Islamic Financial Services Industry And The Global Regulatory Environment Summit
Date posted: 1 April 2004
The Islamic Financial Services Board (IFSB) convened its 2nd General Assembly and 4th meeting of Council on 31 March 2004 in Bali, Indonesia. The Governor of Bank Indonesia who is the present Chairman of the IFSB General Assembly and Council, chaired both meetings, which was attended by the Governors of Bahrain Monetary Agency, the 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 as well as the President of the Islamic Development Bank (IDB). The Deputy Minister of Finance, Brunei Darussalam represented the Ministry of Finance Brunei Darussalam which is also a Full Member of the IFSB. The Central Bank of Egypt also sent its representative to attend the meetings.
The Council admitted three new observer members: Bank Islam Malaysia Berhad, CIMB Berhad, and the Saudi British Bank, bringing the total number of the IFSB members to 52 of which there are 15 regulatory and supervisory authorities.
The General Assembly approved the first Annual Financial Statements for the financial year ended 31 December 2003, and was updated by the Council on the progress of the preparation of the two prudential standards namely capital adequacy and risk management. An exposure draft on each standard is expected to be issued towards the end of 2004. The IFSB will start the preparation of a standard on corporate governance.
The General Assembly elected the Governor of the Central Bank of the Islamic Republic of Iran as its Chairman-elect for year 2005.
The 2nd General Assembly of the IFSB, 31 March 2004, Bali, Indonesia
The 4th Meeting of the Council of the IFSB, 31 March 2004, Bali, Indonesia
*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
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