Press Releases from Islamic Financial Services Board (IFSB) (52 total)
IFSB, IDB-IRTI and UKTI cooperate in organising a Conference on Emerging Financi …
Kuala Lumpur, May 20th, 2009 – The Islamic Financial Services Board, Islamic Development Bank and Islamic Research and Training Institute will be organising a Conference on Emerging Financial Stability Framework on 1st July in London, which the United Kingdom Trade and Investment is hosting.
The one-day Conference aims to highlight and discuss various regulatory and supervisory issues arising from emerging initiatives undertaken in establishing a framework for the financial stability…
IFSB promulgates international prudential standards to address specificities of …
Point Aux Piments (Mauritius), May 19th, 2009 – "The Islamic Financial Services Board has promulgated standards which address issues related to Islamic capital markets, namely governance for Islamic collective investment schemes, conduct of business and Sharî`ah governance". Rifaat Ahmed Abdel Karim, Secretary-General of the Islamic Financial Services Board (IFSB) said in the Seminar on Islamic Capital Markets in Mauritius today. The Seminar is hosted by the Bank of Mauritius and…
Sixth Islamic Financial Services Board Summit: Stakeholders state commitment to …
Singapore, 7th May 2009 - The Sixth Annual Summit of the Islamic Financial Services Board (IFSB) begins today in Singapore with leading figures in the Islamic financial services industry pointing out the unique features of Islamic finance which may contribute to resilience and depth in the global financial system. They also stated their firm commitment to its continued soundness and stability taking account of the possible changes in the global…
Islamic Financial Services Board to hold its first annual Summit in South East A …
Kuala Lumpur, 13 April 2009 - The upcoming 6th Annual Summit of the Islamic Financial Services Board (IFSB) will be held on 7th – 8th May 2009 in Singapore under the patronage of Singapore's Senior Minister, Goh Chok Tong. The Summit, timely themed The Future of Islamic Financial Services, takes place amid the current challenges and issues facing the global financial market. The Monetary Authority of Singapore is hosting the…
IFSB to hold 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 jointly 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 strong prudential and governance framework is a key requirement for…
IFSB Plots Future of Global Islamic Financial Services Industry at its 6th Annua …
Kuala Lumpur, 18 March 2009 - The theme of this year's 6th Islamic Financial Services Board (IFSB) Summit "The Future of Islamic Financial Services" could not be more pertinent given the crisis which the global financial markets are witnessing. The Summit, due to take place on 5th – 8th May 2009 in Singapore is held under the kind patronage of Singapore's Senior Minister, Goh Chok Tong. The Monetary Authority of…
The IFSB adopts Standards on Islamic Collective Investment Schemes and Sukūk Se …
Kuala Lumpur, February 20, 2009 – The Council of the Islamic Financial Services Board (IFSB) has recently adopted two new standards which are now available 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 documents complement the existing IFSB Standards, namely the Capital…
“The Future of Islamic Financial Services” is the theme for 6th IFSB Summit
Kuala 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 first IFSB Summit to be held in Asia. The theme of the Summit is “The Future of Islamic Financial Services”.
Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB said, “This theme…
H.E. Hamad Al Sayari assumes Chairmanship of the Council of the IFSB for 2009
Kuala Lumpur, January 28, 2009 – H.E. Hamad Al Sayari, Governor of the Saudi Arabian Monetary Agency (SAMA), assumed Chairmanship of the Council and General Assembly of the Islamic Financial Services Board (IFSB) for the term 1st January – 31st December 2009. H.E. Dr. Sabir Mohamed Hassan, Governor of the Central Bank of Sudan assumed the Deputy Chairmanship for the same period.
