IFSB to hold Seminar on Prudential and Governance Framework for Islamic Finance

Kuala Lumpur, April 9, 2009 – The Islamic Financial Services Board (IFSB) and the Qatar Faculty of Islamic Studies (QFIS) are jointly organising a Seminar on Prudential and Governance Framework on 15 – 16 April 2009 in Doha, which the Qatar Central Bank is hosting.

Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB, said “The IFSB believes that a strong prudential and governance framework is a key requirement for the soundness and stability of the Islamic financial services industry. We are currently working on a standard on governance for Takāful operations, and another one on Sharī`ah governance systems – which are now available for public comment. They are both scheduled for adoption by end of 2009. The IFSB had previously issued the Guiding Principles on Corporate Governance, which was adopted in December 2006.”

The Qatar Seminar will bring together senior financial sector supervisors, market players, and experts from international financial institutions to discuss the following prudential and governance issues and challenges that may be faced by the industry:

- Prudential requirements for institutions offering Islamic financial services
- Corporate Governance of institutions offering Islamic financial services
- Governance for Takāful operations
Sharī`ah Governance
- Legal issues and challenges facing institutions offering Islamic financial services
- Sukūk and rating methodologies of external credit rating agencies

The Seminar, which is being held against the backdrop of a declining global financial market, is expected to attract participation from interested and related parties.

Other IFSB standards are on various pertinent aspects of the Islamic facing services industry. They include, among others, capital adequacy, risk management, transparency and market discipline, supervisory review process. The IFSB mandate is to promote the development of a prudent and transparent Islamic financial services industry and provide guidance on the effective supervision and regulation of institutions offering Islamic financial products.

More information on the Seminar is available on www.ifsb.org

About the Islamic Financial Services Board (IFSB):

The IFSB is an international standard-setting organisation that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets and insurance sectors.

The IFSB also conducts research and coordinates initiatives on industry-related issues, as well as organises roundtables, seminars and conferences for regulators and industry stakeholders. Towards this end, the IFSB works closely with relevant international, regional and national organisations, research/educational institutions and market players.

For more information about the IFSB, please visit www.ifsb.org

Siham Ismail
Marketing Communications
Islamic Financial Services Board
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext. 119

This release was published on openPR.