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The IFSB Organised Capacity Building Workshops for Market Players in Pakistan

Date posted: 15 December 2022

15 December 2022, Islamabad, PAKISTAN - The Islamic Financial Services Board (IFSB) has successfully conducted two (2) parallel workshops in conjunction with the 41^st Council Meeting; Capacity Building Workshop for Market Players (CBM Workshop) and Facilitating the Implementation of IFSB Standards Workshop (FIS Workshop) on 13 December 2022 in Islamabad, Pakistan. The 41^st IFSB Council Meeting is hosted by the State Bank of Pakistan (SBP) being the Chair of the IFSB Council 2022.

The workshops which aimed at enhancing the level of understanding and awareness of IFSB standards among local regulators and industry players, commenced with welcoming remarks by Dr Bello Lawal Danbata, Secretary-General of IFSB, Mr Syed Samar Hasnain, Executive Director of Development Finance Group in the SBP, and Mr Tariq Naseem, Head of Islamic Finance Department in Securities and Exchange Commission of Pakistan.

The workshops were designed to include topics covering Islamic banking, Islamic capital markets and Takaful sectors, with particular focus on 

• IFSB-23: Revised Capital Adequacy Standard for Institutions offering Islamic Financial Services [Banking Segment]
• IFSB– 20: Key Elements in the Supervisory Review Process of Takaful/Retakaful Undertakings 
• IFSB-21: Core Principles for Islamic Finance Regulation [Islamic Capital Market Segment] 

The IFSB Workshops are a part of the Secretariat’s support to its members based on the Strategic Key Result Area 2 (SKRA 2) on the Facilitating the Implementation of Prudential Standards and Capacity Development under the IFSB’s Strategic Performance Plan (SPP) 2021-2024, to assist member organisations in adopting and implementing the IFSB Standards. Both workshops gathered more than 100 participants from several IFSB’s member Regulatory and Supervisory Authorities (RSAs) of Pakistan, including various local market players of the Islamic finance industry.

For enquires on IFSB workshops and membership services, please contact the IFSB Secretariat at ifsb_sec@ifsb.org.