Chairmanship of the IFSB is on an annual…
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 jointly 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 bring together senior financial sector supervisors, market players, and experts from international financial institutions to discuss the following issues and challenges that Europe may face…
Seminar on Islamic Finance aims to be catalyst for the development of Islamic fi …
Seoul, January 13, 2009—The Seminar on Islamic Finance kicked off in Seoul at the Lotte Hotel this morning with Dr. Jun Kwang-Woo, Chairman of Korea’s Financial Services Commission, delivering the opening remarks by H.E. Lee Myung-Bak, President of the Republic of Korea. Approximately 300 participants, including representatives from the IFSB, regulators, finance practitioners, business executives, and government representatives, attended the meeting.
In his opening remarks, President Lee Myung-Bak extended a warm…
IFSB-IAIS Working Agreement aims to enhance cooperation and understanding in mut …
Kuala Lumpur, December 4, 2008 – In line with its mandate to liaise and cooperate with relevant organizations currently setting standards for the stability of the international monetary and financial systems and those of the member countries, the Islamic Financial Services Board (IFSB) today announced that it has signed an agreement with the International Association of Insurance Supervisors (IAIS) which aims to enhance the cooperation and understanding in mutual areas…
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 first for the IFSB in Korea, is co-organised with the Financial Services Commission/Financial Supervisory Service of Korea. The Seminar aims to create awareness of Islamic finance in Korea to facilitate sufficient recognition among its financial community, as…
IFSB adopts two new prudential standards for the Islamic financial services indu …
Kuala Lumpur, November 4, 2008 – In its' 13th meeting on 29 October 2008, held in Dubai, UAE, the Council of the Islamic Financial Services Board (IFSB)approved the adoption of two exposure 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 documents will be available for download from the IFSB website by the end of 2008.
The meeting was chaired by H.E. Dr.…
Rating methodologies and challenge of maintaining solvency among pressing issues …
Kuala Lumpur, 1 November 2008 - Rating methodologies and the challenge of maintaining solvency are among pressing issues for the Takâful and Retakâful industy, which are important in managing the risks inherent in the industry. These two issues are the subject of the following two seminars which the Islamic Financial Services Board (IFSB) is organising. The Monetary Authority of Singapore is hosting the Seminars which will be held…
State Bank of Pakistan hosts Islamic Financial Services Awareness Programmes in …
Kuala Lumpur & Karachi, September 25, 2008 – The State Bank of Pakistan (SBP) is hosting five awareness programmes that the IFSB is organising on 27 – 31 October 2008 in Karachi. The programmes are held in conjunction with the 13th Meeting of the Council of the Islamic Financial Services Board (IFSB), which the SBP is also hosting.
The five programmes are:
- 3rd International Conference on Islamic Banking &…
IFSB Hearings to Discuss Capital Requirements for Sukūk Securitisations and Rea …
Kuala Lumpur, 4 May 2008 – As preparations for the 5th Annual Islamic Financial Services Board (IFSB) Summit on 13-14th May 2008 at the InterContinental Hotel in Amman, Jordan gather momentum with the confirmed participation of nine central banks’ governors, the IFSB is also convening two pre-summit Public Hearings on 12th May 2008 in the Jordanian capital on capital adequacy requirements for Sukūk securitisations and real estate investments and corporate…
Malaysia, Singapore and Hong Kong to showcase Islamic finance initiatives in IFS …
Kuala Lumpur, 24 April 2008 – Malaysia, Singapore and Hong Kong are participating in the Country Showcases which will be held prior to the 5th Islamic Financial Services Board (IFSB) Summit, on 12th May 2008 in Amman, Jordan. The Country Showcases are part of this annual Summit which is scheduled to be on 13-14th May 2008. The Summit, that the Central Bank of Jordan is hosting, is held under the…
The IFSB Council adopts two documents for the Islamic financial services industr …
Kuala Lumpur, 1st April 2008 – In its 12th meeting held at the Islamic Development Bank’s (IDB) headquarters in Jeddah on March 26th 2008, the Council of the Islamic Financial Services Board (IFSB) resolved to approve two documents that aim to further facilitate efforts towards enhancing the soundness and stability of the Islamic financial services industry. The two documents are:
• Guidance Note in Connection with the Capital Adequacy Standard:…
The IFSB membership continues to attract interest from international regulatory …
The IFSB admits 14 new organsiations to its’ membership and upgrades one member from observer to associate status.
