THE IFSB ADMITS SIX ORGANISATIONS INTO ITS MEMBERSHIP

THE IFSB ADMITS SIX ORGANISATIONS INTO ITS MEMBERSHIP

ISLAMIC FINANCE

Jeddah, KINGDOM of SAUDI ARABIA

Tuesday, 8th December 2015

The Council of the Islamic Financial Services Board (IFSB) has today resolved to approve the admission of six organisations into the IFSB membership. These include one supervisory authority as an Associate Member, and two supervisory authorities as well as three financial institutions as Observer Members.

The 27^th meeting of the IFSB Council, hosted by the Islamic Development Bank, was held on 8 December 2015 at the Islamic Development Bank Headquarters in Jeddah, Saudi Arabia. It was attended by seven central bank governors and heads of regulatory and supervisory authorities, as well as 14 senior representatives from among the Council and Full members of the IFSB, representing 17 countries. The meeting, which was chaired by the Governor, Bank Indonesia, H.E. Agus D.W. Martowardojo, was also attended by the President of the Islamic Development Bank.

The newly admitted members are:

Associate Member

1.            Bank of England

Observer Members

2.            National Bank of the Kyrgyz Republic

3.            Securities and Exchange Commission of Pakistan

4.            Abu Dhabi Islamic Bank, Egypt 

5.            Amana Bank, Sri Lanka

6.            Ziraat Katilim, Turkey

The Council also resolved to approve the upgrade of the National Bank of Kazakhstan (NBK) from an Associate to a Full Member. With this upgrade, the NBK becomes a Member of the IFSB Council, which is the highest governing body of the IFSB. This brings the membership of the IFSB Council to 23 members who are the central bank Governors from 22 countries, as well as the President of the IDB. The membership of the IFSB is divided into three categories, namely Full Member, Associate Member and Observer Member. The Full Membership, which is the sole membership with voting rights, is available to the financial sector supervisory authorities of each sovereign country.

To date, the 189 members of the IFSB consist of 65 supervisory and regulatory authorities from the banking, capital markets and Islamic insurance (Takaful) sectors from 47 jurisdictions, as well as eight international inter-governmental organisations, and 116 market players (financial institutions, professional firms and industry associations).

The full list of the IFSB members is available on the IFSB website http://www.ifsb.org/membership.php. The roles and responsibilities of the members (by category) are detailed in the IFSB Articles of Agreement that can be downloaded from the website.

IFSB - BIBF to Continue Programme in October 2015

IFSB – BIBF to Continue Islamic Finance Executive Programme in October 2015 Covering Topics on Islamic Capital Market

ISLAMIC FINANCE

Kuala Lumpur, MALAYSIA / Manama, BAHRAIN

Thursday, 20th August 2015

The Islamic Financial Services Board (IFSB) and BIBF are organising the second joint IFSB-BIBF Islamic Finance Executive Programme (IFEP) series, themed, “Towards a Vibrant Islamic Capital Market: Opportunities and Challenges,” on 5 – 6 October 2015 in Manama, Bahrain.

With the theme “Towards a Vibrant Islamic Capital Market: Opportunities and Challenges”, this second edition of the IFSB-BIBF Islamic Finance Executive Programme will focus on key areas that are expected to be catalysts in driving Islamic capital markets into the next phase of growth and development from the perspectives of market practitioners, regulators and academia. It also aims to promote an informed analysis and understanding of Islamic capital markets through discussions of topical and contemporary issues as well as of prospects and challenges relating to Islamic capital market products and services.

The sessions will include analysis and deliberations on the current trends and developments of the Islamic capital markets, innovations inSukuk structures such as perpetual Sukuk, and prospects for cross-border Sukuk. Furthermore, the participants will be exposed to issues related to development of new markets, Islamic Collective Investment Schemes (ICIS), Shariah-compliant hedging, as well as the role of the regulatory and supervisory authorities in ensuring market integrity, transparency and protection of investors.

The panel session, as a key feature of this Islamic Finance Executive Programme will highlight key issues and challenges in Islamic capital markets relating to the Shariah framework, the resilience of its infrastructures as well as develop policy recommendations drawing on the views and experiences of both supervisors and market practitioners.

Among the topics which will be covered are:

• Development of the Islamic Capital Market (ICM): Progress and Trends
• Innovative Sukuk Structures: A New Path for the Growth of ICM
• Islamic Collective Investment Schemes (ICIS): Promoting Strong Foundations
• Islamic Real Estate Investment Trusts (I-REITs): An Emerging Asset Class for Wealth Management
• Shariah-compliant Hedging Instruments: Addressing the Market Risk Management Needs of the Industry
• Sound Development of the ICM: The Supervisory Role
• Panel Discussion on Building a Vibrant Islamic Capital Market: Key Issues and Challenges

The IFEP is ideal for Regulators and Supervisors of the Islamic Capital Markets, Chief Executive Officers and Board Members of Investment Companies, Originators and Issuers as well as Arrangers/Bookrunners of ICM Products, Senior Management at Credit Rating Agencies. Senior Management of Islamic Capital Market Associations, Senior Managers in the Risk Management, Shariah Governance and Compliance Functions, Auditors, Lawyers, Academicians and Researchers in ICM.

 You are invited to Register click here, or View the IFEP brochure at click here.

For further information of IFEP, visit www.ifsb.org. or contact Mr. Hamizi Hamzah at hamizi@ifsb.org for enquiries.

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NOTE TO EDITOR:

About the Islamic Financial Services Board (IFSB)

The IFSB is an international standard-setting organisation that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets and insurance sectors. The IFSB also conducts research and coordinates initiatives on industry-related issues, as well as organises roundtables, seminars and conferences for regulators and industry stakeholders. Towards this end, the IFSB works closely with relevant international, regional and national organisations, research/educational institutions and market players.

The members of the IFSB comprise regulatory and supervisory authorities, international inter-governmental organisations and market players, professional firms and industry associations.

For more information about the IFSB, please visit www.ifsb.org.

About BIBF

BIBF has an important role to play in supporting the financial sector of Bahrain. BIBF continues to support all the financial institutions in Bahrain in the development of a world class people for the sector.  BIBF does this by providing the highest quality of assessment, education, training and development in the region and ensuring that it deliver internationally accredited courses and programs.

Since its inception in 1981, BIBF has grown from 450 participants mainly from within the Banking sector to over 17,000 participants largely within the financial services industry. BIBF delivers training and development solutions across all major business disciplines including Accounting and Finance; Banking; Insurance; Islamic Finance; Information Technology; Management and Leadership expertise. BIBF also has a major emphasis in Academic and Executive development.

BIBF has an international footprint having delivered programmes in regions such as Asia, Africa, Europe, and the wider Middle East, and educating over 60 different nationalities here in Bahrain.