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Press Release > 2009

IFSB to hold Seminar on Prudential and Governance Framework for Islamic Finance

Date posted: 9 April 2009

Kuala Lumpur, April 9, 2009 - The Islamic Financial Services Board (IFSB) and the Qatar Faculty of Islamic Studies (QFIS) are jointly organising a Seminar on Prudential and Governance Framework on 15 - 16 April 2009 in Doha, which the Qatar Central Bank is hosting.

Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB, said "The IFSB believes that a strong prudential and governance framework is a key requirement for the soundness and stability of the Islamic financial services industry. We are currently working on a standard on governance for Takâful operations, and another one on Sharî`ah governance systems – which are now available for public comment. They are both scheduled for adoption by end of 2009. The IFSB had previously issued the Guiding Principles on Corporate Governance, which was adopted in December 2006."

The Qatar Seminar will bring together senior financial sector supervisors, market players, and experts from international financial institutions to discuss the following prudential and governance issues and challenges that may be faced by the industry:

  • Prudential requirements for institutions offering Islamic financial services
  •  Corporate Governance of institutions offering Islamic financial services
  • Governance for Takâful operations
  • Sharî`ah Governance
  • Legal issues and challenges facing institutions offering Islamic financial services
  • Sukûk and rating methodologies of external credit rating agencies

The Seminar, which is being held against the backdrop of a declining global financial market, is expected to attract participation from interested and related parties.

Other IFSB standards are on various pertinent aspects of the Islamic facing services industry. They include, among others, capital adequacy, risk management, transparency and market discipline, supervisory review process. The IFSB mandate is to promote the development of a prudent and transparent Islamic financial services industry and provide guidance on the effective supervision and regulation of institutions offering Islamic financial products.

More information on the Seminar is available on www.ifsb.org

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