- The IFSB members now total 164 organisations comprising 41 regulatory and supervisory authorities, six international inter-governmental organisations and 117 market players and professional firms operating in 33 jurisdictions.
Jeddah, March 26, 2008 – The Islamic Financial Services Board (IFSB) membership has continued to attract interest from international regulatory and supervisory institutions. In…
IFSB General Assembly appoints chairman and deputy chairman 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 annual term 2009.
- Dr. Sabir Mohamed Hassan, Governor of the Central Bank of Sudan appointed as Deputy Chairman.
Jeddah, March 26, 2008 – In its 6th meeting held at the Islamic Development Bank’s (IDB) headquarters in Jeddah, the General Assembly of the…
IFC-IFSB Seminar Participants Discuss Governance Issues for Institutions Offerin …
Kuala Lumpur/Washington, D.C., March 28, 2008—The IFC Global Corporate Governance Forum, the Islamic Financial Services Board, and the World Bank Group Corporate Governance Department recently organised a seminar in Manama, Bahrain, to increase awareness of corporate governance issues in Islamic finance. The Central Bank of Bahrain hosted the seminar on March 11 and 12, 2008.
Participants included more than 60 senior bankers from Bahrain, other Gulf Cooperation Council countries,…
Top Regulators and International Experts to Address IFSB Amman Summit on Financi …
Kuala Lumpur, 28 February 2008 - Central Bank Governors from seven member countries of the Islamic Financial Services Board (IFSB) will participate in the 5th Annual Islamic Financial Services Board Summit which is scheduled to be held on 13-14th May 2008 at the Intercontinental Hotel in Amman, Jordan under the Royal Patronage of Her Majesty Queen Rania Al-Abdullah and on the theme ‘Financial Globalisation and Islamic Financial Services’.
The annual…
Joint Seminar on Corporate Governance Issues in Islamic Finance
Kuala Lumpur, February 6, 2008 – The Islamic Financial Services Board, the World Bank Group Corporate Governance Department, and the IFC Global Corporate Governance Forum are organising a joint Seminar on Corporate Governance Issues in Islamic Finance. The two-day Seminar will be hosted in Manama by the Central Bank of Bahrain on March 11 to 12, 2008.
The Seminar aims to increase awareness of corporate governance issues in Islamic finance,…
Seminar on Islamic Finance - Opportunities and Challenges in Hong Kong
January 15, 2008 - The Hong Kong Monetary Authority (HKMA) and the Islamic Financial Services Board (IFSB) jointly organised the Seminar on Islamic Finance held today (15 January) to promote discussion of the development of an Islamic financial platform in Hong Kong.
The seminar was well attended by over 280 delegates including representatives from central banks, financial regulators, prominent commercial bankers, market professionals and legal practitioners from Hong Kong and…
IFSB to Explore the Impact of Financial Globalisation on Islamic Financial Servi …
Kuala Lumpur, 2 January 2008 - The very nature of cross-border capital flows together with the phenomenal advances in information technology and pressures on financial market liberalisation has meant that globalisation has inevitably impacted on the financial services sector per se.
