The Prime Minister of Mauritius Launches the IFSB’s Islamic Financial Services Industry Stability Report 2014

21 May 2014, Mauritius – The Prime Minister of Mauritius, Dr. The Hon. Navinchandra Ramgoolam, launched the Islamic Financial Services Industry (IFSI) Stability Report 2014 during the Opening session of the 11^th Islamic Financial Services Board (IFSB) Summit on 21 May in Balaclava, Mauritius. The Summit, which is from 19 – 22 May 2014 is hosted by the Bank of Mauritius. The first IFSI Stability Report was published by the IFSB in 2013.

Against the backdrop of continuing concerns focusing around the prospects for long-term growth in developed economies, and a possible slowdown in the growth rates of emerging economies, the Report focuses on key issues affecting the IFSI. In general, the IFSI Stability Report 2014 covers the following areas:

1. Updates on the trends and development in the various segments of the industry – Islamic banking, Islamic capital markets and Takāful, and Islamic microfinance;
2. Global initiatives undertaken by international standard-setting bodies to further strengthen the resilience and stability of the financial institutions and markets, as well as the implications of such reforms for institutions offering Islamic financial services (IIFS). The chapter also reviews the progress of various initiatives undertaken by the IFSB to ensure soundness of the IFSI;
3. Issue of the resilience of the Islamic financial system through technical analysis of selected indicators for Islamic banks, Takāful operators and Islamic capital markets; and
4. Emerging issues for the IFSI, such as the prospects and role of Islamic finance in contributing to the sustained economic growth and prosperity of new markets and locations, particularly Africa.

The IFSI Stability Report 2014 is viewed as a platform for the IFSB to engage on topical issues with its stakeholders and for sharing with them findings of recent IFSB research. In addition to the IFSI Stability Report 2014, new jurisdictions in Islamic finance are expected to benefit from the IFSB’s report on “Prospects and Challenges in the Development of Islamic Finance for Bangladesh”, which shares the countries prospects and challenges, initiatives and experiences in developing Islamic finance.

Both reports are available for download from the IFSB website, www.ifsb.org.