The 5th Meeting of the Council of the Islamic Financial Services Board
Date posted: 28 December 2004
The 5th meeting of the Council of the Islamic Financial Services Board (IFSB), which was hosted by the Islamic Development Bank (IDB), was held on 22 December 2004 at the headquarters office of the IDB in Jeddah, Kingdom of Saudi Arabia. The meeting was chaired by H.E. Burhanuddin Abdullah, the Governor of Bank Indonesia who is the present Chairman of the IFSB Council. The Council meeting was attended by the President of the IDB and 8 Governors representing the Central Bank of the Islamic Republic of Iran, The Central Bank of Kuwait, Bank Negara Malaysia, the State Bank of Pakistan, Qatar Central Bank, Saudi Arabian Monetary Agency, the Bank of Sudan and the Central Bank of the United Arab Emirates. The Deputy Minister of Finance, Brunei Darussalam represented the Ministry of Finance in Brunei Darussalam which is also a Full Member. Representatives of Bahrain Monetary Agency, the Central Bank of Jordan and the Central Bank of Egypt also attended the meeting.
The Council meeting discussed various issues, including the application by the Dubai International Financial Centre Financial Services Authority to join the IFSB as Associate Member, which was approved by the Council. The Council also admitted Affin Bank Berhad, Malaysia, Sudan Financial Services, National Bank of Dubai, Dubai Islamic Bank and Bank Keshavarzi, Iran as Observer Members. This brings the total number of members to 65. The meeting also discussed and approved the work plan for 2005 which includes, among others, the preparation of a new standard on transparency and market discipline. The IFSB will also start the preparation of a standard on the supervisory review process, which is a continuation of its capital adequacy standard. The Council took note of the approval of the Technical Committee of the IFSB to issue Exposure Drafts of the capital adequacy and risk management standards for comments by interested parties.
*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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