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The IFSB Welcomes Comments on Exposure Drafts: Transparency and Market Discipline & Supervsory Reveiw Process

Both Exposure Drafts are dowloadable from www.ifsb.org

Both Exposure Drafts are dowloadable from www.ifsb.org

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 Secretary General of the IFSB, Professor Rifaat Ahmed Abdel Karim said, “The IFSB welcomes comments by regulatory and supervisory authorities, international organizations, financial institutions, market players and other interested parties who share the IFSB objective.”

The IFSB will be organizing workshops and a public hearing to discuss each ED as follows:
Workshops : 6 February 2007 in Kuala Lumpur, Malaysia
Public Hearing : 14 May 2007 in Dubai, United Arab Emirates

The issuance of the EDs mark another milestone for the IFSB, an international standard-setting body of global regulatory and supervisory authorities that have vested interest in ensuring the soundness and stability of the Islamic financial services industry. Since starting operations in 2003, the IFSB has issued three prudential standards for the Islamic financial services industry, namely, Capital Adequacy, Risk Management and Corporate Governance.

All IFSB Standards and EDs are available at the IFSB website www.ifsb.org

The IFSB is an international organization with the mandate to promote and enhance the soundness and stability of the Islamic financial services industry through the development of prudent and transparent industry standards, undertaking research and studies as well as conducting information dissemination activities. The works 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 started operations in 2003 with nine founding members comprising the Central Banks of Bahrain, Indonesia, Iran, Kuwait, Malaysia, Pakistan, Saudi Arabia and Sudan, and the Islamic Development Bank. The Secretariat of the IFSB is located in Kuala Lumpur.

The IFSB Council has recently approved the admission of 16 new members to the organisation. The IFSB now has 110 members comprising 27 regulatory and supervisory authorities, 5 international intergovernmental organizations and 78 market players from 21 countries. More information on the IFSB may be viewed at www.ifsb.org

Media contact:
Siham Ismail
Islamic Financial Services Board
Email: siham@ifsb.org
Tel: 6 03 2698 4248 ext: 119
Fax: 6 03 2698 4280

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