IMF Managing Director, Mr. Rodrigo de Rato and Dr. Zeti Akhtar Aziz, Chairperson of the Islamic Financial Services Board (IFSB) Council deliver Keynote Addresses at 4th Summit.
May 15, 2007 (Press Release) --
4th Islamic Financial Services Board Summit, 15 May 2007, Dubai, UAE.
• International Monetary Fund (IMF) Managing Director, Mr. Rodrigo de Rato and Dr. Zeti Akhtar Aziz, Chairperson of the Islamic Financial Services Board (IFSB) Council deliver Keynote Addresses at the 4th Islamic Financial Services Board Summit in Dubai on the morning of 15 May 2007.
• Mr. de Rato’s address touched on the acceleration of financial globalisation which has brought forth challenges related to regional financial integration, financial stability and supervision of financial institutions. Dr. Zeti Akhtar Aziz highlighted the blurring of traditional sector boundaries between the banking, capital markets and insurance are among the trends in the financial
services industry.
• The industry’s trend for convergence, while increasing the value proposition for consumers, poses new challenges for supervisors. In ensuring the overall soundness and stability of the financial sector, there is a need for a common vision for the Islamic financial services industry. Enhancing efforts of international cooperation and collaboration in addition to developing a strong supervisory framework are key factors to move the industry on a highly dynamic and rapidly evolving environment.
• From a more micro perspective, the Governor of the Central Bank of the United Arab Emirates, Sultan bin Nasser Al Suwaidi, said the challenges for regulators are finding more:
1. Shari’ah compliant financial instruments, suitable for managing short-term liquidity;
2. transparent ways to differentiate between dividend paid to shareholders and investors (or depositors); and
3. harmonised Shari’ah board rulings.
• Meanwhile the IFSB Secretary General, Professor Rifaat Ahmed Abdel Karim, re-emphasised the IFSB’s mandate to develop prudential standards for Islamic financial services industry, saying that the IFSB draws upon existing internationally recognised standards by the Basel Committee, International Organisation of Securities Commission and the International Association of Insurance Supervisors as well as the recommendations of the Joint Forum. The IFSB adapts and complements these standards while addressing the specificities of institutions offering Islamic financial services.
• The 4th IFSB Summit is held under the Royal Patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, and hosted by the Central Bank of the UAE. 25 speakers are addressing the two-day Summit which is attended by over 250 delegates from international organisations and financial institutions from over 25 countries.
• International Monetary Fund (IMF) Managing Director, Mr. Rodrigo de Rato and Dr. Zeti Akhtar Aziz, Chairperson of the Islamic Financial Services Board (IFSB) Council deliver Keynote Addresses at the 4th Islamic Financial Services Board Summit in Dubai on the morning of 15 May 2007.
• Mr. de Rato’s address touched on the acceleration of financial globalisation which has brought forth challenges related to regional financial integration, financial stability and supervision of financial institutions. Dr. Zeti Akhtar Aziz highlighted the blurring of traditional sector boundaries between the banking, capital markets and insurance are among the trends in the financial
services industry.
• The industry’s trend for convergence, while increasing the value proposition for consumers, poses new challenges for supervisors. In ensuring the overall soundness and stability of the financial sector, there is a need for a common vision for the Islamic financial services industry. Enhancing efforts of international cooperation and collaboration in addition to developing a strong supervisory framework are key factors to move the industry on a highly dynamic and rapidly evolving environment.
• From a more micro perspective, the Governor of the Central Bank of the United Arab Emirates, Sultan bin Nasser Al Suwaidi, said the challenges for regulators are finding more:
1. Shari’ah compliant financial instruments, suitable for managing short-term liquidity;
2. transparent ways to differentiate between dividend paid to shareholders and investors (or depositors); and
3. harmonised Shari’ah board rulings.
• Meanwhile the IFSB Secretary General, Professor Rifaat Ahmed Abdel Karim, re-emphasised the IFSB’s mandate to develop prudential standards for Islamic financial services industry, saying that the IFSB draws upon existing internationally recognised standards by the Basel Committee, International Organisation of Securities Commission and the International Association of Insurance Supervisors as well as the recommendations of the Joint Forum. The IFSB adapts and complements these standards while addressing the specificities of institutions offering Islamic financial services.
• The 4th IFSB Summit is held under the Royal Patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, and hosted by the Central Bank of the UAE. 25 speakers are addressing the two-day Summit which is attended by over 250 delegates from international organisations and financial institutions from over 25 countries.
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