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Islamic Financial Services Industry And The Global Regulatory Environment Summit

Date posted: 27 April 2004

His Royal Highness The Prince of Wales will participate in the forthcoming ‘Islamic Financial Services Industry and the Global Regulatory Environment Summit’ which is organized by Islamic Financial Services Board (IFSB) in association with the General Council of Islamic Banking and Development (GCIBFI) in London on 18 and 19 May 2004 at Park Lane (Sheraton) Hotel. The Prince will be speaking in a Special Session on ‘Islamic Banking and Development on 19 May 2004.

The Summit marks the first international event of the IFSB and it aims to bring together Governors of supervisory and regulatory agencies, including those who are members of the IFSB, to address regulatory issues that are pertinent to both the Islamic financial services industry and their counterpart in the West.

Tan Sri Dato’ Dr. Zeti Akhtar Aziz, Governor of Bank Negara Malaysia, who will address the Summit, commented “Islamic finance needs to be endowed with the right pre-requisites that will ensure the evolution of an intermediation system that is viable, resilient and sustainable. Towards achieving this objective, the development of the industry needs to be comprehensive and sound, with the financial stability and growth secured through robustness of the regulatory and supervisory framework, the dynamism of the financial markets, the strength of the financial infrastructure and the level of responsiveness and sophistication of the products and services. The Summit will foster greater awareness of these issues”.

Commenting on the Summit, the Secretary-General of the IFSB, Professor Rifaat Ahmed Abdel Karim, said “The regulatory and supervisory function is an indispensable and vital component of the financial infrastructure. In view of the unique characteristics and attributes of Islamic banking operations and Islamic financial instruments, there is an urgent need to develop a regulatory framework which caters for the specificities of this industry. The Summit will provide a forum for various supervisory and regulatory bodies as well as financial institutions offering Islamic financial services to discuss pertinent issues on regulation and supervision of Islamic financial services industries”.

For more information on the Summit, please visit www.ifsbsummit.com.

*Notes to Editors :

The Islamic Financial Services Board (IFSB) is an association of central banks, monetary agencies and inter-governmental international organizations that has an explicit mandate for promoting Islamic finance. The IFSB was inaugurated on 3 November 2002 and is based in Kuala Lumpur, Malaysia. At present, the IFSB has 52 members, including the following 15 regulatory and supervisory authorities: 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 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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