QIB sponsors 5th IFSB summit in Amman

IFSB Summit, which was held over two days in Amman 13-14 May 2008,under the patronage of HRM Queen Rania Al-Abdullah, addressed the issues of globalization and its implications for the Islamic financial services industry in the coming era.

The summit is organized by the Islamic Financial Services Board (IFSB), headquartered in Kuala Lumpur, Malaysia, and hosted by the Central Bank of Jordan and was attended by 300 leading international Islamic organizations, represented by a large number of governors of Arab and foreign central banks, in addition to a number of renowned economic personalities.

Mr. Salah Al Jaidah QIB CEO, expressed the importance of sponsoring this summit and said, "We were keen to be present at such an important international forum capitalizing on the bank leading position in the Islamic financial services industry and our keen belief and desire promoting standardization and harmonization of Islamic financial services and shape and design the future of this ethical banking concept..".

The impressive year-on-year growth of Islamic finance augurs well for the future viability of the sector. Despite the absence of empirical research on market size, the sector is estimated by some to grow at a robust 20% per annum over the next few years" Jaidah continued.

QIB top officials participated in the summit, led by Mr. Murtada Khidir the General Manager of the Financial Group.

QIB is a member of The Islamic Financial Services Board (IFSB) which is an international standard-setting organization 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 organizes roundtables, seminars and conferences for regulators and industry stakeholders.