital Adequacy Requirements for Sukūk Securitisations and Real Estate Investment deals with aspects of authoritative basic requirements for institutions alms Islamic banking casework (IIFS) in account of Sukūk that are not covered in the IFSB Capital Adequacy Standard. These include:
1. basic requirements for IIFS that are holders of Sukūk; and
2. basic analysis of the exposures of an IIFS area it is, or acts in a accommodation such that it is advised to be, the artist of a Sukūk issue, or as an issuer or servicer of a Sukūk issuance.
On absolute acreage investment, the Exposure Draft deals primarily with:
1. basic requirements for an IIFS that invests its own funds in absolute acreage investment activities; and
2. basic analysis of exposures in absolute acreage investment activities area an IIFS either commingles the funds of investment anniversary holders with those of shareholders (and added non-profit-sharing investment anniversary holders) or contrarily invests the funds of complete investment anniversary holders.
The Guiding Principles on Governance for Islamic Collective Investment Schemes aims to accompaniment IFSB Guiding Principles on Corporate Governance and added internationally recognised babyminding standards, by reinforcing all-embracing best practices while acclamation the specificities in the babyminding of Islamic Collective Investment Schemes.
The 5th IFSB Summit, which is organised beneath the Royal Patronage of Her Highness Queen Rania Al-Abdullah of Jordan and on the affair Financial Globalisation and Islamic Financial Services, will aswell advertise the Islamic accounts initiatives of three IFSB affiliate countries.
Hong Kong, Malaysia and Singapore will advertise their initiatives and adventures in adopting and announcement the advance of a complete and abiding Islamic banking casework industry. The country exhibitions will accommodate investors, top executives, chief management, banking industry players, advisers and academics with a added abstruse compassionate of their corresponding policies, regulations, acknowledged requirements and adopted investment incentives regime. As such, they are an accomplished befalling for networking and aperture doors to abeyant investments and business partnerships.
The IFSB, accustomed in November 2002, is a trans-national 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.
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 Summit has admiring a assembly of top regulators, area experts and bazaar players from a assorted geographic and institutional background. As such, 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, Sharī`ah advisories and added players!
For added advice and allotment details, amuse appointment www.ifsbamman2008.com or contact:
Ms Farrah Aris
Email: farrah@ifsb.org
Tel: + 603 2698 4248 ext 116
Fax: + 603 2698 4280
Siham Ismail
Marketing Communications
Islamic Financial Services Board
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext 119
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 IFSB currently has 164 associates absolute 41 banking, balance and allowance authoritative and authoritative authorities, 6 all-embracing inter-governmental organisations and 117 bazaar players and able firms from over 31 jurisdictions.
For added advice about the IFSB, amuse appointment www.ifsb.org
Islamic Financial Services Board (IFSB) - State Bank of Pakistan hosts Islamic Financial Services Awareness Programmes in affiliation 13th Meeting of the Council of the IFSB
Kuala Lumpur & Karachi, September 25, 2008 – The State Bank of Pakistan (SBP) is hosting 5 acquaintance programmes that the IFSB is organising on 27 – 31 October 2008 in Karachi. The programmes are captivated in affiliation with the 13th Meeting of the Council of the Islamic Financial Services Board (IFSB), which the SBP is aswell hosting.
The 5 programmes are:
- 3rd International Conference on Islamic Banking & Finance: Risk Management, Regulation and Supervision
co-organised with the Islamic Research and Training Institute (IRTI) and Islamic Development Bank (IDB)
- 2nd Public Lecture on Financial Policy and Stability
- Interactive Session on the Financial Health of Islamic Financial Services
- 5th International Seminar on Challenges adverse the Independence of Shari’ah Supervisory Boards
- Seminar on Monetary Operations and Liquidity Management
The programmes will be addressed by chairpersons and speakers absolute top admiral from a allotment of the industry’s authoritative and authoritative bodies, as able-bodied as arch all-embracing experts in the Islamic banking casework industry. These industry leaders represent a all-inclusive spectrum of the industry – accoutrement the banking, basic markets and Takaful sectors. More advice about these programmes is accessible on www.sbp.org.pk/ibd/IFSB.htm and www.ifsb.org/pakistan
The administrator of IFSB Council, Dr. Shamshad Akhtar (Governor, State Bank of Pakistan), while affectionate the efforts of IFSB, said that all-around absorption in Islamic accounts industry and Pakistan’s success in laying basal foundation and amount basement of Islamic banking arrangement lends aplomb that the country has acceptable abeyant and affairs to added advance this industry. Pakistan has apparent a able-bodied advance in Islamic banking, which can serve as a key car to advance and backbone the acceptance to development accounts by bringing in banking addition that can baby abundantly to assorted demands of the citizenry as able-bodied as accumulated sector’s and country’s basement costs requirements. She expects that these contest will abundantly advice in alteration of success and technology above jurisdictions besides accouterment accomplished networking opportunities.
Secretary General of the IFSB, Professor Rifaat Ahmed Abdel Karim, commenting on the accent of captivation these programmes said, "Looking at the growing affiliation of the Islamic banking casework industry into the all-around banking framework, it is acute for the all-embracing banking association to accumulate beside with the developments and issues inherent aural the industry. Organising such programmes is a allotment of the efforts of the IFSB in befitting its’ 175 affiliate institutions above the apple acquaint with accepted and accordant industry issues.”
More advice on the programmes will be acquaint on the IFSB website in due course.
About the Islamic Financial Services Board:
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 175 associates of the IFSB comprise 42 authoritative and authoritative authorities, 6 all-embracing inter-governmental organizations and 127 bazaar players and able firms operating in 34 jurisdictions.
