Strengthening Legal Framework for Islamic Financial Services – Five Legal and Shari’ah Issues to be discussed at IFSB Seminar

Kuala Lumpur, February 26, 2007 – The specificities of Shari’ah compliant financial services offered by banking and financial institutions need to be supported by a strong legal framework. Legal firms offering Islamic financial services need to understand the parameters and specificities in which financial institutions offering Islamic financial services operate, and establish a legal framework within these parameters.

Secretary-General of the IFSB, Professor Rifaat Ahmed Abdel Karim, affirmed that a strong legal framework is an important element within the overall architecture of Islamic finance. A strong financial architecture is the key towards maximising the industry’s sound and stable growth. The IFSB, in its efforts to facilitate strong and stable growth of the Islamic financial services industry, is organising a Seminar on Legal and Shari’ah Issues in Islamic Finance with the aim to assist legal practitioners understand issues relevant to the Islamic financial services industry.

Rifaat said that the IFSB has identified five areas of relevant to legal practitioners; i) effectiveness of the legal framework, ii) insolvency laws, iii) securities laws, iv) trust laws and v) Shari’ah Boards across jurisdictions. The IFSB has commissioned five international firms to conduct five individual Surveys on these issues, and the results will be presented in the Seminar.

The Keynote Addresses of the Seminar will be delivered by Tun Dato’ Seri Ahmad Fairuz Dato’ Sheikh Abdul Halim Chief Justice of Malaysia, and Mr. William Blair QC of Grays Inn UK, while Opening Addresses will be by Tan Sri Dr. Zeti Akhtar Aziz, Govenor of Bank Negara Malaysia and Professor Rifaat. Joining them are 12 chairpersons, speakers and discussants from among the leading industry experts. The confirmed personalities are:

1. Thomas Baxter, General Counsel & Executive Vice President,
   Federal Reserve Bank of New York
2. Stefan M Gannon, General Counsel, Hong Kong Monetary Agency
3. Charles Proctor, Partner, Banking & Financial Services, Bird & Bird, USA
4. Professor Simon Archer, University of Surrey, UK
5. Sheikh Yusuf Talal DeLorenzo, Chief Shari’ah Officer, Shariah Capital Inc.
6. Andrew Campbell, Director, School of Law, University of Leeds, UK
7. Michael J.T. McMillen, Partner, Dechert LLP, New York, USA
8. Dato’ Dr. Nik Norzrul Thani, Partner, Zaid Ibrahim & Co, Malaysia
9. Gopal Sundaram, Director, Assistant Governor, Bank Negara Malaysia
10. Hamid Yunis, Partner, Taylor Wessing, UK
11. Dr. Mohd Daud Bakar, President  & CEO, International Institute of Islamic Finance Education, Malaysia
12. Dr. Syed Musa Alhabshi, Principal Consultant, Amanie Business Solutions Sdn. Bhd.

The Seminar is organised by the IFSB and supported by the Bar Council of Malaysia. It’s international faculty of chairpersons and speakers will benefit firms, companies and institutions, especially those operating across jurisdictions.

For more information on the Seminar, visit www.ifsb.org/legal2007