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Wednesday, 25 November 2009

IFSB Approves Three Documents To Enhance Islamic Financial Services Industry


KUALA LUMPUR, Nov 23 (Bernama) -- The Council of the Islamic Financial Services Board (IFSB) has resolved to approve three documents aimed at further facilitating efforts towards enhancing the soundness and stability of the Islamic financial services industry.

The IFSB made the decision at its 15th Council meeting in Kuala Lumpur Monday.

The IFSB is an international standard-setting organisation that promotes and enhances the soundness and stability of the Islamic financial services industry.

In a statement Monday, the IFSB said the three documents are, Guiding Principles on Governance for Islamic Insurance (Takaful) operations, conduct of business for institutions offering Islamic Financial Services (IIFS) and Guiding principles on Shari'ah governance system.

Bank Negara Malaysia hosted both the council meeting and the subsequent IFSB public lecture on financial policy and stability today.

Bank Negara Governor, Tan Sri Dr Zeti Akhtar Aziz officiated the public lecture.

The Guiding Principles on Governance for Islamic Insurance (Takaful) undertakings (IFSB-8), seeks to provide the principles on governance for all Takaful undertakings, under each respective jurisdiction's purview.

The document has three main objectives of reinforcing relevant good governance practices based on those prescribed by other internationally recognised governance standards, striking a balance between the interest and fair treatment of stakeholders while providing a solid foundation for all the IFSB's future standards that relate to good governance of Takaful undertakings.

The conduct of business for institutions offering Islamic Financial Services (IFSB-9) aims to promote a climate of confidence and a supportive environment in the business of the Islamic financial services industry by upholding and strengthening the relevant moral, social and religious values in business practices.

As for the Guiding principles on Shari'ah governance system (IFSB-10), it aims to highlight to supervisory authorities in particular, and the industry's other stakeholders in general, the components of a sound Shari'ah governance system, especially with regards to the competence, independence, confidentiality and consistency of Shari'ah boards.

The IFSB Council at its meeting this morning also admitted eight new organisations into membership.

The members of the IFSB comprise regulators and supervisors of the banking, capital markets and Islamic insurance (Takaful) sectors, as well as international inter-governmental organisations and market players (financial institutions, professional firms and industry associations).

The newly admitted regulatory and supervisory authority members today were the Insurance Authority of the United Arab Emirates, Banque Centrale du Luxembourg and the Central Bank of Turkey.

The industry association member admitted was the Arab Chamber of Commerce and Industry, Hong Kong.

The financial institutions and professional firms accepted as members were Al-Aqeelah Takaful (Syria), Amsar Partner LLP (Singapore), IFC Linova LLC (Republic of Tartarstan, Russia) and West Services Inc ( United States).

At its meeting, the IFSB council also resolved to appoint Dr Sabir Mohamed Hassan, Governor of the Central Bank of Sudan as its chairman for the term, Jan 1-Dec 31, 2010.

The Governor of the Central Bank of Jordan, Dr Umayya Toukan was appointed deputy chairman for the same period.

Sabir will be the 8th chairman of the IFSB council and replaces Dr Muhammad Sulaiman Al-Jasser, the governor of the Saudi Arabian Monetary Agency. His term in the current council ends on Dec 31.

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