In this respect, the Islamic financial services sector is no exception. Indeed, in an aspiring universal Shari\'ah compliant system of financial management, globalisation at least is a potential force…
The Islamic financial services industry is part and parcel of the global financi …
Frankfurt, December 7, 2007 – “Islamic finance, despite its unique characteristics, is diverse in its application and has universal appeal as a viable alternative means of financing” Professor Rifaat Ahmed Abdel Karim, Secretary General of the Islamic Financial Services Board (IFSB) said in his opening address to the delegates of the 2nd Islamic Financial Services Forum: The European Challenge on Wednesday. He added that despite having its own nomenclature, the…
IFSB Council appoints new Chairperson for 2008, Members increase to 150
Dr. 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 members bringing its total membership to 150 organisations. The IFSB members now total 150 comprising 37 regulatory and supervisory authorities, 5 international inter-governmental organisations and 108 market players…
The IFSB Issues Compilation Guide on Prudential and Structural Islamic Finance I …
Kuala Lumpur, November 7, 2007 – Limited availability of statistical information and lack of cross-country historical data with sufficiently long time-series have been identified as some of the major challenges faced by the Islamic Financial Services Board (IFSB) in developing its international prudential standards for the Islamic financial services industry. In addressing this need, the IFSB has issued a Compilation Guide on Prudential and Structural Islamic Finance Indicators (PSIFIs), which…
IFSB introduces FIS Workshop Series to facilitate implementation of its Standard …
Kuala Lumpur, September 28, 2007 – The Islamic Financial Services Board (IFSB) is introducing a specially designed “Facilitating the Implementation of Standards (FIS) Workshop Series” as part of its efforts to facilitate the implementation of IFSB Standards among member countries. The Workshop series, focusing on the IFSB Capital Adequacy and Transparency & Market Discipline Standards, will initially be held in selected member countries, including Bahrain, Pakistan and Sudan from…
Bank of Japan and Emirates Securities and Commodities Authority among 12 New Mem …
Kuala Lumpur, September 14, 2007 - The Council of the Islamic Financial Services Board (IFSB) has resolved to admit 12 new members to the IFSB bringing the total members to 137.
Two new regulatory and supervisory authorities have joined the IFSB membership, namely Emirates Securities and Commodities Authority, United Arab Emirates, which was admitted as an Associate Member, and Bank of Japan which joined as an Observer Member.
The Council…
IFSB and FSI organise 2nd Forum on The European Challenge in Islamic Financial S …
The Islamic Financial Services Board (IFSB) and the Financial Stability Institute (FSI) of the Bank for International Settlements are organising the 2nd Forum on Islamic Financial Services Forum: The European Challenge on 5 & 6 December 2007 in Frankfurt, Germany. Deutsche Bundesbank is supporting the Forum.
The 2nd “European Challenge” Forum is organised in response to the increasing interest shown in Islamic financial services within and among European nations. The…
Role of Takaful (Islamic Insurance) in the Islamic Financial Services Industry
The Takaful and retakaful businesses play a crucial role in managing and mitigating the risks in Islamic finance. Takaful operators assume an important role as economic or financial intermediaries as they essentially mobilise long-term funds in the form of policy-holder contributions and invest them in the available Shari’ah compliant investments.
• Absence of clear regulatory frameworks, prudential standards and codes of good practice, hinder the Takaful industry’s potential…
4th IFSB Summit discusses challenges and efforts towards standardisation and con …
16 May 2007, Dubai, UAE – Dubai played host to ten governors of central banks and top executives of securities and insurance regulators in the 4th Islamic Financial Services Board Summit held on 15th and 16th May at Grand Hyatt. The Summit discussed challenges and efforts towards the standardisation and convergence of the global Islamic financial services industry. The Summit is hosted by the Central Bank of UAE.
The ten…
Cross Border Expansion of Financial Institutions Requires New Supervisory Approa …
International Monetary Fund (IMF) Managing Director, Mr. Rodrigo de Rato and Dr. Zeti Akhtar Aziz, Chairperson of the Islamic Financial Services Board (IFSB) Council deliver Keynote Addresses at the 4th Islamic Financial Services Board Summit in Dubai on the morning of 15 May 2007.
