Banque de France to host IFSB-FSI Islamic Financial Services Forum in Paris

Kuala Lumpur, January 20, 2009 – The Islamic Financial Services Board (IFSB) and the Financial Stability Institute (FSI) are jointly organising the 3rd Islamic Financial Services Forum: The European Challenge on 4th March 2009 in Paris. Banque de France is hosting the Forum.

The Forum will bring together senior financial sector supervisors, market players, and experts from international financial institutions to discuss the following issues and challenges that Europe may face in managing liquidity in the Islamic financial services industry:

• Risks associated with liquidity in the Islamic financial services industry
• Infrastructures for managing liquidity and liquidity risks
• Legal, Sharī`ah and regulatory issues in liquidity management
• Case study: The Islamic financial services industry liquidity management approaches in selected countries

Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB expressed his enthusiasm for once again cooperating with the FSI in organising this European Islamic Financial Services Forum. He said, “Our first cooperation in organising the Forum, which was held Frankfurt last year, received overwhelming response not only from the financial community in Europe, but also from the Middle East, and Asia. Many are keen to explore the possibilities and opportunities for Islamic financial services in European countries.

The Forum which is being held against the backdrop of a forecasted declining global financial market, is expected to attract participation from those interested in exploring the possibilities of the Islamic financial business model as a viable alternative to the current existing business models, as well as those interested in discussing the development of the current Islamic financial services industry practices.

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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 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 Organisation of Securities Commissions and the International Association of Insurance Supervisors.

The members of the IFSB include regulatory and supervisory authorities, international inter-governmental organisations (International Monetary Fund, The World Bank, Bank for International Settlements, Islamic Development Bank, Asian Development Bank) and market players from various countries.

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

This release was published on openPR.