For added advice about the IFSB, amuse appointment www.ifsb.org
About the State Bank of Pakistan:
State Bank of Pakistan (SBP) accepting the axial case of Pakistan is arena a proactive and arch role to authorize and advance Islamic cyberbanking in the country. These efforts culminated in an access in allotment of Islamic cyberbanking from beneath than 1 percent to added than 4 percent during endure 5 years. Starting with a individual full-fledged Islamic case and few Islamic cyberbanking branches of accepted banks in 2003, now there are 6 full-fledged Islamic banks while 12 accepted banks’ are alms Islamic banking. The all-embracing Islamic cyberbanking branch-network has developed to over 350 in September 2008. SBP is aboriginal in the apple to affair guidelines for Islamic Microfinance, while, guidelines on Islamic Agriculture accounts are accessible for industry feedback. Recently, Ijara Sukuk accept been issued to baby to the clamminess administration needs of Islamic cyberbanking industry in Pakistan. These absolute Sukuk are acceptable for the purpose of affair the Statutory Liquidity Requirement.
For added advice about Islamic cyberbanking in Pakistan, amuse appointment www.sbp.org.pk/departments/ibd.htm
Siham Ismail
Marketing Communications
Islamic Financial Services Board
Email: Siham Ismail
Tel: + 603 2698 4248 ext 119
The 5 programmes are:
- 3rd International Conference on Islamic Banking & Finance: Risk Management, Regulation and Supervision
co-organised with the Islamic Research and Training Institute (IRTI) and Islamic Development Bank (IDB)
- 2nd Public Lecture on Financial Policy and Stability
- Interactive Session on the Financial Health of Islamic Financial Services
- 5th International Seminar on Challenges adverse the Independence of Shari’ah Supervisory Boards
- Seminar on Monetary Operations and Liquidity Management
The programmes will be addressed by chairpersons and speakers absolute top admiral from a allotment of the industry’s authoritative and authoritative bodies, as able-bodied as arch all-embracing experts in the Islamic banking casework industry. These industry leaders represent a all-inclusive spectrum of the industry – accoutrement the banking, basic markets and Takaful sectors. More advice about these programmes is accessible on www.sbp.org.pk/ibd/IFSB.htm and www.ifsb.org/pakistan
The administrator of IFSB Council, Dr. Shamshad Akhtar (Governor, State Bank of Pakistan), while affectionate the efforts of IFSB, said that all-around absorption in Islamic accounts industry and Pakistan’s success in laying basal foundation and amount basement of Islamic banking arrangement lends aplomb that the country has acceptable abeyant and affairs to added advance this industry. Pakistan has apparent a able-bodied advance in Islamic banking, which can serve as a key car to advance and backbone the acceptance to development accounts by bringing in banking addition that can baby abundantly to assorted demands of the citizenry as able-bodied as accumulated sector’s and country’s basement costs requirements. She expects that these contest will abundantly advice in alteration of success and technology above jurisdictions besides accouterment accomplished networking opportunities.
Secretary General of the IFSB, Professor Rifaat Ahmed Abdel Karim, commenting on the accent of captivation these programmes said, "Looking at the growing affiliation of the Islamic banking casework industry into the all-around banking framework, it is acute for the all-embracing banking association to accumulate beside with the developments and issues inherent aural the industry. Organising such programmes is a allotment of the efforts of the IFSB in befitting its’ 175 affiliate institutions above the apple acquaint with accepted and accordant industry issues.”
More advice on the programmes will be acquaint on the IFSB website in due course.
About the Islamic Financial Services Board:
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 175 associates of the IFSB comprise 42 authoritative and authoritative authorities, 6 all-embracing inter-governmental organizations and 127 bazaar players and able firms operating in 34 jurisdictions.
For added advice about the IFSB, amuse appointment www.ifsb.org
About the State Bank of Pakistan:
State Bank of Pakistan (SBP) accepting the axial case of Pakistan is arena a proactive and arch role to authorize and advance Islamic cyberbanking in the country. These efforts culminated in an access in allotment of Islamic cyberbanking from beneath than 1 percent to added than 4 percent during endure 5 years. Starting with a individual full-fledged Islamic case and few Islamic cyberbanking branches of accepted banks in 2003, now there are 6 full-fledged Islamic banks while 12 accepted banks’ are alms Islamic banking. The all-embracing Islamic cyberbanking branch-network has developed to over 350 in September 2008. SBP is aboriginal in the apple to affair guidelines for Islamic Microfinance, while, guidelines on Islamic Agriculture accounts are accessible for industry feedback. Recently, Ijara Sukuk accept been issued to baby to the clamminess administration needs of Islamic cyberbanking industry in Pakistan. These absolute Sukuk are acceptable for the purpose of affair the Statutory Liquidity Requirement.
For added advice about Islamic cyberbanking in Pakistan, amuse appointment www.sbp.org.pk/departments/ibd.htm
Siham Ismail
Marketing Communications
Islamic Financial Services Board
Email: Siham Ismail
Tel: + 603 2698 4248 ext 119
Islamic Financial Services Board (IFSB) - IFSB adopts two new prudential standards for the Islamic banking casework industry. IFSB associates continues to expand
Kuala Lumpur, November 4, 2008 – In its' 13th meeting on 29 October 2008, captivated in Dubai, UAE, the Council of the Islamic Financial Services Board (IFSB)approved the acceptance of two acknowledgment drafts as Standards. These are:
1.Capital Adequacy Requirements for Sukuk Securitisation and Real Estate Investment
2.Guiding Principles on Governance for Islamic Collective Investment Scheme
Both abstracts will be accessible for download from the IFSB website by the end of 2008.
The affair was chaired by H.E. Dr. Shamshad Akhtar, Governor of the State Bank of Pakistan and Chairperson of the 19-member Council, and abounding by six central banks' Governors, President of the Islamic Development Bank, and six Governors' representatives.
The IFSB associates has connected to allure absorption from institutions alms Islamic banking services. The Council resolved in the aforementioned affair to accept 4 new institutions into the IFSB associates bringing the absolute associates to 178.