• Mr. de Rato’s address touched on the acceleration of financial globalisation which has brought forth challenges related to regional financial integration, financial stability and supervision…
4th IFSB Summit - UAE Royal Patronage of His Highness Sheikh Mohammed Al Maktoum
Kuala Lumpur, 12 April 2007 - His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai has confirmed his patronage of the 4th Islamic Financial Services Board Summit 2007. The Summit will be on 15 and 16 May 2007 at the Grand Hyatt Dubai. The Central Bank of the UAE is hosting the Summit.
Professor Rifaat Ahmed Abdel…
Syria and Djibouti Authorities Join the IFSB - IFSB membership increases to 126
Kuala Lumpur, March 26, 2007 – The Council of the IFSB admitted 16 new members to the IFSB in its 10th meeting on Monday, 26 March 2007, bringing the total of IFSB members to 126. The meeting was chaired by Governor Bank Negara Malaysia, Dr. Zeti Akhtar Aziz, and was attended by all IFSB Council members, including 9 central bank governors, the President of the Islamic Development Bank and six…
Bank Negara Malaysia hosts IFSB Annual Meetings in Kuala Lumpur
The 10th Meeting of the Council of the Islamic Financial Services Board (IFSB) will be held on 26th March 2007 at the Kuala Lumpur Convention Centre (KLCC). Dr. Zeti Akhtar Aziz, Chairperson of the IFSB and Governor Bank Negara Malaysia, will chair the high level meeting to be attended by 11 central bank’s governors, President of the Islamic Development Bank, 2 deputy governors and 2 governor’s representatives.
• The…
International Monetary Fund Managing Director to Address Islamic Financial Servi …
• Mr. Rodrigo de Rato, Managing Director of the International Monetary Fund (IMF) will address key regulators, stakeholders and Islamic financial services industry players at the 4th IFSB Summit on 15 & 16 May 2007.
• The Keynote Address by Mr de Rato comes on the eve of positive global developments within the Islamic financial services industry and its growing integration in the global financial system, and is expected to…
STRENGTHENING LEGAL FRAMEWORK FOR ISLAMIC FINANCIAL SERVICES
Kuala Lumpur, February 26, 2007 – The specificities of Shari’ah compliant financial services offered by banking and financial institutions need to be supported by a strong legal framework. Legal firms offering Islamic financial services need to understand the parameters and specificities in which financial institutions offering Islamic financial services operate, and establish a legal framework within these parameters.
Secretary-General of the IFSB, Professor Rifaat Ahmed Abdel Karim, affirmed that a…
IFSB Islamic Finance Seminar in Tokyo opens new opportunities for global investo …
Dr. Zeti Akhtar Aziz, Governor Central Bank of Malaysia, and Chairperson of the Islamic Financial Services Board (IFSB), this afternoon, addressed a gathering of over 200 financial industry practitioners and stakeholders at the Seminar on Islamic Finance: Challenges and Opportunities for Japan.
• Dr. Zeti’s views are expected to lend credence to the positive developments of Islamic financial services, with vast opportunities for greater participation of new industry players.
• Secretary-General of the IFSB,…
Chief Justice of Malaysia to Deliver Keynote - Survey findings on Legal and Shar …
Kuala Lumpur, December 21, 2006 – Chief Justice of Malaysia, Tun Dato’ Seri Ahmad Fairuz Dato’ Sheikh Abdul Halim, will deliver a Keynote Address to the delegates of the Seminar on Legal and Shari’ah Issues in Islamic Finance on 28th March 2007. He will be joined by William Blair of Three Verulam Buildings, UK and Dr. Zeti Akhtar Aziz, Governor of Bank Negara Malaysia and Islamic Financial Services Board (IFSB)…
Governor of Central Bank of Jordan to Deliver Keynote: IFSB Seminar On Risks, Re …
Kuala Lumpur, December 20, 2006 – His Excellency Dr. Umayya Toukan will address delegates of the Seminar on Risks, Rewards and the Role of Regulation in Islamic Investments in Real Estate, which will be held on 13th February 2007 in Amman. The Central Bank of Jordan is hosting the Seminar organized by the Islamic Financial Services Board (IFSB).
