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IFSB Members & Industry Engagement Session Highlights Key Developments in the Global Islamic Finance Industry

Date posted: 9 May 2019

9 May 2019, Kuala Lumpur, Malaysia – The Islamic Financial Services Board (IFSB) successfully organised a Members and Industry Engagement Session on 30 April 2019 in Kuala Lumpur. The Session is part of the IFSB’s efforts to provide an interactive platform in which IFSB member organisations and the Islamic financial services industry stakeholders engage with the IFSB on industry and regulatory related issues, and explore ways to address them. The session aims to provide inputs and feedback to the IFSB to ensure that the activities planned and conducted by the IFSB are of relevance and are in line with the needs of its stakeholders.

Dr. Bello Lawal Danbatta, Secretary-General of the IFSB, in his presentation, briefed the delegates on the global Islamic finance and the IFSB role while presenting some key highlights from the IFSB annual-flagship publication, Islamic Financial Services Industry Stability Report 2019. He shared an update of the industry and the ongoing work of the IFSB in supporting the industry’s stability and resilience. In his presentation, Dr. Bello also shared IFSB’s commitment to further enhance services to the IFSB member organizations.

The session continued with a country showcase by Dr. Hamim Syahrum Ahmad Mokhtar, Deputy Director of Islamic Banking and Takaful Department, Bank Negara Malaysia to share Malaysia’s Experience in developing Islamic financial system, and Dr. Jardine Husman, Assistant Director Islamic Economic and Finance Department, Research and Assessment Division, Bank Indonesia to share the development of Islamic finance in Indonesia.

An interactive panel discussion moderated by Dr. Bello Lawal Danbatta, and featuring Assistant Secretaries-General of the IFSB, Mr. Walid Ahmad Al Zahrani, and Dr. Jamshaid Anwar Chattha, and Dr. Hamim Syahrum, and Dr. Jardine Husman. The panelists shared their perspectives in regard to standard-setting agenda, capacity building, implementation levels of the IFSB standards, technical assistance, and the bigger role to be played by the industry in the work and activities of the IFSB. The session ended with valuable questions and comments by the IFSB members on the implementation of IFSB standards which the secretariat answered and accepted as positive feedbacks for future improvements of IFSB implementation strategies.

The IFSB Members and Industry Engagement Session was held on 30 April 2019 in Kuala Lumpur, in conjunction with the IFSB Annual Meetings 2019. It was attended by participants including heads and senior representatives of regulatory and supervisory authorities (RSAs) and financial institutions from over 20 countries, among the IFSB members.

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