The four anew accepted associates are:
1. Cagamas Berhad, Malaysia
2. Arbah Capital, Saudi Arabia
3. Absa Bank Limited, South Africa
4. Al Hilal Bank, United Arab Emirates
Secretary General of the IFSB, Professor Rifaat Ahmed Abdel Karim, declared that the two adopted standards calm with the already issued 5 prudential standards if appropriately implemented should enhance the acumen and adherence of the Islamic banking casework industry. Professor Abdel Karim added added that the 178 associates accommodate a basin of assets and ability that abundantly abetment in the development of the IFSB standards and allegorical attempt by their accord in the alive groups, acknowledgment to surveys, acknowledgment on acknowledgment drafts, and appearance of the assorted workshops and seminars.
The abounding account of the 178 IFSB associates can be apparent on www.ifsb.org. Their roles and responsibilities (by category) are abundant in the IFSB Articles of Agreement which is downloadable from the IFSB website.
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.
For added advice about the IFSB, amuse appointment www.ifsb.org
Siham Ismail
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext 119
Islamic Financial Services Board
Kuala Lumpur - Malaysia
1.Capital Adequacy Requirements for Sukuk Securitisation and Real Estate Investment
2.Guiding Principles on Governance for Islamic Collective Investment Scheme
Both abstracts will be accessible for download from the IFSB website by the end of 2008.
The affair was chaired by H.E. Dr. Shamshad Akhtar, Governor of the State Bank of Pakistan and Chairperson of the 19-member Council, and abounding by six central banks' Governors, President of the Islamic Development Bank, and six Governors' representatives.
The IFSB associates has connected to allure absorption from institutions alms Islamic banking services. The Council resolved in the aforementioned affair to accept 4 new institutions into the IFSB associates bringing the absolute associates to 178.
The four anew accepted associates are:
1. Cagamas Berhad, Malaysia
2. Arbah Capital, Saudi Arabia
3. Absa Bank Limited, South Africa
4. Al Hilal Bank, United Arab Emirates
Secretary General of the IFSB, Professor Rifaat Ahmed Abdel Karim, declared that the two adopted standards calm with the already issued 5 prudential standards if appropriately implemented should enhance the acumen and adherence of the Islamic banking casework industry. Professor Abdel Karim added added that the 178 associates accommodate a basin of assets and ability that abundantly abetment in the development of the IFSB standards and allegorical attempt by their accord in the alive groups, acknowledgment to surveys, acknowledgment on acknowledgment drafts, and appearance of the assorted workshops and seminars.
The abounding account of the 178 IFSB associates can be apparent on www.ifsb.org. Their roles and responsibilities (by category) are abundant in the IFSB Articles of Agreement which is downloadable from the IFSB website.
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.
For added advice about the IFSB, amuse appointment www.ifsb.org
Siham Ismail
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext 119
Islamic Financial Services Board
Kuala Lumpur - Malaysia
Islamic Financial Services Board (IFSB) - IFSB – FSC/FSS of Korea to organise Seminar on Islamic Finance in Seoul
Kuala Lumpur, December 3, 2008 - The Islamic Financial Services Board (IFSB) is organising a Seminar on Islamic Finance on 13 - 14 January 2009 in Seoul, Korea. The Seminar, which is the aboriginal for the IFSB in Korea, is co-organised with the Financial Services Commission/Financial Supervisory Service of Korea. The Seminar aims to actualize acquaintance of Islamic accounts in Korea to facilitate acceptable acceptance a allotment of its banking community, as able-bodied as to highlight the industry’s abeyant opportunities in the country.
The Seminar will abode the afterward topics:
• Overview of the Islamic banking casework industry (IFSI) from the perspectives of for Regulators (banking, basic markets and Takāful)
• Operational and business structural issues in starting an Islamic banking casework unit
• Current Sharī`ah, acknowledged and ratings issues adverse the IFSI
• Case studies on Sukūk arising Challenges and opportunities for Islamic accounts in Korea
• Islamic Finance: Challenges and Opportunities for Korea
The IFSB has captivated its alternation of Seminar on Islamic Finance in assorted countries over the accomplished three years. The architecture of the Seminar on Islamic Finance is added accepted in attributes and provides participants with an overview of the Islamic banking casework industry (IFSI), which beneath the ambit of the IFSB comprises the banking, basic markets and Takāful sectors.
Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB said, “These Seminars, captivated in jurisdictions that accept absorption in announcement acquaintance of Islamic finance, accommodate participants with an overview of the accepted developments in the altered segments of the IFSI. They aswell analyze the challenges and opportunities for the host country in developing its Islamic banking casework industry. The Seminars advance the administration of adventures by industry experts and counterparts, be they bazaar players or regulators, aural the industry who accept acquaintance in acclamation the challenges in the development of Islamic banking services/products in jurisdictions of agnate nature.”
The January 2009 Seminar on Islamic Finance in Korea is targeted at regulators, authoritative bodies, banking practitioners, key admiral and academics. For added information, amuse appointment www.ifsb.org/korea .
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.
To date, the 178 associates of the IFSB comprises 42 authoritative and authoritative authorities, six all-embracing inter-governmental organisations 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
Siham Ismail
Islamic Financial Services Board
Kuala Lumpur, Malaysia
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext 119
The Seminar will abode the afterward topics:
• Overview of the Islamic banking casework industry (IFSI) from the perspectives of for Regulators (banking, basic markets and Takāful)
• Operational and business structural issues in starting an Islamic banking casework unit
• Current Sharī`ah, acknowledged and ratings issues adverse the IFSI
• Case studies on Sukūk arising Challenges and opportunities for Islamic accounts in Korea
• Islamic Finance: Challenges and Opportunities for Korea
The IFSB has captivated its alternation of Seminar on Islamic Finance in assorted countries over the accomplished three years. The architecture of the Seminar on Islamic Finance is added accepted in attributes and provides participants with an overview of the Islamic banking casework industry (IFSI), which beneath the ambit of the IFSB comprises the banking, basic markets and Takāful sectors.
Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB said, “These Seminars, captivated in jurisdictions that accept absorption in announcement acquaintance of Islamic finance, accommodate participants with an overview of the accepted developments in the altered segments of the IFSI. They aswell analyze the challenges and opportunities for the host country in developing its Islamic banking casework industry. The Seminars advance the administration of adventures by industry experts and counterparts, be they bazaar players or regulators, aural the industry who accept acquaintance in acclamation the challenges in the development of Islamic banking services/products in jurisdictions of agnate nature.”
The January 2009 Seminar on Islamic Finance in Korea is targeted at regulators, authoritative bodies, banking practitioners, key admiral and academics. For added information, amuse appointment www.ifsb.org/korea .
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.
To date, the 178 associates of the IFSB comprises 42 authoritative and authoritative authorities, six all-embracing inter-governmental organisations 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
Siham Ismail
Islamic Financial Services Board
Kuala Lumpur, Malaysia
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext 119
Islamic Financial Services Board (IFSB) - IFSB-IAIS Working Agreement aims to enhance cooperation and compassionate in alternate areas of administration of the Takāful industry
Kuala Lumpur, December 4, 2008 – In band with its authorization to liaise and abet with accordant organizations currently ambience standards for the adherence of the all-embracing budgetary and banking systems and those of the affiliate countries, the Islamic Financial Services Board (IFSB) today appear that it has active an acceding with the International Association of Insurance Supervisors (IAIS) which aims to enhance the cooperation and compassionate in alternate areas of administration in the Takāful industry.
Both organisations accept a alternate ambition to advance the acumen and adherence of the insurance/ Takāful industry through the development of all-embracing prudential standards and acceptable the cooperation a allotment of authoritative authorities. While the specific ambit of the IAIS is on the development of the allowance industry, the ambit of the IFSB, which is the Islamic banking casework industry, encompasses banking, basic markets and insurance/Takāful. The aboriginal cooperation amid the two organisations resulted in the publishing of a Joint Issues Paper on Issues in Regulation and Supervision of Takaful (Islamic Insurance) appear in June 2006. The Working Agreement is a assiduity of that cooperation.
The IFSB is an all-embracing standard-setting organisation that represents authoritative authorities that recognise Islamic banking services, whether by legislation or adjustment or by accustomed convenance and all-embracing inter-governmental organisations, that accept an absolute authorization for announcement Islamic banking casework industry. It aswell admits insurance/Takāful bazaar players as able-bodied as cyberbanking and basic markets institutions as eyewitness members. The aim of the IFSB is to advance and enhance 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. Towards this end, the IFSB works carefully with accordant international, bounded and civic organisations, research/educational institutions and bazaar players.
Established in 1994, the IAIS represents allowance regulators and admiral of some 190 jurisdictions in about 140 countries and has aswell added than 120 allowance professionals, insurers, reinsurers and barter associations as observers. The IAIS issues all-around allowance principles, standards and advice papers, provides training and abutment on issues accompanying to allowance supervision, and organises affairs and seminars for allowance supervisors. The IAIS works carefully with added all-embracing institutions to advance banking stability.
The IFSB will be arising an acknowledgment abstract advantaged Guiding Principles on Governance of Islamic Insurance (Takāful) Operations by the end of 2008. It is aswell currently advancing a accepted on the solvency requirements for Takāful operations.”
For added advice about the IFSB, amuse appointment www.ifsb.org
To date, the 178 associates of the IFSB comprises 42 authoritative and authoritative authorities, six all-embracing inter-governmental organisations and 130 bazaar players and able firms operating in 34 jurisdictions.
Siham Ismail
Islamic Financial Services Board
Kuala Lumpur, Malaysia
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext 119
Both organisations accept a alternate ambition to advance the acumen and adherence of the insurance/ Takāful industry through the development of all-embracing prudential standards and acceptable the cooperation a allotment of authoritative authorities. While the specific ambit of the IAIS is on the development of the allowance industry, the ambit of the IFSB, which is the Islamic banking casework industry, encompasses banking, basic markets and insurance/Takāful. The aboriginal cooperation amid the two organisations resulted in the publishing of a Joint Issues Paper on Issues in Regulation and Supervision of Takaful (Islamic Insurance) appear in June 2006. The Working Agreement is a assiduity of that cooperation.
The IFSB is an all-embracing standard-setting organisation that represents authoritative authorities that recognise Islamic banking services, whether by legislation or adjustment or by accustomed convenance and all-embracing inter-governmental organisations, that accept an absolute authorization for announcement Islamic banking casework industry. It aswell admits insurance/Takāful bazaar players as able-bodied as cyberbanking and basic markets institutions as eyewitness members. The aim of the IFSB is to advance and enhance 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. Towards this end, the IFSB works carefully with accordant international, bounded and civic organisations, research/educational institutions and bazaar players.
Established in 1994, the IAIS represents allowance regulators and admiral of some 190 jurisdictions in about 140 countries and has aswell added than 120 allowance professionals, insurers, reinsurers and barter associations as observers. The IAIS issues all-around allowance principles, standards and advice papers, provides training and abutment on issues accompanying to allowance supervision, and organises affairs and seminars for allowance supervisors. The IAIS works carefully with added all-embracing institutions to advance banking stability.
The IFSB will be arising an acknowledgment abstract advantaged Guiding Principles on Governance of Islamic Insurance (Takāful) Operations by the end of 2008. It is aswell currently advancing a accepted on the solvency requirements for Takāful operations.”
For added advice about the IFSB, amuse appointment www.ifsb.org
To date, the 178 associates of the IFSB comprises 42 authoritative and authoritative authorities, six all-embracing inter-governmental organisations and 130 bazaar players and able firms operating in 34 jurisdictions.
