The 11th Islamic Financial Services Board Summit 2014 was held at the Le Meridien Ile Maurice, Mauritius and Bank of Mauritius was privileged to host the 11th Summit.
With the theme of this year’s Summit “New Markets and Frontiers for Islamic Finance: Innovation and the Regulatory Perimeter ”, this 11th Summit was the first IFSB Summit to be held in African continent, aimed to reflect the rapid growth of Islamic finance during the last decade which has been accompanied by its geographical expansion as well as by the establishment of guidelines and principles for its prudential regulation and supervision through the issuance of IFSB standards. The geographical expansion of Islamic finance into new markets has underscored the opportunities as well as challenges faced in new jurisdictions that seek to take advantage of an alternative source of development financing to drive inclusive growth. In emerging markets in Africa and Asia, the approaching deadline for attaining the Millenium Development Goals (MDGs) in 2015, and the difficult prospects for financing economic development post-2015 have spurred the search for additional sources of financing and raised interest in Islamic finance amongst both policy makers and multilateral development banks. Amongst developed economies, there is greater recognition of Islamic finance as offering prospects for raising investment funds by accessing the deepening global pools of Sharī`ah-compliant savings. Against this backdrop, the Summit provided an overview of global financial and regulatory developments from the perspective of Islamic finance. It will also explore some recent innovations that are driving inclusive growth while examining different policy and regulatory approaches to manage attendant risks.
Dr. The Honorable Navinchandra Ramgoolam, Prime Minister of the Republic of Mauritius delivered the Keynote Address at the Opening Session of the 11th Summit and launched the Islamic Financial Services Industry Stability Report 2014.
22 chairmen and speakers who were governors, deputy governor, heads as well as senior financial sector supervisors and experts from international financial institutions participated as speakers who panelled the following sessions:
- Legal and Regulatory Environment of Islamic Finance
- Global Overview of the Islamic Financial Services Industry (IFSI): Outlook and Policy Developments
- Sukūk, Market Development and Regulation
- The Role of Islamic Finance in Economic Development: Promoting Financial Inclusion, Sustaining Innovation, Expanding the Regulatory Perimeter – Striking a Balance
- New and Emerging Islamic Finance Jurisdictions: Opportunities and Challenges Ahead
In conjunction with the 11th IFSB Summit was the Summit Gala Dinner which was held on 21 May 2014. Dr. Ibrahim Turhan, Chairman and Chief Executive Officer of the Borsa Istanbul was invited to give the Keynote Address at the Dinner.
The 11th IFSB Summit was attended by more than 150 delegates from 27 countries comprising of senior officials from supervisory and regulatory bodies as well as representatives from international institutions, market players, accreditation, insurance and takaful, academia as well as other stakeholders of the Islamic financial services industry.