Kuala Lumpur, 4 May 2008 – As preparations for the 5th Annual Islamic Financial Services Board (IFSB) Summit on 13-14th May 2008 at the InterContinental Hotel in Amman, Jordan gather momentum with the confirmed participation of nine central banks’ governors, the IFSB is also convening two pre-summit Public Hearings on 12th May 2008 in the Jordanian capital on capital adequacy requirements for Sukuk securitisations and real estate investments and corporate governance on Islamic collective investment schemes.
The Capital Adequacy Requirements for Sukuk Securitisations and Real Estate Investment deals with aspects of regulatory capital requirements for institutions offering Islamic financial services (IIFS) in respect of Sukuk that are not covered in the IFSB Capital Adequacy Standard.
These include:
On real estate investment, the Exposure Draft deals primarily with:
The Guiding Principles on Governance for Islamic Collective Investment Schemes aims to complement IFSB Guiding Principles on Corporate Governance and other internationally recognised governance standards, by reinforcing international best practices while addressing the specificities in the governance of Islamic Collective Investment Schemes.
The 5th IFSB Summit, which is organised under the Royal Patronage of Her Highness Queen Rania Al-Abdullah of Jordan and on the theme Financial Globalisation and Islamic Financial Services, will also showcase the Islamic finance initiatives of three IFSB member countries.
Hong Kong, Malaysia and Singapore will showcase their initiatives and experiences in adopting and promoting the growth of a sound and stable Islamic financial services industry. The country exhibitions will provide investors, top executives, senior management, financial industry players, researchers and academics with a more profound understanding of their respective policies, regulations, legal requirements and foreign investment incentives regime. As such, they are an excellent opportunity for networking and opening doors to potential investments and business partnerships.
The IFSB, established in November 2002, is a trans-national standard-setting organisation whose mandate is to promote and enhance the soundness and stability of the Islamic financial services industry by issuing prudential and supervisory standards and guiding principles for the global Islamic finance industry, broadly defined to include banking, capital markets and insurance sectors.
The Secretary-General of the IFSB, Professor Rifaat Ahmed Abdel Karim, is confident that the global perspectives on Islamic finance presented by the regulators and industry practitioners will contribute to greater understanding of Islamic finance as a viable form of intermediation that promotes the growth of real economic activities together with social justice, as well as highlight the challenges, issues and opportunities in the introduction of Islamic finance in various markets.
The IFSB Summit will discuss various timely topics which include: Globalisation of Islamic Financial Services: Opportunities and Challenges; Cross-border Capital Flows, including the Size and Patterns of such Flows, and the Role of Islamic Capital Markets in Facilitating such Flows; Key issues in Regional Integration of Islamic Financial Markets, including Islamic Capital Markets Promotion and the Catalytic Role of Governments; Standardisation, Harmonisation, Mutual Recognition and Exchange Market Cooperation to Develop National Islamic Capital Markets and their Regional and Global Integration; and The Way Forward in Financial Globalisation and Islamic Financial Services.
The Summit has attracted a bevy of top regulators, sector experts and market players from a diverse geographic and institutional background. As such, the IFSB Summit is a must-attend for all those involved and interested in Islamic financial services; government departments and agencies; regulatory authorities, international agencies, market players, investors, end-users, academics, allied services such as rating agencies, law firms, accountants and auditing firms, consultants, and informed lay people.
This is one Summit which anyone involved and interested in Islamic financial services cannot afford to miss. It also offers a unique opportunity to interact with those who are responsible for setting Islamic finance regulatory and supervisory policies in key markets and to network with key practitioners, Shari`ah advisories and other players!
For more information and registration details, please visit www.ifsbamman2008.com or contact:
Ms Farrah Aris
Email: [email protected]
Tel: + 603 2698 4248 ext 116
Fax: + 603 2698 4280
