3RD IFSB SUMMIT TO DISCUSS THE FINANCIAL ARCHITECTURE FOR ISLAMIC FINANCE IN THE NEXT DECADE

Kuala Lumpur – Aligning the Architecture of Islamic Finance to the Evolving Industry Needs fittingly describes the purpose of the assembly of Central Bank Governors, distinguished personalities and over 250 practitioners converging at the 3rd IFSB Summit, scheduled to be held in Beirut, Lebanon on 17 & 18 May 2006. Governors of central banks of Indonesia, Jordan, Lebanon, Malaysia, Pakistan, Qatar, Singapore and Sudan will be participating at the Summit held under the patronage of H.E. Fuad Siniora, the Prime Minister of Lebanon and hosted by Banque Du Liban. His Excellency Mr. Haruhiko Kuroda, President of the Asian Development Bank (ADB) will give a Keynote Address at the Summit.

The auspicious presence of the Governors displays a strong commitment among the countries in consolidating their nations’ interest in responding to the global demands and developments of the Islamic financial services industry.

The Summit will address a medium term vision for the industry from a Ten-Year Masterplan framework, the role of the industry in economic development and stability, and the needed adaptations in the architecture and infrastructure towards achieving the vision, hence maximizing the industry’s contribution towards growth with stability.

Setting the stage for the Summit, the Keynote Address will be delivered by H.E. Haruhiko Kuroda. Befittingly, the Asian region has embraced the rapid developments of the Islamic financial services industry which has shown tremendous regional growth in the past few years.

The presence of ABD and the various Asian nations reflect the regions potential as a central growth area. The ADB, together with the Islamic Development Bank, had provided the IFSB with technical assistance for the Development of International Prudential Standards for Islamic Financial Services in year 2004.

In their respective capacities, Asian nations have shown high commitment towards the growth of the industry and as stated by the Malaysian Governor Dr. Zeti Akhtar Aziz in a 2005 public forum “…in fact, we have come to realize that the paradigm of innovation in Islamic finance, by itself, shall accord Islamic financial institutions with the competitive advantage to forge ahead.” Over the past years, her sentiment has been shared by leading figures in the Asian financial market scene, including Mr Heng Swee Keat of Singapore.

Dr. Zeti will be sharing her insights and vast experience along with Dr. Muhammad Al-Jasser of Saudi Arabian Monetary Agency, Sheikh Saleh A. Kamel, Chairman of the General Council for Islamic Banks and Financial Institutions and Dr. Habib Al Mulla Chairman of the Dubai Financial Services Authority in the session “Highlighting the Vision of Islamic Financial Services Industry in Reinforcing its Role in Economic Development”.

The Summit complements the efforts spearheaded by the IFSB and the Islamic Development Bank to draft a Ten Year Masterplan framework for the Islamic financial services industry. It also supports the IFSB’s efforts to enhance the soundness and stability of the Islamic financial services industry, having issued in January this year its first two standards on Capital Adequacy and Risk Management. An Exposure Draft (ED) of a third standard on Corporate Governance is currently up for Public Comment and a Public Hearing of the ED will be held prior to the Summit on the 16th May 2006.

View the “Who’s Who” of the 3rd IFSB Summit at its dedicated website www.ifsblebanon.com

------------------------------------------- end ----------------------------------

Note to the Editor:
The Islamic Financial Services Board (IFSB), which is based in Malaysia, was officially inaugurated on 3rd November 2002. 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’a principles, and recommend them for adoption. To this end, the work of the IFSB complements that of the Basel Committee on Banking Supervision, International Organization of Securities Commissions and the International Association of Insurance Supervisors.

The 84 members of the IFSB include 20 regulatory & supervisory authorities as well as the International Monetary Fund, the World Bank, Bank for International Settlements, the Islamic Development Bank, the Asian Development Bank, and 53 financial institutions from 60 countries.

****
Released by
ISLAMIC FINANCIAL SERVICES BOARD (IFSB),
3rd Floor, Block A, Bank Negara Malaysia Building, Jalan Dato’ Onn, 50480 Kuala Lumpur, Malaysia.
Media enquiries:
SIHAM ISMAIL Tel: +603-2698 4248 ext 119 Fax: +603-2698 4280 Email: siham@ifsb.org

This release was published on openPR.