Kuala Lumpur, November 1, 2006 – The Islamic Financial Services Board (IFSB) Secretary-General, Professor Rifaat Abdel Karim, views Japan’s interest in Islamic finance as a welcome development that would contribute to the growth of the Islamic financial services industry.
The IFSB is organizing its first Seminar in Japan, one of the G8 countries, and the second largest world economy, entitled Islamic Finance: Challenges and Opportunities for Japan which will be held in Tokyo on 22-23 January 2007. This major event is organized with the cooperation of the Japan Bank for International Cooperation and supported by the Japanese Ministry of Finance, the Financial Service Agency and Bank of Japan’s Center for Monetary Cooperation in Asia.
The main objective of the Seminar is to create awareness of Islamic finance, which has not yet acquired sufficient recognition among the Japanese financial industry, and to highlight its potential opportunities in Japan. The Seminar will discuss:
The Seminar, targeted at regulators, supervisory bodies, financial practitioners, key executives and academicians, will facilitate further understanding of the global Islamic financial services industry, benefiting especially those market players involved with multi-national corporations and cross-border activities.
The IFSB is an international organization with the mandate to promote and enhance the soundness and stability of the Islamic financial services industry through the development of prudent and transparent industry standards, undertaking research and studies as well as conducting information dissemination activities. The works of the IFSB complements that of the Basel Committee on Banking Supervision, International Organization of Securities Commissions and the International Association of Insurance Supervisors.
The IFSB started operations in 2003 with nine founding members comprising the Central Banks of Bahrain, Indonesia, Iran, Kuwait, Malaysia, Pakistan, Saudi Arabia and Sudan, and the Islamic Development Bank. The Secretariat of the IFSB is located in Kuala Lumpur.
The IFSB membership has grown to 94 members, including 22 regulatory and supervisory authorities, 5 international governmental organizations (International Monetary Fund, The World Bank, Bank for International Settlements, Islamic Development Bank and Asian Development Bank) as well as 67 market players from 17 countries.
