The Council of the Islamic Financial Services Board (IFSB) held its 2nd meeting on 30 April 2003, which was hosted by the Islamic Development Bank (IDB) in Jeddah, Kingdom of Saudi Arabia. The meeting was attended by the Governors of Bahrain Monetary Agency, Bank Indonesia, Central Bank of Kuwait, Bank Negara Malaysia, Saudi Arabian Monetary Agency, Bank of Sudan as well as the President of the IDB, the Vice Governor of Bank Markazi Jomhouri Islami Iran, and the Executive Director of State Bank of Pakistan. The meeting was chaired by H.E. Shaikh Ahmed Bin Mohammed Al-Khalifa, Governor of the Bahrain Monetary Agency, who is the present Chairman of the IFSB Council.
The Council approved the applications of Qatar Central Bank and the Central Bank of Jordan to join the IFSB as Full Members, as well as the application of the Association of Islamic Banks in Malaysia as Observer Member. The Council also agreed to admit as observer members institutions that offer Islamic financial services or firms that provide professional services, e.g. accounting, legal, rating, research or training services’ to institutions that offer Islamic financial services.
The meeting also discussed the work plan and budget of the IFSB for 2003 and decided to start the preparation of two prudential standards namely, risk management and capital adequacy.
*Notes to Editors :
The Islamic Financial Services Board (IFSB) is an association of central banks, monetary agencies and inter-governmental international organizations that have an explicit mandate for promoting Islamic finance. The IFSB was established 3 November 2002 and is based in Kuala Lumpur, Malaysia. At present, the Council of the IFSB comprises the following Full Members: Bahrain Monetary Agency, Bank Indonesia, Bank Markazi Jomhouri Islami Iran, Central Bank of Jordan, Central Bank Of Kuwait, Bank Negara Malaysia, State Bank of Pakistan, Qatar Central Bank, Saudi Arabian Monetary Agency, Bank of Sudan and the Islamic Development Bank. The IFSB sets and disseminates prudential and supervisory standards and core principles that are in compliance with Shari’a rules and principles for the regulation and supervision of the Islamic financial services industry.
Islamic Financial Services Board
Kuala Lumpur
