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Monday, 10 December 2007

IFSB Speaks Out

According to professor Rifaat Ahmed Abdel Karim, Secretary General of the Islamic Financial Services Board (IFSB), "Islamic finance, despite its unique characteristics, is diverse in its application and has universal appeal as a viable alternative means of financing".
Professor Karim said in his opening address to the delegates of the 2nd Islamic Financial Services Forum of The European Challenge on Wednesday, that "despite having its own nomenclature, the Islamic financial services industry (IFSI) operates within the existing global financial infrastructure. The interlinking of the IFSI with the conventional financial system subjects it to similar risks and challenges, and may still affect financial markets (albeit in a relatively minor way) should any adverse conditions occur. Thus, it is necessary that there be a set of prudential standards that cater for the specificities of Islamic finance.
The forum is the result of joint collaboration between the Deutsche Bundesbank, the Financial Stability Institute and the IFSB. Dr Zeti Akhtar Aziz, Governor Bank Negara Malaysia, and Chairperson of the IFSB Council delivered the Keynote Address.
The Islamic Financial Services Board (IFSB), which is based in Kuala Lumpur, was officially inaugurated on 3rd November 2002 and started operations on 10th March 2003. It serves as an international-standard setting body of regulatory and supervisory agencies that. The 150 members of the IFSB include 37 regulatory and supervisory authorities as well as International Monetary Fund, The World Bank, Bank for International Settlements, Islamic Development Bank, Asian Development Bank, and 108 market players and professional firms from 31 countries. - (HedgeCo. Net, 7 Dec 07)

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