Siham Ismail
Islamic Financial Services Board
Kuala Lumpur, Malaysia
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext 119
Islamic Financial Services Board (IFSB) - Banque de France to host IFSB-FSI Islamic Financial Services Forum in Paris
Kuala Lumpur, January 20, 2009 – The Islamic Financial Services Board (IFSB) and the Financial Stability Institute (FSI) are accordingly organising the 3rd Islamic Financial Services Forum: The European Challenge on 4th March 2009 in Paris. Banque de France is hosting the Forum.
The Forum will accompany calm chief banking area supervisors, bazaar players, and experts from all-embracing banking institutions to altercate the afterward issues and challenges that Europe may face in managing clamminess in the Islamic banking casework industry:
•Risks associated with clamminess in the Islamic banking casework industry
•Infrastructures for managing clamminess and clamminess risks
•Legal, Sharī`ah and authoritative issues in clamminess management
•Case study: The Islamic banking casework industry clamminess administration approaches in called countries
Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB bidding his activity for already afresh allied with the FSI in organising this European Islamic Financial Services Forum. He said, “Our aboriginal cooperation in organising the Forum, which was captivated Frankfurt endure year, accustomed cutting acknowledgment not alone from the banking association in Europe, but aswell from the Middle East, and Asia. Many are agog to analyze the possibilities and opportunities for Islamic banking casework in European countries.
The Forum which is accepting captivated adjoin the accomplishments of a forecasted crumbling all-around banking market, is accepted to allure accord from those absorbed in exploring the possibilities of the Islamic banking business archetypal as a applicable addition to the accepted absolute business models, as able-bodied as those absorbed in discussing the development of the accepted Islamic banking casework industry practices.
---- end ----
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 accepted ambience 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.
The associates of the IFSB cover authoritative and authoritative authorities, all-embracing inter-governmental organisations (International Monetary Fund, The World Bank, Bank for International Settlements, Islamic Development Bank, Asian Development Bank) and bazaar players from assorted countries.
Siham Ismail
Islamic Financial Services Board
Email: siham@ifsb.org
Tel: +6 03 2698 4248 ext 119
The Forum will accompany calm chief banking area supervisors, bazaar players, and experts from all-embracing banking institutions to altercate the afterward issues and challenges that Europe may face in managing clamminess in the Islamic banking casework industry:
•Risks associated with clamminess in the Islamic banking casework industry
•Infrastructures for managing clamminess and clamminess risks
•Legal, Sharī`ah and authoritative issues in clamminess management
•Case study: The Islamic banking casework industry clamminess administration approaches in called countries
Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB bidding his activity for already afresh allied with the FSI in organising this European Islamic Financial Services Forum. He said, “Our aboriginal cooperation in organising the Forum, which was captivated Frankfurt endure year, accustomed cutting acknowledgment not alone from the banking association in Europe, but aswell from the Middle East, and Asia. Many are agog to analyze the possibilities and opportunities for Islamic banking casework in European countries.
The Forum which is accepting captivated adjoin the accomplishments of a forecasted crumbling all-around banking market, is accepted to allure accord from those absorbed in exploring the possibilities of the Islamic banking business archetypal as a applicable addition to the accepted absolute business models, as able-bodied as those absorbed in discussing the development of the accepted Islamic banking casework industry practices.
---- end ----
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 accepted ambience 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.
The associates of the IFSB cover authoritative and authoritative authorities, all-embracing inter-governmental organisations (International Monetary Fund, The World Bank, Bank for International Settlements, Islamic Development Bank, Asian Development Bank) and bazaar players from assorted countries.
Siham Ismail
Islamic Financial Services Board
Email: siham@ifsb.org
Tel: +6 03 2698 4248 ext 119
Islamic Financial Services Board (IFSB) - “The Future of Islamic Financial Services” is the affair for 6th IFSB Summit
www.ifsbsingapore2009.comStore this angel in big sizeKuala Lumpur, January 29, 2009 – The Islamic Financial Services Board (IFSB) is organising the 6th IFSB Summit on 5 – 8 May 2009 in Singapore. The Monetary Authority of Singapore is hosting this Summit, which is the aboriginal IFSB Summit to be captivated in Asia. The affair of the Summit is “The Future of Islamic Financial Services”.
Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB said, “This affair is both appropriate and important, accustomed the accelerated projected advance of the Islamic banking casework industry (IFSI), and the contempo developments in the all-around banking markets. The closing is accepted to affectation a challenge, inter alia, on the IFSI stakeholders. Whilst the accepted IFSI anatomy is advised acceptable to abutment the industry’s development, 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.”
The Summit aims to abode these issues as able-bodied as highlight the role of the stakeholders appear developing a able-bodied approaching for the IFSI. The 5 sessions of the Summit will awning the afterward topics:
- The Islamic banking casework mural
- Competitive strategies of Islamic banking casework industry
- Role of Non-banks banking institutions in the approaching of Islamic accounts
- Direction of authoritative policies
- Direction of development policies
The 6th IFSB Summit will be a four-day event. The two-day Summit, captivated on 7 & 8 May 2009, is preceded by the afterward two Pre-Summit events:
1. 5th May 2009: Public Hearing on IFSB Exposure Drafts (ED) 8, 9 and 10
ED8: Guiding Principles on Governance for Islamic Insurance (Takaful) Operations
ED9: Conduct of Business for Institutions alms Islamic Financial Services
ED10: Guiding Principles on Shari`ah Governance System
2. 6th May 2009: IFSB Country Showcases
For added advice on accord and advocacy of the Summit, amuse appointment www.ifsbsingapore2009.com / email: ifsb_sec@ifsb.org
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.
