• The Islamic financial services landscape. This session will consider the current level of development and soundness of the IFSI compared with the conventional sector, and discuss the future potential growth of the industry.
• Competitive strategies of Islamic financial services industry. This session will gauge the competitiveness of the industry and will identify the key elements that must be addressed to further leverage the competitive edge of Islamic finance especially in its domestic markets.
• Role of non-banks financial institutions (NBFIs) in the future of Islamic finance. This session theme is a highly topical one in the light of current crisis in the financial markets pertaining to the structures of the failed or failing institutions. Should NBFIs be separated from main Islamic banking business, and will they contribute a greater role to the development of Islamic financial services industry?
• Direction of regulatory policies. Regulators have come under greater scrutiny in the wake of the global financial crisis. Not surprisingly, this session will discuss what the most effective supervisory structure for the IFSI going forward is and the perennial issue of harmonisation and minimum standards for regulatory policies.
• Direction of development policies. Similarly this is an important session because it will discuss the development initiatives and architecture needed to support the sustainable growth of the Islamic financial services industry.  

  The main proceedings will be preceded by two traditional pre-Summit events – Public Hearings on IFSB Exposure Drafts (EDs) and IFSB Country Showcases, both of which have proved popular and informative in the past.

  The Public Hearings will be held on 5th May 2009 on the following IFSB Exposure Drafts: Guiding Principles on Governance for Islamic Insurance (Takâful) Operations; Conduct of Business; and Guiding Principles on the Sharî`ah Governance System.

  The three IFSB Exposure Drafts are scheduled for adoption by the IFSB Council by end of 2009, with the Public Consultation period ending 15 May 2009.

  This year, Malaysia, Korea and a third country will organise the Country Showcases, which will be held on the 6th May 2009. These events are useful platforms for IFSB member countries to showcase their existing Islamic finance markets or the potential for Islamic finance in their respective markets. The contrast is implicit in the Malaysian approach which is focusing on promoting the role of Islamic finance in the future of global finance, especially through strategic alliances, while Korea is promoting itself as a market "where new opportunities exist for Islamic finance".
  
  The Summit and the Country Showcases provide excellent networking platforms for intellectual exchange of ideas and discussions for potential investments and business partnerships, especially for and among the 185 IFSB members as well as the local, regional and international financial community.
  
  For further information on the Summit, please see the Summit website at www.ifsbsingapore2009.com.

Singapore Senior Minister lends patronage to 6th IFSB Summit

Kuala Lumpur, March 26th, 2009 - Singapore Senior Minister, Mr. Goh Chok Tong confirmed his patronage of the 6th Islamic Financial Services Board (IFSB) Summit which will be held on 5 - 8 May 2009 at the Shangri-La Singapore. The Summit, which the Monetary Authority of Singapore is hosting, is themed "The Future of Islamic Financial Services". Mr. Goh Chok Tong is Senior Minister in the Singapore Cabinet. He is also the Chairman of the Monetary Authority of Singapore, which is the central bank of Singapore and a Full and Council member of the IFSB.

The 6th IFSB Summit will be a four-day event. The two-day Summit, held on 7 & 8 May 2009, is preceded by the following two Pre-Summit events:
1.        5th May 2009: Public Hearing on IFSB Exposure Drafts (ED) 8, 9 and 10
o        ED8        : Guiding Principles on Governance for Islamic Insurance (Takaful) Operations
o        ED9        : Conduct of Business for Institutions offering Islamic Financial Services (IIFS)
o        ED10        : Guiding Principles on Shari'ah Governance System
** Documents are downloadable from the IFSB website
2.        6th May 2009: IFSB Country Showcases
o        Malaysia Country Showcase
o        Korea Country Showcase

For more information on the Summit, please visit www.ifsbsingapore2009.com

IFSB Plots Future of Global Islamic Financial Services Industry at its 6th Annual Summit in Singapore in May 2009

Kuala Lumpur, 18 March 2009 - The theme of this year's 6th Islamic Financial Services Board (IFSB) Summit "The Future of Islamic Financial Services" could not be more pertinent given the crisis which the global financial markets are witnessing. The Summit, due to take place on 5th - 8th May 2009 in Singapore is held under the kind patronage of Singapore's Senior Minister, Goh Chok Tong. The Monetary Authority of Singapore is hosting the Summit.

IFSB Secretary-General Professor Rifaat Ahmed Abdel Karim cannot overstress the timeliness and importance of the Summit theme, given the rapid projected growth of the Islamic financial services industry (IFSI), and the recent developments in the global financial markets. "Whilst the current IFSI structure is considered sufficient to support the industry's development," stresses Professor Rifaat, "it is necessary to examine whether this structure will continue to be relevant to cater for the future growth and expansion of the industry. More importantly, whether the industry can remain competitive and continue to uphold its resilience and stability as the services and products it offers expand and its stakeholders become increasingly sophisticated."

