Islamic Financial Services Board (IFSB)

World Bank declares Islamic finance a priority area

New Secretary-General Jaseem Ahmed, summit host, Yves Mersch, Gov. Banque centrale du Luxembourg and Faris Sharaf, the chairman of the IFSB governing council and governor of the Central Bank of Jordan were very happy about the good results of the global Islamic financial services industry, considering the challenging environment presented by the recent international financial crisis.
For Islamic finance in particular, the pressing issue is the need to assure that the regulatory and supervisory framework for Islamic finance is consistent with ongoing global regulatory and supervisory reforms. This is particularly important since Islamic finance is rapidly being conventionalized and increasingly integrated into global financial markets.

End of journey for Rifaat at the IFSB

Professor Rifaat Abdel Karim was appointed in November 2002 as the inaugural secretary general of the Kuala Lumpur-based Islamic Financial Services Board (IFSB), the multilateral prudential and supervisory standard setting organization for the global Islamic financial services industry.
He resigned last year, making place for a new secretary general.
In his statement about the company, he talked about the beginning of the company, about the fact that it took two years to resolve the location where the IFSB should be based and commented on the rumours that there was a political trade-off between Bahrain and Malaysia over the location of IFSB.

New IFSB chief faces daunting task

The appointment last week by the council of governors of the Islamic Financial Services Board (IFSB) of Jaseem Ahmed as its new secretary-general comes at a time when the prudential and supervisory standard setting organization of the global Islamic finance industry is poised to enter its next stage of development since it was first established in 2002.
Ahmed’s appointment was confirmed at the 17th meeting of the council of governors that was held in Jeddah.

Islamic finance liquidity body to issue sukuk in '11

A new global Islamic liquidity management corporation backed by central banks will start issuing Islamic bonds next year to help Islamic banks manage their liquidity.
The Islamic Financial Services Board (IFSB) said in October it would set up the International Islamic Liquidity Management Corporation to issue sharia-compliant instruments.
The liquidity management company will be backed by 11 central banks, including Malaysia, Iran and Turkey and some Gulf states and is expected to have up to $1 billion in authorised capital.

IFSB organises two seminars in December 2010

The Islamic Financial Services Board will organize two seminars in December 2010. The two seminars will include:
1) the legal issues in the Islamic financial services industry;
2) the role of Islamic finance in the development of Africa.
The Seminars are open for participation by the IFSB member organisations, as well as the business, legal, and financial community at large.

South Korea interested in Islamic finance

The Financial Supervisory Service (FSS) Governor Kim Jong-chang sees Islamic finance as a potential new alternative in overcoming the global financial crisis pointing out that reckless distribution of complicated derivative products throughout the global market, detached from the real economy, put the global financial market into crisis.

The annual seminar, held in Japan and Hong Kong in the last two years, is now under way in Seoul, jointly hosted by the Islamic Financial Services Board (IFSB), the Financial Services Commission (FSC) and the FSS.

Kim said the regulator would focus on setting up infrastructure for Islamic finance in the country.

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