Djibouti City, 1 July 2024 – The Islamic Financial Services Board (IFSB) held its Side Events today in conjunction with its Annual Meetings in Djibouti, which took place for the first time in the country. The opening session saw speeches from the Honourable Mr. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of Djibouti, H.E. Ahmed Osman Ali, Governor of Banque Centrale de Djibouti and Chairman of the IFSB Council for 2024, alongside Dr. Ghiath Shabsigh, Secretary-General of the IFSB.
In his welcoming speech, H.E. Ali briefly traced Djibouti’s journey in developing its Islamic finance sector. He reiterated Djibouti’s significant progress in this regard and pivotal role of Islamic finance in the country’s development agenda. H.E. Ali acknowledged IFSB’s significant contribution to the development of the global Islamic finance industry and expressed optimism about the industry’s continuous growth and resilience.
Speaking at the opening session, Dr. Shabsigh noted “The region has made significant strides in advancing its Islamic finance services through regulatory improvements and the development of frameworks guided by international standards, including, importantly, those of the IFSB.” He also highlighted the important role Islamic finance could play in mobilising funding for infrastructure development in Africa, which is essential for job creation and improving livelihood across the continent.
The side events featured the IFSB 16th Public Lecture, which offered insights into the expanding role of Islamic Non-Bank Financial Institutions (NBFIs) and the potential of Islamic social finance (ISF) in the region. The first lecture, “Mobilising Development Finance: Exploring the Growing Role of Islamic Non-Bank Financial Institutions (NBFIs),” was delivered by Dr. Slim Feriani, Chief Executive Officer of Fonds Souverain de Djibouti focusing on NBFIs’ role in developmental finance.
The second lecture, “Financial Inclusion and Economic Empowerment: The Potential of Islamic Social Finance for Sustainable Development in Africa,” by Mr. Ripert E. H. Bossoukpe, Secretary-General from the Autorité des Marchés Financiers de l’Union Monétaire Ouest Africaine (AMF-UMOA), discussed the impact of Islamic social finance in Africa.
Public Hearing on Technical Note Draft and Capacity Building Workshop
Furthering its mandate, the Side Events featured a hybrid Public Hearing on the Exposure Draft of the sixth Technical Note (ED-TN-6) on Macroprudential Tools for Institutions Offering Islamic Financial Services (Banking Segment).
This open session was part of the consultation process, attended by central banks, regulatory and supervisory authorities, international organisations, market players, and industry experts. TN-6 aims to facilitate effective macroprudential policy for Islamic banking. Feedback from this session is crucial to enhancing the robustness and applicability of these macroprudential tools.
Commenced at 9:00 AM today at the Djibouti Palace Kempinski, the IFSB conducted two concurrent events attracting over 200 participants, including Djiboutian market players and IFSB members from more than 25 countries. The first event was a closed-door capacity-building workshop focused on the banking sector, covering guiding principles on risk management for Islamic financial institutions and the Sharīʻah governance framework. Simultaneously, the second event was an interactive engagement session for members and industry stakeholders, where numerous queries and comments regarding IFSB’s work and mandates were actively addressed.
The IFSB 44th Council Meeting and 22nd General Assembly are set to take place tomorrow at the same venue.
For more information on IFSB and its work, visit www.ifsb.org.
