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The IFSB to Conduct Online Executive Programme on Covid-19 and Its Implications on Institutions offering Islamic Financial Services (IIFS)

Date posted: 24 June 2020

24 June 2020, Kuala Lumpur, Malaysia – The IFSB is pleased to announce that its first Covid-19 Executive Programme for 2020 will be conducted virtually with the theme, “COVID-19 and its Implications on Institutions offering Islamic Financial Services (IIFS)”. This online Executive Programme will be held on 7 July 2020, 14:30 - 17:50 (Malaysia time) via online platform.

Due to Covid-19 pandemic, institutions offering Islamic Financial Services (IIFS) like their conventional counterparts, are likely to face both immediate and future challenges. The pandemic raises a number of pertinent questions on whether there are Islamic finance specificities that create specific implications, risks or challenges to the IIFS which require a different operational, regulatory or supervisory approach different from that of conventional financial institutions. Additionally, while governments, central banks, regulators, and international organisations have moved rapidly to address the immediate effects of COVID-19, questions remain on how policy should continue to evolve to preserve financial stability and address the potential medium to longer term effects of COVID-19 on the financial system particularly for the IIFS.

This executive programme aims to address some of these crucial questions and to encourage discussions, debates and sharing of country challenges, experiences and policy approaches related to COVID-19 across the three main sectors namely, Islamic Banking, Islamic Capital Markets and Takaful.

The objectives of this Executive Programme are:

  • To discuss the impact of COVID-19 on the global financial system and global economy and its implications for the overall risk environment of IIFS
  • To discuss the implications of COVID-19 for IIFS and identify specific risk factors that might arise in relation to specificities of IIFS
  • To discuss the areas where regulatory responses may be needed to address the impact of COVID-19 to ensure the resilience and stability of IIFS and the various approaches that are being taken by different regulators and market players.

Senior and middle management from regulatory and supervisory authorities and market players from the IFSB members and non-members jurisdictions are encouraged to participate in this online module of the Executive Programme. This Executive Programme is free for all categories of IFSB members. For Non-Members a participation fee of USD100 will be applicable.

Interested participants are invited to register at www.ifsb.org. Please contact Mrs. Ida Shafinaz Ab. Malek (ida.shafinaz@ifsb.org) for further information.

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