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The IFSB Council resolves to discuss issues relating to the stability of the Islamic financial services industry

Date posted: 26 November 2009

26th November 2009, Kuala Lumpur - In its 15th meeting held on 23 November 2009 in Kuala Lumpur, the Council of the Islamic Financial Services Board (IFSB) discussed a Memo on Islamic Finance and Global Financial Stability. The Council resolved, as part of its future meetings, to discuss pertinent issues relating to financial stability, especially as they relate to the Islamic financial services industry.

The development of the agenda for the inaugural forum on financial stability issues will give priority to capacity building and financial stability, and will be spearheaded by Governor Zeti Akhtar Aziz of Bank Negara Malaysia and member of the IFSB Council. The inaugural forum is scheduled to be held following the 16th Meeting of the Council of the IFSB in April 2010 in Khartoum, Sudan.

As Islamic finance continues to become an integral part of the global financial system, the forum aims to be a dialogue to explore the scope for the current framework of cooperation to be strengthened and broadened, especially to address the new challenges that have emerged in the aftermath of the global financial crisis.

The 15th Meeting of the IFSB Council was chaired by H.E. Dr. Muhammad Sulaiman Al-Jasser, Governor of the Saudi Arabian Monetary Agency, and attended by the President of the Islamic Development Bank, Central Bank's Governors and governors' representatives of the IFSB 21-member Council. Bank Negara Malaysia hosted the Meeting.

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