As such, a core aim of the Summit is also to highlight the role of the various stakeholders towards developing a robust future for the IFSI. This is reflected in the key issues to be discussed, which include the:

• position of the Islamic financial services industry in terms of its current level of development and soundness;
• key issues that must be addressed to further raise competitive elements of institutions offering Islamic financial services;
• roles of the relevant stakeholders in raising the competitiveness of domestic IFSI environment;
• challenges and obstacles facing the Islamic capital market and non-bank financial institutions (NBFIs) and Islamic banking business;
• implications of harmonisation and adopting minimum standards for regulatory policies;
• infrastructure required to support the future growth of the industry;
• and assessment of whether the IFSI can develop competitive and sustainable revenue models in the future, and the impediments in achieving this. Eight governors from the central banks of Bahrain, Jordan, Korea, Malaysia, Qatar, Saudi Arabia, Singapore and the United Arab Emirates, as well as the President of the Islamic Development Bank, have all confirmed their participation in the Summit. Given the impact of the financial crisis on development, senior officials the World Bank and the Asian Development Bank, as well as other leading market players, academics and representatives from major corporate and end-users have also confirmed their participation.
  

The participation of regulators from new markets such as Korea is indicative of the growing interest in Islamic finance in East Asia and the potential leadership role that Asia can play in the sector.

The Summit will be preceded by two traditional events - Public Hearing on IFSB Exposure Drafts (ED) and IFSB Country Showcases, both of which have proved popular and informative in the past. The Public Hearings will held on 5th May 2009 on:

i. ED 8 - Guiding Principles on Governance for Islamic Insurance (Takaful) Operations';
ii. ED 9 - Conduct of Business for Institutions Offering Islamic Financial Services; and
iii. ED 10 - Guiding Principles on the Shariah Governance System.

The IFSB EDs 8, 9 & 10 are scheduled for adoption by its Council towards the end of 2009, with the Public Consultation period ending 15 May 2009. Indeed the Council in February 2009 adopted two standards - one on 'Guiding Principles on Governance for Islamic Collective Investment Schemes (IFSB-6)' and the other on 'Capital Adequacy Requirements for Sukuk Securitisations and Real Estate Investment (IFSB-7)'.

The Country Showcases, by Korea and Malaysia on the 6th May 2009, provides a platform for selected countries to portray their Islamic finance initiatives and experiences in adopting and promoting the growth of a sound and stable Islamic financial services industry. It is also an excellent opportunity for networking and opening doors to potential investments and business partnerships - from among the IFSB members as well as the local, regional and international financial community - specifically those attending the Summit.

Kuala Lumpur, January 29, 2009 - The Islamic Financial Services Board (IFSB) is organising the 6th IFSB Summit on 5 – 8 May 2009 in Singapore. The Monetary Authority of Singapore is hosting this Summit, which is the first IFSB Summit to be held in Asia. The theme of the Summit is "The Future of Islamic Financial Services".

Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB said, "This theme is both timely and important, given the rapid projected growth of the Islamic financial services industry (IFSI), and the recent developments in the global financial markets. The latter is expected to pose a challenge, inter alia, on the IFSI stakeholders. Whilst the current IFSI structure is considered sufficient to support the industry's development, it is necessary to examine whether this structure will continue to be relevant to cater for the future growth and expansion of the industry. More importantly, whether the industry can remain competitive and continue to uphold its resilience and stability as the services and products it offers expand and its stakeholders become increasingly sophisticated."

The Summit aims to address these issues as well as highlight the role of the stakeholders towards developing a robust future for the IFSI.
The five sessions of the Summit will cover the following topics:

• The Islamic financial services landscape
• Competitive strategies of Islamic financial services industry
• Role of Non-banks financial institutions in the future of Islamic finance
• Direction of regulatory policies § Direction of development policies

The 6th IFSB Summit will be a four-day event. The two-day Summit, held on 7 & 8 May 2009, is preceded by the following two Pre-Summit events:

1. 5th May 2009: Public Hearing on IFSB Exposure Drafts (ED) 8, 9 and 10

ED8 : Guiding Principles on Governance for Islamic Insurance (Takaful) Operations
ED9 : Conduct of Business for Institutions offering Islamic Financial Services
ED10 : Guiding Principles on Shari`ah Governance System

2. 6th May 2009: IFSB Country Showcases

Please contact the IFSB Secretariat for more information on participation and sponsorship of the Summit.

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