IFC-IFSB seminar discusses governance issues for institutions offering Islamic financial services

Notes and media contacts

About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilising private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC's vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilised an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit www.ifc.org

The IFC Global Corporate Governance Forum is an IFC multidonor trust fund facility. It was cofounded by the World Bank and the OECD in 1999. Through its activities, the forum aims to promote the private sector as an engine of growth, reduce the vulnerability of developing and transition economies to financial crisis, and provide incentives for corporations to invest and perform efficiently in a socially responsible manner. It sponsors regional and local initiatives that address the corporate governance weaknesses of middle- and low-income countries in the context of broader national or regional economic reform programs. Its donors include IFC and the governments of Canada, France, Luxembourg, the Netherlands, Norway, Sweden, and Switzerland. For more information, visit www.gcgf.org

About the Islamic Financial Services Board
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. IFSB also conducts research and coordinates initiatives on industry-related issues, as well as organises roundtables, seminars, and conferences for regulators and industry stakeholders. IFSB works closely with relevant international, regional, and national organisations; research and educational institutions; and market players.