Kuala Lumpur, November 4, 2008 – In its’ 13th meeting on 29 October 2008, held in Dubai, UAE, the Council of the Islamic Financial Services Board (IFSB) approved the adoption of two exposure drafts as Standards. These are:
1.Capital Adequacy Requirements for Sukuk Securitisation and Real Estate Investment
2.Guiding Principles on Governance for Islamic Collective Investment Scheme
Both documents will be available for download from the IFSB website by the end of 2008.
The meeting was chaired by H.E. Dr. Shamshad Akhtar, Governor of the State Bank of Pakistan and Chairperson of the 19-member Council, and attended by six central banks’ Governors, President of the Islamic Development Bank, and six Governors’ representatives.
The IFSB membership has continued to attract interest from institutions offering Islamic financial services. The Council resolved in the same meeting to admit 4 new institutions into the IFSB membership bringing the total members to 178.
The four newly admitted members are:
1. Cagamas Berhad, Malaysia
2. Arbah Capital, Saudi Arabia
3. Absa Bank Limited, South Africa
4. Al Hilal Bank, United Arab Emirates
Secretary General of the IFSB, Professor Rifaat Ahmed Abdel Karim, stated that the two adopted standards together with the already issued five prudential standards when properly implemented should enhance the soundness and stability of the Islamic financial services industry. Professor Abdel Karim further added that the 178 members provide a pool of resources and expertise that greatly assist in the development of the IFSB standards and guiding principles by their participation in the working groups, response to surveys, feedback on exposure drafts, and attendance of the various workshops and seminars.
The full list of the 178 IFSB members can be seen on www.ifsb.org. Their roles and responsibilities (by category) are detailed in the IFSB Articles of Agreement which is downloadable from the IFSB website.
