Banking and Securities Regulators to Speak at the 4th Islamic Financial Services Board Summit 2007

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 Sudan
8. Stefan Ingves, Governor of Sweden

The Governors will be joined by, among other distinguished speakers, the Former Prime Minister of New Zealand, Rt. Hon. Jenny Shipley who will be delivering the Gala Dinner Keynote Address. Dato’ Zarinah Anwar, Chariman Securities Commission of Malaysia, Dr. Basel Hindawi, Vice Chairman and Director General of the Jordan Insurance Commission, Dirk Witteveen, Chairman of the Joint Forum, Herve Hannoun, Deputy General Manager of Bank for International Settlements and Philippe Richard, Secretary-General of International Organisation of Securities Commission (IOSCO) have also confirmed their participation.

The 4th Summit, themed “The Need for a Cross-Sectoral Approach to the Supervision of Islamic Financial Services” will bring together the key regulators and players of the Islamic financial industry, which encompasses the banking, securities and takaful (Islamic insurance) segments.

The unique business models of banking institutions that offer Islamic financial services which combine, in a majority of jurisdictions, activities of commercial banking, asset management and investment banking, without legal, financial and administrative separation poses new challenges to supervisory authorities. A cross-sectoral approach, as reflected in the work of the Joint Forum, which draws from the different segments of the industry will help in addressing these challenges.

The theme of the Summit is very timely, given that the IFSB Council has approved, earlier this year, amendments to the Articles of Agreement, thereby opening the door to the securities and insurance supervisory authorities to join the IFSB as Full Members. The Summit reflects the mandate of the IFSB to set standards for all segments of the industry.

View the “Who’s Who” of the 4th IFSB Summit at its dedicated website www.ifsbdubai2007.com

Note to the Editor:

Joint Forum: Under the aegis of the Basel Committee, the International Association of Insurance Supervisors (IAIS) and the International Organisation of Securities Commissions (IOSCO), the Joint Forum addresses some of the most important supervisory issues that arise from the continuing emergence of financial conglomerates and the blurring of distinctions between the banking, securities and insurance sectors.

Siham Ismail
Sr Executive, Marketing Communications
Tel: +6 03 2698 4248 ext.119
Fax: +6 03 2698 4280
Email: siham@ifsb.org
Address:
Islamic Financial Services Board
3rd Floor, Block A, Bank Negara Malaysia Building
Jalan Dato' Onn
50480 Kuala Lumpur
Malaysia

The Islamic Financial Services Board (IFSB), which is based in Kuala Lumpur, was officially inaugurated on 3rd November 2002 and started operations on 10th March 2003. It serves as an international-standard setting body of regulatory and supervisory agencies that have vested interest in ensuring the soundness and stability of the Islamic financial services industry, which is defined broadly to include banking, capital market and insurance. In advancing this mission, the IFSB promotes the development of a prudent and transparent Islamic financial services industry through introducing new, or adapting existing international standards consistent with Islamic Shari'ah principles, and recommend them for adoption. To this end, the work of the IFSB complements that of the Basel Committee on Banking Supervision, International Organization of Securities Commissions and the International Association of Insurance Supervisors.

The IFSB has 94 members which includes 22 regulatory and supervisory authorities as well as the International Monetary Fund, The World Bank, Bank for International Settlements, Islamic Development Bank and Asian Development Bank, and 67 financial institutions from 17 countries.

This release was published on openPR.