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The 10th Annual IFSB Summit to Deliberate the Future, Resilience, Stability and Contribution to Growth of the Global Islamic Financial Services Industry

Date posted: 25 April 2013

Kuala Lumpur, 25 April 2013 – The Islamic Financial Services Board (IFSB), the prudential and supervisory standard-setting organisation for the global Islamic financial services industry, is celebrating its 10th Anniversary in 2013 with a sense of steady progress over the last decade and great expectations for the future of the industry.

The theme for the 10th Annual Summit of the IFSB, "The Future of the Islamic Financial Services Industry: Resilience, Stability and Inclusive Growth", in many ways reflects the agenda for the IFSB over the next few years. The Summit will be held on the 16-17 May 2013 in Kuala Lumpur and hosted by Bank Negara Malaysia.

Given the continuing global economic crisis symbolised by deficit reduction and austerity programmes, coupled with a range of new regulatory and compliance initiatives led by the Basel III Framework including its new Liquidity Coverage Ratio (LCR), it is inevitable that the global financial services debate should concentrate on the resilience of financial institutions in pre-empting and managing future crisis and stress, contributing to market and systemic stability and helping to forge broad based GDP growth which encompasses all stakeholders in society.

The contagion effect and economic impact has been pervasive - and no economy has been spared – albeit some in the emerging markets have weathered the crisis better than others for manifold reasons.

The global Islamic financial services industry, which prescribes transactions to be backed by underlying real assets thus contributing to productive activities in the real economy, has seemingly coped with the crisis better than its conventional counterparts.

However, the industry is still faced with many of the same challenges of the global financial services industry in meeting increasingly tougher capital adequacy and liquidity requirements; risk management and stress testing measures; compliance measures; and rediscovering the inclusiveness of banking and financial services to serve society and the economy at large.

Indeed, the 10th Annual Summit theme, 'The Future of the Islamic Financial Services Industry: Resilience, Stability and Inclusive Growth' could not be more pertinent. The theme is reflected in some of the key topics, which will consider inter alia:

  • Global financial regulatory reforms;
  • Challenges relating to a cross-sectoral approach to the regulation of Islamic finance and market development;
  • The prospects in new markets;
  • Forging the new frontiers of Islamic finance;
  • Innovating for inclusive economic and market growth; and
  • Future trends in the industry.

Reflecting the widening recognition of the IFSB in its role as the standard-setting body for the Islamic financial services industry - and as the counterpart of the Basel Committee on Banking Supervision (BCBS), the International Organisation of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS) in the conventional scene – the Summit has attracted a bevy of prominent international speakers and experts.

H.E. Dr. Ahmad Mohamed Ali Al-Madani, President of the Islamic Development Bank (IDB) Group will deliver the Keynote Address at the Opening Session of the Summit on 16 May 2013.

The IDB Group, which is a founding member of the IFSB, has been a key supporter of the IFSB’s mandate and activities, and continues to have a proactive engagement in the various Committees of the organisation pursuant of a common goal of mainstreaming the Islamic financial services industry within the global financial system; promoting the resilience and stability of the industry; and ensuring that the industry has relevance to the economies of member countries through poverty alleviation, employment generation, wealth creation and financial inclusion strategies.

In addition, several prominent banking regulators led by Summit host, H.E. Dr. Zeti Akhtar Aziz, Governor of Bank Negara Malaysia and including H.E. Sheikh Abdulla Saoud Al-Thani, the Current Chairman of the IFSB Council and Governor of the Qatar Central Bank; H.E. Sanusi Lamido Aminu Sanusi, Governor of the Central Bank of Nigeria; H.E. Hamood Sangour Al Zadjali, Executive President of the Central Bank of Oman; H.E. Yaseen Anwar, Governor of the State Bank of Pakistan; H.E. Sultan Bin Nasser Al-Suwaidi, Governor of the Central Bank of the UAE; Professor Datuk Rifaat Ahmed Abdel Karim, Chief Executive Officer, International Islamic Liquidity Management Corporation; Bircan Akpinar, Executive Vice Chairman, Capital Markets Board of Turkey; H.E. Raed Charafeddine, First Vice Governor, Banque du Liban, H.E. Dr. Halim Alamsyah, Deputy Governor, Bank Indonesia; H.E. Daniyar Akishev, Deputy Governor, National Bank of Kazakhstan and H.E. Dr. Abdulrahman Alkalaf, Deputy Governor, Saudi Arabian Monetary Agency have confirmed their participation in the Summit proceedings.

Equally important is the participation of Karl Cordewener, Deputy Secretary-General of the Basel Committee on Banking Supervision at the Bank for International Settlements (BIS), the organisation that sets the rules of the game for global banking; Ian Johnston, Chief Executive, Dubai Financial Services Authority; Abayomi A Alawode, Manager of the Financial Systems Global Practice of the Financial and Private Sector Development Network at the World Bank; Andrew L. T. Sheng, Chief Adviser to the China Banking Regulatory Commission and President of the Fung Global Institute in Hong Kong; Professor Dr. Azmi Omar, Director General of the Islamic Research and Training Institute (IRTI) of the IDB Group; Professor Dr. Volker Nienhaus, Visiting Professor, Henley Business School, University of Reading; and Dr. Filippo di Mauro, Senior Research Adviser at the European Central Bank.

To celebrate its tenth year of operations since it started on 10 March 2003, and to highlight the milestones and its achievements, the IFSB is also organising a 10th Anniversary Dinner on the evening of the 16 May 2013.

The main Summit proceedings on the 16-17 May will be preceded by four pre-Summit events on the 14-15 May.

The 10th Annual IFSB Summit is specifically aimed at harnessing the latest developments and innovation in regulation, prudential standards, current market practices and future challenges to keep you informed about the global Islamic financial services market; to provide a platform for dialogue with your peers; and to give you a voice in contributing to the future direction of the industry.

More information on participation and registration of the 10th IFSB Summit can be found at its official website: http://www.ifsbmalaysia2013.com.

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