7th IFSB Summit: “Global Financial Architecture: Challenges for Islamic Finance”

Kuala Lumpur, 6 January 2010 – The Islamic Financial Services Board (IFSB) is organising its 7th Summit on 4 – 5 May 2010 in Manama, Bahrain. The Central Bank of Bahrain is hosting the Summit, which is themed: “Global Financial Architecture: Challenges for Islamic Finance”.

The financial crisis has augmented global awareness and interest in the Islamic financial services industry (IFSI). As the global financial community considers the lessons of the crisis and how best to respond to the new financial landscape that it confronts, it is vital for the IFSI to be alert and responsive to the unique challenges ahead. The 7th Summit will be convened following the events of recent years that have dramatically transformed perceptions of the soundness and stability of the global financial system with respect to both its architectural framework and industry best practices.

The crisis has highlighted the challenge for regulators and key industry players to take the necessary steps to ensure that this rapidly evolving industry continues to remain sound and stable. Indeed, the Summit will provide a suitable platform to discuss; 1) how international organisations can best provide the structure and facilities that equip the industry for further sustainable growth; 2) lessons that need to be learned from the crisis and their implications for the IFSI; 3) areas of monitoring and surveillance that need more attention; and 4) whether the current and evolving composition of the industry provides an appropriate basis for its sound and stable development.

The one-and-a-half day Summit aims to bring together an experienced international group of chairpersons and speakers, with a projected audience of over 200 delegates from all sectors of the financial services industry across the globe. The Summit will address the following topics:

• The Changing Landscape of Financial Regulation: Implications for Islamic Finance
• Macro-Prudential Surveillance Issues for Islamic Finance
• New Architecture for Liquidity Management for Islamic Financial Instruments
• Balanced growth of Islamic finance- the Sectoral Composition of the Islamic Financial Services Industry as a Contributor to Growth with Stability
• New Islamic Financial Architecture: Challenges Ahead

The confirmed Chairpersons and Speakers for the Summit are:

1. H.E. Rasheed Mohammed Al Maraj, Governor, Central Bank of Bahrain
2. H.E. Sheikh Salem Abdul-Aziz Al- Sabah, Governor, Central Bank of Kuwait
3. H.E. Rundheersing Bheenick, Governor, Bank of Mauritius
4. H.E. Sanusi Lamido Amino Sanusi, Governor, Central Bank of Nigeria
5. H.E. Mohammad Sulaiman Al-Jasser, Governor, Saudi Arabian Monetary Agency
6. H.E. Dr. Sabir Mohamed Hassan, Governor, Central Bank of Sudan and Chairman of the  IFSB
7. H.E. Stefan Ingves, Governor, Central Bank of Sweden
8. Professor Rifaat Ahmed Abdel Karim, Secretary-General, IFSB
9. Jane Diplock, Chairman of the Executive Committee, International Organisation of Securities Commission
10. Read H. Charafeddine, First Vice Governor, Banque du Liban
11. Nigel Jenkinson, Adviser, Financial Stability Board, Bank for International Settlements
12. Dr. Tunc Tahsin Uyanik, Sector Manager, The World Bank
13. Cesare Calari, Managing Director, Wolfensohn & Company, L.L.C,USA
14. Richard Thomas, Chief Executive Officer, Gatehouse Bank Plc., UK
15. Professor Simon Archer, Visiting Professor, University of Reading, UK
16. Anour Hassoune, Vice President/ Senior Credit Officer, Moody’s Investors Service,UK
17. Dr. V. Sundararajan, Director, Centennial Group, USA

Two events will precede the Summit, a Public Hearing on the IFSB Exposure Draft on Solvency Requirements for Takāful Undertakings and IFSB Country Showcases, which the IFSB is organising on 3 May 2010.

For more information on participation and sponsorship of the Summit, please visit www.ifsb.org or email: [email protected]