For added advice on the IFSB, amuse appointment www.ifsb.org
Siham Ismail
Islamic Financial Services Board
Malaysia
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext.119
Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB said, “This affair is both appropriate and important, accustomed the accelerated projected advance of the Islamic banking casework industry (IFSI), and the contempo developments in the all-around banking markets. The closing is accepted to affectation a challenge, inter alia, on the IFSI stakeholders. Whilst the accepted IFSI anatomy is advised acceptable to abutment the industry’s development, 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.”
The Summit aims to abode these issues as able-bodied as highlight the role of the stakeholders appear developing a able-bodied approaching for the IFSI. The 5 sessions of the Summit will awning the afterward topics:
- The Islamic banking casework mural
- Competitive strategies of Islamic banking casework industry
- Role of Non-banks banking institutions in the approaching of Islamic accounts
- Direction of authoritative policies
- Direction of development policies
The 6th IFSB Summit will be a four-day event. The two-day Summit, captivated on 7 & 8 May 2009, is preceded by the afterward two Pre-Summit events:
1. 5th May 2009: Public Hearing on IFSB Exposure Drafts (ED) 8, 9 and 10
ED8: Guiding Principles on Governance for Islamic Insurance (Takaful) Operations
ED9: Conduct of Business for Institutions alms Islamic Financial Services
ED10: Guiding Principles on Shari`ah Governance System
2. 6th May 2009: IFSB Country Showcases
For added advice on accord and advocacy of the Summit, amuse appointment www.ifsbsingapore2009.com / email: ifsb_sec@ifsb.org
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.
For added advice on the IFSB, amuse appointment www.ifsb.org
Siham Ismail
Islamic Financial Services Board
Malaysia
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext.119
Islamic Financial Services Board (IFSB) - H.E. Hamad Al Sayari assumes Chairmanship of the Council of the IFSB for 2009
Hamad Al Sayari, Governor of SAMA is IFSB Chairperson for 2009Store this angel in big sizeKuala Lumpur, January 28, 2009 – H.E. Hamad Al Sayari, Governor of the Saudi Arabian Monetary Agency (SAMA), affected Chairmanship of the Council and General Assembly of the Islamic Financial Services Board (IFSB) for the appellation 1st January – 31st December 2009. H.E. Dr. Sabir Mohamed Hassan, Governor of the Central Bank of Sudan affected the Deputy Chairmanship for the aforementioned period.
Chairmanship of the IFSB is on an anniversary rotational base from a allotment of the Full associates as defined in the IFSB Articles of Agreement.
Mr. Al Sayari is the 7th Chairman of the Council and General Assembly of the IFSB and the Saudi Arabian Monetary Agency will host the IFSB Annual Meetings on 31st March 2009.
Mr. Al Sayari has been the Chairman, Board of Directors and the Governor of SAMA back 1983. He has afresh been ranked 17 a allotment of 50 of the a lot of affecting humans in the banking association common by Institutional Investor magazine, which describes Al Sayari, citation his 27 year career in allegation of budgetary policy, as "a bedrock aloft which Saudi Arabia's oil-based abridgement has been built." Prior to his abutting SAMA in 1980, he was the Director General of the Saudi Industrial Development Fund and has aswell served as the Secretary General of the Public Investment Fund. He is currently a affiliate of the Supreme Economic Council, as able-bodied as a Board Member of the Public Investment Fund. Mr. Al Sayari holds a M.A. (Economics) from the University of Maryland, USA
Dr. Sabir Mohammed Hassan, Governor of the Central Bank of Sudan is the Deputy Chairperson.
Dr. Sabir has been Governor of the Central Bank of Sudan back 1998. He was ahead in the aforementioned position in 1993 to 1996, afore abrogation to serve the Government of Sudan as a State Minister for the Ministry of Finance and National Economy for one term. He served as Adviser to the Executive Director of the International Monetary Fund during the aeon 1983 to 1990. Dr. Sabir accustomed his Ph.D. in Economics, Trade and Development Financing from Syracuse University, USA in 1982. He has appear analysis on altered bread-and-butter and cyberbanking subjects.
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.
For added advice about the IFSB, amuse appointment www.ifsb.org
Siham Ismail
Islamic Financial Services Board
Malaysia
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext.119
Chairmanship of the IFSB is on an anniversary rotational base from a allotment of the Full associates as defined in the IFSB Articles of Agreement.
Mr. Al Sayari is the 7th Chairman of the Council and General Assembly of the IFSB and the Saudi Arabian Monetary Agency will host the IFSB Annual Meetings on 31st March 2009.
Mr. Al Sayari has been the Chairman, Board of Directors and the Governor of SAMA back 1983. He has afresh been ranked 17 a allotment of 50 of the a lot of affecting humans in the banking association common by Institutional Investor magazine, which describes Al Sayari, citation his 27 year career in allegation of budgetary policy, as "a bedrock aloft which Saudi Arabia's oil-based abridgement has been built." Prior to his abutting SAMA in 1980, he was the Director General of the Saudi Industrial Development Fund and has aswell served as the Secretary General of the Public Investment Fund. He is currently a affiliate of the Supreme Economic Council, as able-bodied as a Board Member of the Public Investment Fund. Mr. Al Sayari holds a M.A. (Economics) from the University of Maryland, USA
Dr. Sabir Mohammed Hassan, Governor of the Central Bank of Sudan is the Deputy Chairperson.
Dr. Sabir has been Governor of the Central Bank of Sudan back 1998. He was ahead in the aforementioned position in 1993 to 1996, afore abrogation to serve the Government of Sudan as a State Minister for the Ministry of Finance and National Economy for one term. He served as Adviser to the Executive Director of the International Monetary Fund during the aeon 1983 to 1990. Dr. Sabir accustomed his Ph.D. in Economics, Trade and Development Financing from Syracuse University, USA in 1982. He has appear analysis on altered bread-and-butter and cyberbanking subjects.
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.
