Bank Negara Malaysia to Host the 10th Islamic Financial Services Board Summit in 2013

Bank Negara Malaysia to Host the 10^th Islamic Financial Services Board Summit in 2013

Kuala Lumpur, 18 June 2012 – The 10^th Summit of the Islamic Financial Services Board (IFSB) will be held in mid-2013 in Kuala Lumpur, Malaysia. Bank Negara Malaysia will host the IFSB’s major annual event.

This landmark Summit will commemorate the tenth year anniversary of the establishment of the IFSB. Jaseem Ahmed, IFSB Secretary-General said that “This will be the first time that Malaysia is hosting the Summit and we are always pleased when one of our founding members is able to act as host. Beginning with the IFSB’s inaugural Summit in London in 2003, the Summit has been held in Europe on three occasions, in the Middle East five times to date, and once in Asia.”

The IFSB started operations in March 2003. This was five months after the IFSB Articles of Agreement was signed, in November 2002, by nine founding members including the Islamic Development Bank, Bank Negara Malaysia along with seven other central banks. They are the central banks of Bahrain, Indonesia, Iran, Kuwait, Pakistan, Saudi Arabia and Sudan.

The Annual IFSB Summit has, over the years, established itself as an important platform for high-level discussions on pertinent issues in the regulation and supervision of the Islamic financial services industry. It traditionally draws strong participation from senior representatives of central banks, supervisory authorities, as well as leading professionals and thought leaders from the global financial industry.

Previous IFSB Summits have been held as follows:

1. Inaugural Summit, Islamic Financial Services Industry and the Global Regulatory Environment, London, United Kingdom (2004)
2. 2^nd Summit, The Rise and Effectiveness of Corporate Governance in the Islamic Financial Services Industry, Doha, Qatar (2005)
3. 3^rd Summit, Aligning the Architecture of Islamic Finance to the Evolving Industry Needs, Beirut, Lebonan (2006)
4. 4^th Summit, The Need for a Cross-Sectoral Approach to Supervision of Islamic Financial Services, Dubai, United Arab Emirates (2007)
5. 5^th Summit, Financial Globalisation and Islamic Financial Services, Amman, Jordan (2008)
6. 6^th Summit, The Future of Islamic Financial Services, Singapore (2009)
7. 7^th Summit, Global Financial Architecture: Challenges for Islamic Finance, Manama, Bahrain (2010)
8. 8^th Summit, Enhancing Global Financial Stability: Challenges and Opportunities for Islamic Finance, Luxembourg (2011)
9. 9^th Summit, Global Financial Reforms: The Changing Regulatory Model and Islamic Finance, Istanbul, Turkey (2012)

More information on the 10^th IFSB Summit will be announced in due course.