Corporate governance framework of institutions offering Islamic financial services (IIFS) is set to take centre stage in Doha on 24 and 25 May 2005 when nine central banks governors join more than 200 practitioners at a two-day Summit organised by the Islamic Financial Services Board (IFSB) and hosted by Qatar Central Bank.
Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB said “We are privileged that governors from Indonesia, Kuwait, Malaysia, Pakistan, Qatar, Saudi Arabia, Spain, Sudan and United Arab Emirates have confirmed their participation in the Summit. The nine central banks’ governors are pledging their solid support to the industry for building a strong corporate governance framework”.
“The Rise and Effectiveness of Corporate Governance in the Islamic Financial Services Industry” has been chosen as the theme for this year’s Summit which we hope to be the impetus for cultivating such culture in the industry,” he added.
Amongst the leading figures who will be attending the Summit is HE Shaikh Hamad Al-Sayari, who is the Governor of Saudi Arabian Monetary Agency (SAMA) for more than 20 years. The holder of a Master degree in Economics from the University of Maryland, USA was formerly the Director General of Saudi Industrial Development Fund before becoming the Governor of SAMA. Shaikh Hamad is also the Chairman of the Board of Directors of SAMA and a Member of the Supreme Economic Council. He will chair the much awaited discussion on the “Roles and Responsibilities of the IIFS’s Shareholders and Board of Directors in Effective Corporate Governance” with a distinguished list of panellists comprising HE Tan Sri Dato’ Dr Zeti Akhtar Aziz, Governor of Bank Negara Malaysia, Sheikh Saleh A. Kamel, Chairman of the General Council for Islamic Banks and Financial Institutions and Mr Charles Enoch, Assistant Director at the International Monetary Fund (IMF).
The Summit will also benefit from the participation of HE Sultan Bin Nasser Al-Suwaidi, the Governor of the Central Bank of the United Arab Emirates (UAE), who will chair a discussion on “Corporate Governance and Money Laundering”. HE Sultan is an illustrious banker who has previously served at Abu Dhabi Investment Authority, Gulf International Bank, Bahrain and Abu Dhabi Commercial Bank. As the Chairman of the National Anti-Money Laundering Committee of the UAE, he will chair the discussion on this topical issue with a panel of experts comprising Dr Muhammad Baasiri of the recently established Middle East and North Africa Financial Action Task Force, Mr Michael Silva of the Federal Reserve Bank of New York and Dr Chizu Nakajima a leading professor in financial crime and director of the prestigious Centre for Financial Regulation and Crime at Sir John Cass Business School, City University, London.
Another renowned governor who will be taking the stage is HE Dr Sabir Mohamed Hassan, Governor of Bank of Sudan. Dr Sabir served as an advisor to the Executive Director of IMF for seven years before being appointed as the Governor of Bank of Sudan in 1993. He also served as State Minister at the Ministry of Finance in 1996 before returning to the Central Bank’s top post in 1998. Widely credited for leading the process of extending Islamic banking practices to local and foreign banks that operate in Sudan, Dr Sabir will chair a session on “Conventional Banks Offering Shari’a Compliant Financial Services: Corporate Governance Issues”. The panelist of this session include Mr Toby Fiennes of the UK Financial Services Authority, who was involved in the licensing of the first Islamic bank in the UK; Mohamad Toufiq Kanafani, CEO of Noriba Bank, Bahrain and Mr Iqbal Khan, CEO of HSBC Amanah Finance, the conventional banks that have set-up Islamic finance operations in Bahrain and Dubai.
The IFSB Summit is an annual premier gathering of leading figures in the Islamic financial services industry, the Summit this year will be held under the gracious patronage of His Highness Sheikh Hamad Bin Khalifa Al-Thani, the Emir of Qatar.
*Note to Editor
The IFSB was officially inaugurated on 3 November 2002. It serves as an international standard setting body of regulatory and supervisory agencies with vested interest to ensure the soundness and stability of the Islamic financial services industry, defined broadly to include banking, capital market and insurance. In advancing its 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 Shari’a rules and principles, and recommend them for adoption.
