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Press Release > 2017

The IFSB’s Islamic Financial Stability Forum in Kuala Lumpur to Discuss Recovery, Resolution and Insolvency

Date posted: 30 November 2017

30 November 2017, Kuala Lumpur – The Islamic Financial Services Board (IFSB) is organising the 16th Islamic Financial Stability Forum (IFSF) with the theme “Recovery, Resolution and Insolvency of Institutions offering Islamic Financial Services (IIFS) on 11 December 2017 in Kuala Lumpur, Malaysia in conjunction with the 31st Council Meeting of the IFSB.

The development of robust frameworks for orderly resolution of financial institutions and reducing the impact of failure of systemically important financial institutions on financial stability has been a priority on the global reform agenda following the experiences and lessons of the global financial crisis. International standards for resolution of financial institutions developed following the crisis include the Financial Stability Board’s ‘Key Attributes of Effective Resolution Regimes for Financial Institutions’, while national efforts to establish frameworks for recovery and resolution and for dealing with insolvency of financial institutions are still ongoing. With respect to institutions offering Islamic financial services (IIFS), it is of importance that relevant issues are also considered from an Islamic finance perspective and the needs and challenges of IIFS are incorporated into national frameworks. The IFSB’s work in this area brings to light many additional dimensions with regard to recovery, resolution and insolvency frameworks of IIFS owing to their unique governance frameworks and balance sheets, structural nuances, and the overarching requirements of Sharīʻah in relation to the structuring and implementation of contracts and transactions.

Mr. Michael McMillen, Partner, Curtis, Mallet-Prevost, Colt & Mosle LLP and IFSB Consultant will be the Speaker for the Forum. He will deliver a 20-minute speech/presentation on the topic, which will be followed by comments from discussants, including Mr. Rafiz Azuan Abdullah, Chief Executive Officer, Malaysia Deposit Insurance Corporation, and Mr. Madzlan Mohamad Hussain, Partner, ZICO Law, Malaysia.

The Stability Forum’s participants will include central bank governors, head of supervisory agencies in banking, insurance and capital market sectors, other senior country delegates as well as representatives of IFSB member international organisations and Islamic financial institutions. The 31st Meeting of the IFSB Council and the Stability Forum are jointly hosted by Bank Negara Malaysia and the Central Bank of the Islamic Republic of Iran.

For further information and registration, do visit www.ifsb.org, or contact Ms. Yazmin Aziz at yazmin@ifsb.org.

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