For added advice about the IFSB, amuse appointment www.ifsb.org
Siham Ismail
Islamic Financial Services Board
Malaysia
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext.119
Islamic Financial Services Board (IFSB) - The IFSB adopts Standards on Islamic Collective Investment Schemes and Sukūk Securitisation
Kuala Lumpur, February 20, 2009 – The Council of the Islamic Financial Services Board (IFSB) has afresh adopted two new standards which are now accessible for download from the IFSB website – ifsb.org . The two Standards are:
1. Guiding Principles on Governance for Islamic Collective Investment Schemes (IFSB-6)
2. Capital Adequacy Requirements for Sukūk Securitisations and Real Estate Investment (IFSB-7)
The two abstracts accompaniment the absolute IFSB Standards, namely the Capital Adequacy Standard for Institutions alms alone Islamic Financial Services (IFSB-2), and the Guiding Principles on Corporate Governance for Institutions alms alone Islamic Financial Services (IFSB-3), which were issued in 2005 and 2006, respectively.
Guiding Principles on Governance for Islamic Collective Investment Schemes (IFSB-6)
IFSB-6 complements IFSB-3 and added internationally recognised babyminding standards, by reinforcing all-embracing best practices, while acclamation the specificities of babyminding for Islamic Collective Investment Schemes (ICIS).
The capacity of IFSB-6 are disconnected into four parts:
1. Part I relates to the access to accepted governance, whereby the acceptance of acceptable babyminding practices as assigned in added internationally accustomed babyminding standards is reinforced;
2. Part II addresses accuracy and acknowledgment issues and aims to advance the advice ambiance for ICIS investors. It aswell builds on, amidst added things, the acknowledgment requirements recommended beneath the IFSB Disclosures to Promote Transparency and Market Discipline for Institutions Offering Islamic Financial Services (Excluding Islamic Insurance (Takaful) Institutions and Islamic Mutual Funds) (IFSB-4);
3. Part III focuses on acquiescence with Sharī`ah rules and attempt and addresses assorted specificities of ICIS that cover (a) the action of portfolio screening by ICIS Operators; (b) the role of Sharī’ah advisers in ecology connected acquiescence with the Sharī’ah; and (c) the action of ablution of attenuated income; and
4. Part IV examines added aegis appropriate by ICIS investors by highlighting, a allotment of others, the charge for able representation for investors in the organs of babyminding of ICIS as able-bodied as some industry practices that may crave afterpiece oversight.
Capital Adequacy Requirements for Sukūk Securitisations and Real Estate Investment (IFSB-7)
IFSB-7 deals with aspects apropos to authoritative basic requirements for Sukūk that are not covered in the IFSB-2. These are:
(a) Capital requirements for IIFS that are holders of Sukūk which do not represent the holder's proportional buying in an absorbed allotment of an basal asset (or basin of assets) area the holder assumes all rights and obligations absorbed to such an asset or basin of assets.
(b) The basic analysis of securitisation exposures, i.e. the exposures of an IIFS area it is, or acts in a accommodation of an originator, issuer or servicer of a Sukūk arising The Standard deals with (i) the altitude that charge to be met in adjustment for securitisation exposures to be derecognised or minimised; and (ii) the basic analysis of such exposures by IIFS aloft their occurrence.
This Standard applies to both basic and arising IIFS (including basic IIFS that advance in Sukūk that they themselves originate).
For absolute acreage investment, this Standard deals primarily with the basic requirements for an IIFS that invests its own funds in absolute acreage investment activities. In addition, the Standard stresses on the charge for the authorities authoritative IIFS to set adapted beginning banned for IIFS that accept absolute acreage investment activities and costs activities involving absolute acreage exposures.
All the IFSB Standards, Guidelines and Exposure Drafts are accessible at the IFSB website www.ifsb.org
The Islamic Financial Services Board (IFSB), which is based in Kuala Lumpur, serves as an international-standard ambience 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 Islamic Shari'ah principles, and acclaim them for adoption.
The 178 associates of the IFSB cover 42 authoritative and authoritative authorities as able-bodied as International Monetary Fund, The World Bank, Bank for International Settlements, Islamic Development Bank, Asian Development Bank, and 130 bazaar players and able firms operating in 34 jurisdictions.
Siham Ismail
Islamic Financial Services Board
Kuala Lumpur, Malaysia
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext. 119
1. Guiding Principles on Governance for Islamic Collective Investment Schemes (IFSB-6)
2. Capital Adequacy Requirements for Sukūk Securitisations and Real Estate Investment (IFSB-7)
The two abstracts accompaniment the absolute IFSB Standards, namely the Capital Adequacy Standard for Institutions alms alone Islamic Financial Services (IFSB-2), and the Guiding Principles on Corporate Governance for Institutions alms alone Islamic Financial Services (IFSB-3), which were issued in 2005 and 2006, respectively.
Guiding Principles on Governance for Islamic Collective Investment Schemes (IFSB-6)
IFSB-6 complements IFSB-3 and added internationally recognised babyminding standards, by reinforcing all-embracing best practices, while acclamation the specificities of babyminding for Islamic Collective Investment Schemes (ICIS).
The capacity of IFSB-6 are disconnected into four parts:
1. Part I relates to the access to accepted governance, whereby the acceptance of acceptable babyminding practices as assigned in added internationally accustomed babyminding standards is reinforced;
2. Part II addresses accuracy and acknowledgment issues and aims to advance the advice ambiance for ICIS investors. It aswell builds on, amidst added things, the acknowledgment requirements recommended beneath the IFSB Disclosures to Promote Transparency and Market Discipline for Institutions Offering Islamic Financial Services (Excluding Islamic Insurance (Takaful) Institutions and Islamic Mutual Funds) (IFSB-4);
3. Part III focuses on acquiescence with Sharī`ah rules and attempt and addresses assorted specificities of ICIS that cover (a) the action of portfolio screening by ICIS Operators; (b) the role of Sharī’ah advisers in ecology connected acquiescence with the Sharī’ah; and (c) the action of ablution of attenuated income; and
4. Part IV examines added aegis appropriate by ICIS investors by highlighting, a allotment of others, the charge for able representation for investors in the organs of babyminding of ICIS as able-bodied as some industry practices that may crave afterpiece oversight.
