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4th IFSB Summit - UAE Royal Patronage of His Highness Sheikh Mohammed Al Maktoum

His Highness Sheikh Mohammed bin Rashid Al Maktoum

His Highness Sheikh Mohammed bin Rashid 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 Karim, Secretary General of the Islamic Financial Services Board (IFSB) said that the Summit is expected to be the largest gathering for the IFSB this year, and we are honoured that His Highness Sheikh Mohammed bin Rashid Al Maktoum has agreed to lend his patronage to this gathering of the industry leaders and other stakeholders.

The one and a half day Summit will discuss “The Need For a Cross Sectoral Approach to the Supervision of Islamic Financial Services” and 26 distinguished financial industry personalities have confirmed their participation as chairpersons and speakers. These are:
1. Rodrigo de Rato Managing Director, International Monetary Fund (IMF)
2. Rasheed M. Al-Maraj Governor, Central Bank of Bahrain
3. Burhanuddin Abdullah Governor, Bank Indonesia
4. Yves Mersch Governor, Central Bank of Luxembourg
5. Dr. Zeti Akhtar Aziz Governor, Bank Negara Malaysia
6. Dr. Shamshad Akhtar Governor, State Bank of Pakistan
7. Sheikh Abdulla Saud Al Thani Governor, Qatar Central Bank
8. Hamad Al-Sayari Governor, Saudi Arabian Monetary Agency
9. Dr. Sabir Mohamed Hassan Governor, Bank of Sudan
10. Stefan Ingves Governor, Sveriges Riksbank, Sweden
11. Sultan Bin Nasser Al Suwaidi Governor, Central Bank of the United Arab Emirates
12. Dato’ Zarinah Anwar Chairman, Securities Commission of Malaysia
13. Jaime Caruana Director & Counsellor, Monetary & Capital Market Dept., IMF
14. Rt. Hon. Jenny Shipley Former Prime Minister of New Zealand
15. Dr. Bassel Hindawi Director General, Jordan Insurance Commission
16. Dirk Witteveen Chairman Joint Forum & Executive Director, De Nederlandsche Bank
17. Philippe Richard Secretary General, International Organization Of Securities Commission
18. Professor Rifaat Abdel Karim Secretary-General, Islamic Financial Services Board
19. David Knott CEO, Dubai Financial Services Authority, UAE
20. William Coen Deputy Secretary General, Basel Committee on Banking Supervision
21. Teo Swee Lian Deputy Managing Director, Monetary Authority of Singapore
22. David Schraa Director, Regulatory Affairs Dept., The Institute of International Finance, Inc.
23. Dr. Ishrat Hussain, Former Governor State Bank of Pakistan
24. John Weguelin Executive Director & Managing Director, European Islamic Investment Bank, UK
25. Dr. Adnan Büyükdeniz, General Manager Albaraka Türk
26. Professor Simon Archer, University of Surrey, UK

The IFSB will be holding 2 pre-Summit events on the 14th May 2007 at the same venue. They are:
1. Public Hearing on IFSB Exposure Drafts 4 and 5
·Exposure Draft 4: Transparency and Market Discipline
·Exposure Draft 5: Supervisory Review Process
2. Country Showcases and Networking Sessions featuring Brunei Darussalam, Bahrain, Luxembourg and Malaysia.

Details of the Summit is available from

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
Tel: 6 03 2698 4248 ext: 119
Fax: 6 03 2698 4280

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