Facilitating the Implementation of the IFSB Standards (FIS) Workshop for Regulatory and Supervisory Authorities (RSA) of the IFSB Member Countries (Islamic Capital Market and Takāful) in September 2014

Kuala Lumpur, 24 September 2014 – The Islamic Financial Services Board (IFSB) is pleased to announce that two FIS Workshops for Regulatory and Supervisory Authorities of the IFSB Member Countries (Islamic Capital Market and Takāful) will be held on 3 -5 November 2014 at Sasana Kijang, Bank Negara Malaysia, Kuala Lumpur.

These Workshops intend to serve as a Train-The-Trainer programme for the staff of regulatory and supervisory authorities on the IFSB Standards which are aimed at:

1. enhancing the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating further training and implementation of these standards in their respective jurisdictions;
2. assisting the participants in practical application of issues addressed in the particular standards through case studies, group exercises and other interactive tools; and
3. promoting the sharing of experiences among regulators and supervisors on the implementation of respective IFSB Standards and Guiding Principles

Workshop for Regulatory and Supervisory Authorities of the IFSB Member Countries (Islamic Capital Market)

The workshop will focus on deepening the discussions on various regulatory issues and challenges facing the Capital Market regulators, and will include practical examples and case studies on the supervision of Sukūk and Islamic Collective Investment Schemes (ICIS). It aims at exploring the potential of developing Islamic Capital Market and will discuss the latest development in Sukūk regulation based on the Guiding Principles on Governance for ICIS (IFSB-6) and Revised Capital Adequacy Standard (IFSB-15). Potential solutions and best practices to the lingering challenges will also be explored.

Workshop for Regulatory and Supervisory Authorities of the IFSB Member Countries (Takāful)

Through IFSB-8, this Workshop aims to help the RSAs implementing the IFSB Guiding Principles on Governance for Takāful Undertakings by reinforcing international best practices while addressing the specificities of governance for Takāful undertakings. The Workshops will focus on Standard on Solvency Requirements for Takāful Undertakings (IFSB-11) which aims to enhance and improve the ability of Takāful undertakings in sustaining and managing the risks on behalf of the participants. Taking into consideration the specificities of Islamic finance, the session on Standard on Risk Management for Takāful Undertakings (IFSB-14) will highlight the key risks which are specific to Takāful undertakings, i.e. Sharī`ah non-compliance risk, risks arising from segregation of funds, and risks relating to the use of ReTakāful.

The Workshops are tailored for the RSAs that are members of the IFSB. Participation for these Workshops is by invitation only.

Other planned Workshop in 2014 is the FIS Workshop for the Banking Sector Series in Dakar, Senegal on 17 – 19 November 2014. These Workshops are tailored for both banking regulatory and supervisory authorities as well as market players that are members of the IFSB.

For more information on the Workshops, please visit www.ifsb.org or contact Mr. Hamizi Hamzah at [email protected].