The investment and financing by institutions offering Islamic financial services (IIFS)…
The IFSB Welcomes Comments on Exposure Drafts: Transparency and Market Disciplin …
Kuala Lumpur, December 18, 2006 - The Islamic Financial Services Board (IFSB) today issued two exposure drafts (ED) for a five-month public consultation period. The EDs, which were approved on 29th November by the IFSB Technical Committee in its meeting at the Islamic Development Bank Headquarters in Jeddah, are on:
Transparency and Market Discipline for Institutions offering Islamic Financial Services (ED4)
Supervisory Review Process for Institutions offering Islamic Financial Services (ED5)
The…
Council of the IFSB adopts Guiding Principles on Corporate Governance for Islami …
Kuala Lumpur, December 4, 2006 - The Council of the Islamic Financial Services Board (IFSB) adopted, in its meeting, guiding principles to help promote the adoption of sound corporate governance practices by institutions offering Islamic financial services (IIFS). The 9th Meeting of the IFSB Council was held on 29 November 2006 at the Islamic Development Bank Headquarters in Jeddah, Saudi Arabia.
Titled Guiding Principles on Corporate Governance for IIFS (excluding…
Securities and Insurance Authorities Join the IFSB - IFSB Membership Increases t …
Kuala Lumpur, December 1, 2006 – The Council of the Islamic Financial Services Board (IFSB) has admitted 16 new members to the IFSB, bringing the total IFSB members to 110. The new members include The Securities Commission (SC) of Malaysia and The Capital Market Authority (CMA) of Saudi Arabia as Full Members, and 14 Observer Members.
The admission of SC and CMA marks the entrance of securities regulatory authorities in…
Banking and Securities Regulators to Speak at the 4th Islamic Financial Services …
Kuala Lumpur, October 31, 2006 – Eight Central Bank Governors will join their UAE host, Sultan Bin Nasser Al Suwaidi in the 4th Islamic Financial Services Board (IFSB) Summit. The Central Bank Governors are:
1. Rasheed Al Maraj, Governor of Bahrain
2. Burhanuddin Abdullah, Governor of Indonesia
3. Yves Mersch, Governor of Luxembourg
4. Dr Zeti Aziz Akhtar, Governor of Malaysia
5. Sheikh Abdulla Saud Al Thani, Governor of Qatar
6. Hamad Al-Sayari, Governor of Saudi Arabia
7. Dr Sabir Mohamed Hassan, Governor of…
Islamic Financial Services Board (IFSB) Membership Increases to 94
Kuala Lumpur, August 28, 2006 – The Council of the Islamic Financial Services Board (IFSB) has admitted six new members to the IFSB, bringing the total IFSB members to 94. These include 22 regulatory & supervisory authorities as well as the International Monetary Fund, the World Bank, Bank for International Settlements, the Islamic Development Bank, the Asian Development Bank, and 67 financial institutions from 17 countries.
The newly admitted members…
Intergrating Islamic Finance into the Global Financial System
Wellington, June 13, 2006 – The Islamic Financial Services Board (IFSB), in its efforts to integrate Islamic finance into the global financial system introduces new or adapts existing international standards which are consistent with Shari’ah rules and principles. “We do not attempt to reinvent the wheel for Islamic finance as a niche system, rather, we complement the work of the Basel Committee for Banking Supervision by catering for the specifities…
Money Market Instruments as Key Tool in Developing Liquidity in Islamic Finance
Beirut, 18 May 2006 - Money market instruments are key tools in developing enough depth of liquidity for the Islamic financial services industry, however currently, the industry still has a long way to go before this expectation is satisfied. This was amongst the focal points highlighted by the expert speakers in the session entitled “Systemic Liquidity Arrangements and Macro Policy” in the 3rd Islamic Financial Services Board (IFSB) Summit held…
