IFSB introduces FIS Workshop Series to facilitate implementation of its Standards

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 November 2007 onwards. The Workshop series is expected to provide participants with the necessary knowledge and skills to understand and implement the IFSB Standards in order to support the operations of institutions offering Islamic financial services (IIFS) to remain robust and sound.

Secretary General of the IFSB, Professor Rifaat Ahmed Abdel Karim said, “In this era of financial globalisation, implementation of the IFSB Standards would be crucial because they will help both regulatory and supervisory authorities and market players to address the specificities of risks in Islamic finance, thereby enhancing the soundness and stability of the system in which the IIFS operate.”

The Workshops are targeted at technical personnel from central banks, regulatory and supervisory bodies as well as institutions offering Islamic financial services.

Material on other IFSB Standards is still being developed and will gradually be incorporated into the FIS Workshop Series. More information on the FIS Workshop Series is available on the IFSB website www.ifsb.org

Siham Ismail
Email: siham@ifsb.org
Tel: 6 03 2698 4248 ext 119

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 137 members of the IFSB include 35 regulatory and supervisory authorities as well as International Monetary Fund, The World Bank, Bank for International Settlements, Islamic Development Bank, Asian Development Bank, and 97 market players and professional firms from 22 countries.

This release was published on openPR.