Regulators and international bodies discuss challenges in the supervision of Islamic financial services :
Kuala Lumpur, February 6, 2007 – A constructive approach to addressing the challenge of cross-sectoral issues in the supervision of Islamic financial services would be one drawn from the varying regulations of the different industry segments, such as reflected in the work of the Joint Forum.
Professor Rifaat Ahmed Abdel Karim, Secretary-General of the Islamic Financial Services Board (IFSB) said “The main mandate of the IFSB is to address the challenges facing supervisory authorities in regulating institutions offering Islamic financial services, which, in a majority of jurisdictions, combine activities of commercial banking, asset management and investment banking, without legal, financial and administrative separation. The 4th Summit will be an appropriate platform for all concerned supervisory authorities and industry players to discuss issues related to how to develop regulations that take into consideration the blurring of distinctions between these sectors, thereby helping to enhance the soundness and stability of the industry and sustaining its growth.”
Dirk Witteveen, Chairman of the Joint Forum, Phillipe Richard, Secretary General of the International Organisation of Securities Commission (IOSCO), Dato’ Zarinah Anwar, Chairman of the Securities Commission of Malaysia and Dr. Bassel Hindawi, Vice Chairman and Director General of the Jordan Insurance Commission will share their views and experiences in facing this challenge in the 4th Islamic Financial Services Board (IFSB) Summit on 15 & 16 May 2007.
Mr Witteveen and Mr Richard will present the standard setters’ perspective in addressing this challenge by looking at the key considerations in the standard development process. This could include issues like depositor protection (banks), investor protection (capital markets) and consumer protection (other financial institutions). Complementing their views will be Dato’ Zarinah and Dr. Hindawi, who will discuss the relevance of a cross-sectoral approach from the perspective of capital markets and insurance regulators, respectively.
25 distinguished personalities confirmed to address key industry stakeholders at the 4th IFSB Summit.
The 25 confirmed high-level speakers include ten Central Bank governors, Mr de Rato, Managing Director of the International Monetary Fund and Former Prime Minister of New Zealand, Mrs Jenny Shipley. The 4th IFSB Summit will be held at the Grand Hyatt Dubai, and the Central Bank of the UAE will be hosting the Summit. Other details of the Summit may be viewed at www.ifsbdubai2007.com
