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Saturday, 27 September 2008

Islamic financial services integrating into a global financial network

by Amanullah Khan/
Pakistan Observer

Karachi—The growing integration among Islamic Financial Services into a global financial network attracting the international financial community to keep it abreast with the interesting developments taking place in the Islamic Financial Services. Working for further integration among Islamic Financial Services, the State Bank of Pakistan (SBP) has initiated to host five Islamic Financial Services Awareness Programs in Karachi from 27 – 31 October 2008 under the auspices of Islamic Financial Services Board (IFSB).

The programs will be held in conjunction with the 13th Meeting of the Council of the Islamic Financial Services Board (IFSB), which is also being hosted by the State Bank of Pakistan in Karachi on October 29, 2008. The five programs include third International Conference on Islamic Banking & Finance: Risk Management, Regulation and Supervision - co-organized with the Islamic Research and Training Institute (IRTI) and Islamic Development Bank (IDB), 2nd Public Lecture on Financial Policy and Stability, Interactive Session on the Financial Health of Islamic Financial Services, 5th International Seminar on Challenges facing the Independence of Shari’ah Supervisory Boards and Seminar on Monetary Operations and Liquidity Management.

Islamic Financial Services Awareness Programs will be addressed by top executives from among the industry’s regulatory and supervisory bodies, as well as leading international experts in the Islamic financial services industry. These leaders represent a vast spectrum of the industry – covering the banking, capital markets and Takaful sectors.

The chairperson of IFSB Council, Dr. Shamshad Akhtar, Governor, State Bank of Pakistan, while appreciating the efforts of IFSB, said that global interest in Islamic finance industry and Pakistan’s success in laying basic foundation and developing core infrastructure of Islamic financial system lends confidence that the country has good potential and prospects to further develop this industry.

Pakistan has shown a robust growth in Islamic banking, which can serve as a key vehicle to improve and strengthen the access to development finance by bringing in financial innovation that can cater adequately to diverse demands of the population as well as corporate sector’s and country’s infrastructure financing requirements. She expressed the hope that these events will greatly help in transfer of success and technology across jurisdictions, besides providing excellent networking opportunities.

Secretary General of the IFSB, Professor Rifaat Ahmed Abdel Karim, commenting on the importance of holding these programs said: “Looking at the growing integration of the Islamic financial services industry into the global financial framework, it is imperative for the international financial community to keep itself abreast with the developments and issues inherent within the industry. Organizing such programs is among the efforts of the IFSB in keeping its 175 member institutions across the world posted with current and relevant industry issues.”

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