The Islamic Financial Services Board (IFSB) and the Federal Reserve Bank of New York are jointly organising the Seminar on Legal Issues in the Islamic Financial Industry, which will be hosted by the Central Bank of Kuwait. The Seminar will be held on 1 – 2 March 2005 at Sheraton Hotel and Towers, Kuwait City, Kuwait.
The two-day Seminar is the first of its kind to explore in depth legal issues in the Islamic financial services industry. Delegates will have the opportunity to be exposed to the current legal issues affecting the industry, discuss possible solutions and best practices through detailed presentations and working papers delivered by industry renowned practitioners and academicians. Delegates will also be able to gain valuable knowledge through several case studies that will be presented by the legal industry’s professionals.
The Secretary-General of the IFSB, Professor Rifaat Ahmed Abdel Karim said “The Seminar aims to pave the way for better understanding of the legal risks to which institutions offering Islamic financial services are exposed within the existing regulatory and supervisory in countries which host these institutions, thereby contributing towards the soundness and the stability of the Islamic financial services industry”.
Professor Rifaat added “We have decided to open the Seminar to non-IFSB members as we believe that their inputs should be shared with other interested entities which can possibly help reduce costly mistakes as well as shortened the learning curve these organizations have to go through”
The Seminar is intended for all supervisory and regulatory bodies, market players within the Islamic financial services industry including law firms and consultancy bodies. The IFSB will also open its registration for walk-in delegates during the first day of the Seminar but delegates who require accommodations are adviced to register early.
The IFSB has set up a dedicated website for the Seminar at http://ifsb.org/legal/contents.php which offers up-to-date information and registration form that can be downloaded. The Seminar is open to both the IFSB members and also the non-IFSB members.
For more information, please call the Islamic Financial Services Board at +603-2698 4248.
*Note to Editor:
The IFSB was officially inaugurated on 3 November 2002. Its establishment was the culmination of an extensive two-year consultative process initiated by a group of governors and senior officials of central banks and monetary authorities of various countries, together with the support of the Islamic Development Bank, the International Monetary Fund, and the Accounting and Auditing Organization for Islamic Financial Institutions.
The IFSB serves as an international standard setting body of regulatory and supervisory agencies that have vested interest in ensuring the soundness and stability of the Islamic financial services industry, which is defined broadly to include banking, capital market and insurance. In advancing this mission, the IFSB will promote the development of a prudent and transparent Islamic financial services industry through introducing new, or adapting existing international standards consistent with Islamic Shari’a principles, and recommend them for adoption. To this end the work of the IFSB complements that of the Basel Committee on Banking Supervision, International Organisation of Securities Commissions and the International Association of Insurance Supervisors.
