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International Seminar on Challenges Facing the Islamic Financial Services Industry

Date posted: 7 April 2004

The Islamic Financial Services Board (IFSB) organized an interactive session which discussed the future prospects of the Islamic financial services industry on 31 March 2004 in Bali, Indonesia. The session followed the meetings of The Council and the General Assembly of the IFSB. The Governors of Bank Negara Malaysia, the State Bank of Pakistan and the Bank of Sudan presented their views in this session which was chaired by the Governor of the Central Bank of Kuwait. The session which was attended by many industry representative including the International Monetary Fund and The World Bank highlighted some of the major challenges that have to be addressed by the industry.

The events of the IFSB in Bali also included an International Seminar on Challenges Facing the Islamic Financial Services Industry which was held on 1 and 2 April 2004. The one and half day Seminar was organized by the IFSB, together with the Islamic Development Bank and International Monetary Fund. The Seminar generated sets of policy recommendations on the developments of human capital, products and markets, and legal framework for the Islamic financial services industry. These recommendations will be applied towards the formulation of various policies to support the development of the industry.

The Seminar, which was restricted to the IFSB member countries of which currently comprise of 15 countries, was attended by senior representatives of central banks, monetary agencies and international inter-governmental financial organizations, chief executive officers of financial institutions and other relevant organizations, partners of international accounting firms and law firms, and academics.

*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 inaugurated 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, Ministry of Finance Brunei Darussalam, Central Bank of Egypt, Bank Indonesia, Bank Markazi Jomhouri Islami Iran, the 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 and Bank of Sudan. 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.

Islamic Financial Services Board
Kuala Lumpur


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