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Press Release > 2004

The Technical Assistance Agreement granted by the Islamic Development Bank and the Asian Development Bank

Date posted: 30 December 2004

The Islamic Financial Services Board (IFSB) has signed a Technical Assistance (TA) Agreement with both the Islamic Development Bank (IDB) and Asian Development Bank (ADB) in December 2004 to finance the development of international prudential standards for the Islamic financial services.  H.E. Dr. Ahmad Mohamed Ali, President of the IDB signed the agreement on behalf of the IDB and Mr. Phillip C. Eruqiaga, Principal Director of the ADB signed the agreement on behalf of the ADB.  Professor Rifaat Ahmed Abdel Karim, Secretary General of the IFSB signed the agreement on behalf of the IFSB.

 Both TAs aim to promote financial stability and sound markets through the establishment of international standards and best practices for institutions offering Islamic financial services.  The TA will facilitate the following three main areas:

  1. Development of international standard on Transparency and Market Discipline.
     
  2. Establishment of Islamic financial sector database relating to regulatory and prudential issues that will help the IFSB in the preparation of its standards.
     
  3. Enhance the Islamic financial sector legal framework through the preparation of a draft model Trust Law for Islamic Sukuk markets.

“The IFSB is very thankful to both the IDB and ADB for their generous grant which will enable the IFSB to execute some of its activities that it had planned for 2005”, said Professor Rifaat.

*Notes to Editors:

The Islamic Financial Services Board (IFSB) is an association of central banks, monetary agencies and inter-governmental international organizations that have an explicit mandate for promoting Islamic finance. The IFSB was established on 3 November 2002 and is based in Kuala Lumpur, Malaysia. At present, the Council of the IFSB comprises the following Full Members: Bahrain Monetary Agency, Bangladesh Bank, The Finance Ministry of Negara Brunei Darussalam, Central Bank of Egypt, Bank Indonesia, The Central Bank of the Islamic Republic of Iran, Islamic Development Bank, Central Bank of Jordan, Central Bank of Kuwait, Bank Negara Malaysia, State Bank of Pakistan, Qatar Central Bank, Saudi Arabian Monetary Agency, Bank of Sudan and the Central Bank of the United Arab Emirates. The IFSB sets and disseminates prudential and supervisory standards and core principles that are in compliance with Shari’a rules and principles for the regulation and supervision of the Islamic financial services industry.

 


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