4th IFSB SUMMIT – Central Bank Of The UAE Hosts IFSB Summit

Banking and Securities Regulators to speak at the 4th Islamic Financial Services Board Summit
Central Bank of the United Arab Emirates hosts IFSB Summit

Kuala Lumpur, October 31, 2006 – Eight Central Bank Governors will join their UAE host, Sultan Bin Nasser Al Suwaidi in the 4th Islamic Financial Services Board (IFSB) Summit. The Central Bank Governors are:

1. Rasheed Al Maraj (Bahrain)
2. Burhanuddin Abdullah (Indonesia)
3. Yves Mersch (Luxembourg)
4. Dr Zeti Akhtar Aziz (Malaysia)
5. Sheikh Abdulla Saud Al Thani (Qatar)
6. Hamad Al-Sayari (Saudi Arabia)
7. Dr Sabir Mohamed Hassan (Sudan)
8. Stefan Ingves (Sweden)

The Governors will be joined by, among other distinguished speakers, the Former Prime Minister of New Zealand, Rt. Hon. Jenny Shipley who will be delivering the Gala Dinner Keynote Address. Dato’ Zarinah Anwar, Chariman Securities Commission of Malaysia, Dr. Basel Hindawi, Vice Chairman and Director General of the Jordan Insurance Commission,  Dirk Witteveen, Chairman of the Joint Forum, Herve Hannoun, Deputy General Manager of Bank for International Settlements and Philippe Richard, Secretary-General of International Organisation of Securities Commission (IOSCO) have also confirmed their participation.

The 4th Summit, themed “The Need for a Cross-Sectoral Approach to the Supervision of Islamic Financial Services” will bring together the key regulators and players of the Islamic financial industry, which encompasses the banking, securities and takaful (Islamic insurance) segments.

The unique business models of banking institutions that offer Islamic financial services which combine, in a majority of jurisdictions, activities of commercial banking, asset management and investment banking, without legal, financial and administrative separation poses new challenges to supervisory authorities. A cross-sectoral approach, as reflected in the work of the Joint Forum, which draws from the different segments of the industry will help in addressing these challenges.

The theme of the Summit is very timely, given that the IFSB Council has approved, earlier this year, amendments to the Articles of Agreement, thereby opening the door to the securities and insurance supervisory authorities to join the IFSB as Full Members. The Summit reflects the mandate of the IFSB to set standards for all segments of the industry.

View the “Who’s Who” of the 4th IFSB Summit at its dedicated website www.ifsbdubai2007.com