Capital Adequacy Requirements for Sukūk Securitisations and Real Estate Investment (IFSB-7)
IFSB-7 deals with aspects apropos to authoritative basic requirements for Sukūk that are not covered in the IFSB-2. These are:
(a) Capital requirements for IIFS that are holders of Sukūk which do not represent the holder's proportional buying in an absorbed allotment of an basal asset (or basin of assets) area the holder assumes all rights and obligations absorbed to such an asset or basin of assets.
(b) The basic analysis of securitisation exposures, i.e. the exposures of an IIFS area it is, or acts in a accommodation of an originator, issuer or servicer of a Sukūk arising The Standard deals with (i) the altitude that charge to be met in adjustment for securitisation exposures to be derecognised or minimised; and (ii) the basic analysis of such exposures by IIFS aloft their occurrence.
This Standard applies to both basic and arising IIFS (including basic IIFS that advance in Sukūk that they themselves originate).
For absolute acreage investment, this Standard deals primarily with the basic requirements for an IIFS that invests its own funds in absolute acreage investment activities. In addition, the Standard stresses on the charge for the authorities authoritative IIFS to set adapted beginning banned for IIFS that accept absolute acreage investment activities and costs activities involving absolute acreage exposures.
All the IFSB Standards, Guidelines and Exposure Drafts are accessible at the IFSB website www.ifsb.org
The Islamic Financial Services Board (IFSB), which is based in Kuala Lumpur, serves as an international-standard ambience 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 Islamic Shari'ah principles, and acclaim them for adoption.
The 178 associates of the IFSB cover 42 authoritative and authoritative authorities as able-bodied as International Monetary Fund, The World Bank, Bank for International Settlements, Islamic Development Bank, Asian Development Bank, and 130 bazaar players and able firms operating in 34 jurisdictions.
Siham Ismail
Islamic Financial Services Board
Kuala Lumpur, Malaysia
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext. 119
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
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
Islamic Financial Services Board (IFSB) - IFSB to authority Seminar on Prudential and Governance Framework for Islamic Finance
Kuala Lumpur, April 9, 2009 – The Islamic Financial Services Board (IFSB) and the Qatar Faculty of Islamic Studies (QFIS) are accordingly organising a Seminar on Prudential and Governance Framework on 15 – 16 April 2009 in Doha, which the Qatar Central Bank is hosting.
Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB, said “The IFSB believes that a able prudential and babyminding framework is a key claim for the acumen and adherence of the Islamic banking casework industry. We are currently alive on a accepted on babyminding for Takāful operations, and addition one on Sharī`ah babyminding systems – which are now accessible for accessible comment. They are both appointed for acceptance by end of 2009. The IFSB had ahead issued the Guiding Principles on Corporate Governance, which was adopted in December 2006.”
The Qatar Seminar will accompany calm chief banking area supervisors, bazaar players, and experts from all-embracing banking institutions to altercate the afterward prudential and babyminding issues and challenges that may be faced by the industry:
- Prudential requirements for institutions alms Islamic banking casework
- Corporate Governance of institutions alms Islamic banking services
- Governance for Takāful operations
Sharī`ah Governance
- Legal issues and challenges adverse institutions alms Islamic banking services
- Sukūk and appraisement methodologies of alien acclaim appraisement agencies
The Seminar, which is accepting captivated adjoin the accomplishments of a crumbling all-around banking market, is accepted to allure accord from absorbed and accompanying parties.
Other IFSB standards are on assorted pertinent aspects of the Islamic adverse casework industry. They include, a allotment of others, basic adequacy, accident management, accuracy and bazaar discipline, authoritative analysis process. The IFSB authorization is to advance the development of a advisable and cellophane Islamic banking casework industry and accommodate advice on the able administration and adjustment of institutions alms Islamic banking products.
More advice on the Seminar is accessible on www.ifsb.org
About the Islamic Financial Services Board (IFSB):
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 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
Siham Ismail
Marketing Communications
Islamic Financial Services Board
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext. 119
Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB, said “The IFSB believes that a able prudential and babyminding framework is a key claim for the acumen and adherence of the Islamic banking casework industry. We are currently alive on a accepted on babyminding for Takāful operations, and addition one on Sharī`ah babyminding systems – which are now accessible for accessible comment. They are both appointed for acceptance by end of 2009. The IFSB had ahead issued the Guiding Principles on Corporate Governance, which was adopted in December 2006.”
The Qatar Seminar will accompany calm chief banking area supervisors, bazaar players, and experts from all-embracing banking institutions to altercate the afterward prudential and babyminding issues and challenges that may be faced by the industry:
- Prudential requirements for institutions alms Islamic banking casework
- Corporate Governance of institutions alms Islamic banking services
- Governance for Takāful operations
Sharī`ah Governance
- Legal issues and challenges adverse institutions alms Islamic banking services
- Sukūk and appraisement methodologies of alien acclaim appraisement agencies
The Seminar, which is accepting captivated adjoin the accomplishments of a crumbling all-around banking market, is accepted to allure accord from absorbed and accompanying parties.
Other IFSB standards are on assorted pertinent aspects of the Islamic adverse casework industry. They include, a allotment of others, basic adequacy, accident management, accuracy and bazaar discipline, authoritative analysis process. The IFSB authorization is to advance the development of a advisable and cellophane Islamic banking casework industry and accommodate advice on the able administration and adjustment of institutions alms Islamic banking products.
More advice on the Seminar is accessible on www.ifsb.org
About the Islamic Financial Services Board (IFSB):
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 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
Siham Ismail
Marketing Communications
Islamic Financial Services Board
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext. 119
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