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IFSB programmes to facilitate the development of the Islamic financial services industry     
Press Release > 2018

IFSB Members & Industry Engagement Session Discusses Key Developments in the Global Islamic Finance Industry

Date posted: 1 May 2018

Kuwait City, 1 May 2018 – The Islamic Financial Services Board (IFSB) successfully organised a Members and Industry Engagement Session on 1 May 2018 in Kuwait. The Session is part of the IFSB’s efforts to reach out to its wide membership base, and provides an interactive platform in which IFSB member organisations and the Islamic finance industry stakeholders engage with the IFSB on industry and regulatory related issues and concerns, and explore ways to address them. The session aims to provide inputs and feedback to the IFSB to ensure that the activities planned and conducted by the IFSB are of relevance and are in line with the needs of its stakeholders.

The session started with the Welcoming Address by Mr. Waleed M. Al-Awadhi, Executive Director of the Central Bank of Kuwait, who shared the development in Islamic finance industry in Kuwait.

Dr. Bello Lawal Danbatta, Secretary-General of the IFSB, in his presentation titled “Key Developments in the Global Islamic Finance Industry and the IFSB” shared an update of the industry and the ongoing work of the IFSB in supporting the industry’s stability and resilience. He also shared IFSB’s commitment to further enhance services to the existing members, by prioritising expectations from a recently conducted IFSB Members Expectations Survey.

The session continued with a presentation by Mr. Mamadou Ndiaye, Chairman of Conseil Régional de l'Epargne Publique et des Marchés Financiers (CREPMF), West African Economic and Monetary Union (WAMU), on their experiences as the Capital Market Authority of the WAMU, and their initiative to promote Islamic capital market in the region and forward plan.

An interactive panel discussion moderated by Dr. Bello Lawal Danbatta, and featuring Mr. Mamadou Ndiaye and Assistant Secretaries-General of the IFSB, Mr. Zahid ur Rehman Khokher, Dr. Nagwa Sheikh Eldin, followed. The panellists shared their perspectives in regard to standard setting agenda, capacity building, implementation levels of the IFSB standards, technical assistance, and the bigger role to be played by the industry in the work and activities of the IFSB. The session ended with valuable questions and comments by the IFSB members on the implementation of IFSB standards which the secretariat answered and accepted as positive feedbacks for future improvements of IFSB implementation strategies

The IFSB Members and Industry Engagement Session was held on 1 May 2018 in Kuwait, in conjunction with the IFSB Annual Meetings and Side Events 2018, hosted by the Central Bank of the Kuwait. It was attended by participants including heads and senior representatives of regulatory and supervisory authorities (RSAs) and financial institutions from over 20 countries, among the IFSB members and the Kuwait local financial community.

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