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 IFSB Council is expected to adopt the 10 Year Framework for the Development of the Islamic Financial Services Industry as well as discuss the admission of new members into the IFSB. The IFSB currently has 110 members from among regulatory and supervisory authorities, international inter-governmental organisations and financial market players. These members make up the General Assembly of the IFSB. The 5th General Assembly of the IFSB will be held immediately after the Council Meeting.

• The IFSB is also organising an Interactive Session, Inaugural Public Lecture on Financial Policy and Stability and 2 International Seminars in conjunction with the Annual Meetings from 26 – 29 March 2007 at the Kuala Lumpur Convention Centre.

Kuala Lumpur, March 20, 2007 – 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 governors who have confirmed their attendance are from the central banks and monetary authorities of Bangladesh, Brunei, Egypt, Iran, Malaysia, Pakistan, Qatar, Saudi Arabia, Singapore, Sudan and United Arab Emirates. The deputy governors are from the central banks of Bahrain and Indonesia, while representatives are from Kuwait and Jordan.

The IFSB Council is expected to adopt the 10 Year Framework for the Development of the Islamic Financial Services Industry as well as discuss the admission of new members into the IFSB. The IFSB currently has 110 members from among regulatory and supervisory authorities, international intergovernmental organisations and financial market players. These members make up the General Assembly of the IFSB. The 5th General Assembly of the IFSB will be held immediately after the Council Meeting.

The IFSB plays an active role in the development of international prudential standards which aim to enhance the soundness and stability of the Islamic financial services industry. Input from among the members, who are operating in over 21 jurisdictions, provides feedback to the IFSB in the development of standards and guidelines which attempts to be relevant across borders and in different jurisdictions.

The IFSB is also organising an Interactive Session, Inaugural Public Lecture on Financial Policy and Stability and 2 International Seminars in conjunction with the Annual Meetings from 26 – 29 March 2007 at the Kuala Lumpur Convention Centre.

The Side Events are:

26 March 2007
• IFSB Inaugural Public Lecture on Financial Policy and Stabilty

27 March 2007
• IFSB Interactive Session on “Recent Developments in the Islamic Financial Services Industry: Are They Adding Value To or Diluting the Industry?”
• 4th International Seminar on Challenges Facing the Islamic Financial Services Industry

28 & 29 March 2007
• 3rd Seminar on Legal Issues in the Islamic Financial Services Industry: Legal and Shari’ah Issues

All the Side Events are open to the Public. Fees are only applicable for the 3rd Seminar on Legal Issues, while the others are free of charge. Information and registration details may be obtained from the IFSB website or by emailing farrah@ifsb.org / ida@ifsb.org . They may also be reached at 03 2698 4248, ext. 116 (Farrah) or ext. 119 (Ida).

The IFSB Annual Meetings and Side Events are hosted by Bank Negara Malaysia. Bank Negara Malaysia will also be hosting the Global Islamic Finance Forum (GIFF).

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.

The 110 members of the IFSB include 27 regulatory and supervisory authorities as well as International Monetary Fund, World Bank, Bank for International Settlements, Islamic Development Bank, Asian Development Bank, and 78 market players from 21 countries.

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

This release was published on openPR.