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Corporate Governance Working Group Meeting

Date posted: 9 June 2004

The first meeting of the Working Group, which will draft the corporate governance standard for institutions that offer Islamic financial services was held on 31 May 2004 in Langkawi, Malaysia, and chaired by Dr. Abdulrahman A. Al Hamidy, Director General, Research & Statistic, Saudi Arabian Monetary Agency. The members of the Working Group consist of representatives from various supervisory bodies and market players. The standard aims to address important corporate governance issue namely, to safeguard the interest of investment account holders in institutions that offer Islamic financial services.

The working groups which are in charge of drafting the standards on capital adequacy and risk management also met on 30 May and 1 June 2004 in Langkawi, Malaysia, respectively. It is expected that the IFSB to issue an Exposure Draft on each of the two standards by the end of December 2004 for comments by interested parties.

The IFSB is established to ensure the soundness and stability of the Islamic financial services by developing prudential standards and promoting international best practices for this industry. The IFSB will either introduce new or adopt existing international standards and best practices which are both consistent with Islamic Shari’a rules and principles of this industry. At present, The IFSB has 52 members including 15 regulatory and supervisory bodies: Bahrain Monetary Agency, Ministry of Finance Brunei Darussalam, Central Bank of Egypt, Bank Indonesia, Central Bank of the Islamic Republic of Iran, 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, Bangko Sentral ng Pilipinas, Labuan Offshore Financial Services Authority and Monetary Authority of Singapore. The IFSB membership also includes the Islamic Development Bank, International Monetary Fund, World Bank and Asian Development Bank.

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