The IFSB Council comprises the President of the Islamic Development Bank and Governors of 12 central banks and monetary agencies from Bahrain, Brunei, Egypt, Iran, Indonesia, Qatar, Jordan, Kuwait, Pakistan, Malaysia, Saudi Arabia and Sudan. Bahrain holds the current chairmanship of the Council.
The upcoming meeting of the IFSB Council will be held on 6th December 2003 at the Ritz Carlton Hotel. It will be followed by the 10th World Islamic Banking Conference, being held in Bahrain on 7th & 8th December 2003, under the theme 'Islamic Banking and Infrastructure Development'.
"We are delighted to host such an important gathering of central bank governors, which reflects their deep interest in further advancing the growth of the global Islamic banking and finance industry, in general, and the IFSB, in particular," said HE Shaikh Ahmed bin Mohammed Al Khalifa, Governor of the BMA.
"Central banks have a very important role to play in the development of the Islamic finance industry and the BMA, on its part, is firmly committed to strengthening the industry by supporting the development of its products and services, maintaining the integrity of its regulation and expanding educational and training facilities."
The upcoming meeting of the IFSB Council will discuss admission of new members, the 2004 budget and work plan of the IFSB, which includes, among others, continuation of the preparation of prudential standards on risk management and capital adequacy and the commencing of work on a new standard on corporate governance.
"The IFSB is privileged to have Bahrain as Chairman of the Council. Shaikh Ahmed has extended a lot of help in our membership campaign and has been a staunch supporter of the IFSB work activities," said Dr Rifaat Abdel Karim, Secretary General of the IFSB.
"BMA has also been facilitating a number of functions of the IFSB, having hosted a meeting between us and 13 representatives of national, regional and international rating agencies, as well as a workshop on risk identification last month."
BMA's Executive Director for Financial Institutions Supervision, Mr. Anwar Khalifa Al Sadah, heads the IFSB working group responsible for drafting the risk management standard, he pointed out.
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Bahrain to host leading central bank governors for IFSB Council meeting
- Bahrain: Monday, December 01 - 2003 at 13:58
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The Bahrain Monetary Agency (BMA) will host leading central bank Governors, who will be in Bahrain next week to attend the 3rd meeting of the Council of the Islamic Financial Services Board (IFSB).
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Posted by Christine H. Andersen, Assistant News EditorMonday, December 01 - 2003 at 13:58 UAE local time (GMT+4)
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About BMA
The BMA, the Kingdom's central bank and single regulator for the financial system, currently regulates a total of 355 institutions, of which 183 are banks and banking-related institutions, 159 insurance and insurance-related firms and 13 capital market brokers.
Bahrain has also emerged as the world's Islamic financial capital, with 27 Islamic financial institutions, 5 key industry-support organizations and 6 Islamic insurance companies.
BMA was the first central bank to develop and issue prudential regulations for Islamic banks. It has also been at the forefront of developing and issuing Islamic bonds (sukuk). A rolling programme of monthly issuance of short term securities, Sukuk Al-Salam, has been in place since June 2001. It complements the medium and long term leasing bonds, Ijara sukuk, which the BMA began issuing in September 2001.
So far, the BMA has made 29 issues of Sukuk Al-Salam worth a total of US$725 million, while 7 Ijara issues have totalled US$730 million, with an 8th offering, worth US$250 million, being made in November 2003.
About IFSB
The Islamic Financial Services Board (IFSB) is an association of central banks, monetary agencies and inter-governmental international organizations that have an explicit mandate for promoting Islamic finance. The IFSB sets and disseminates prudential and supervisory standards and core principles that are in compliance with Shari'a rules and principles for the regulation and supervision of the Islamic financial services industry.
The IFSB, based in Kuala Lumpur, Malaysia, was officially established in November 2002 and began operations in March 2003.
The BMA, the Kingdom's central bank and single regulator for the financial system, currently regulates a total of 355 institutions, of which 183 are banks and banking-related institutions, 159 insurance and insurance-related firms and 13 capital market brokers.
Bahrain has also emerged as the world's Islamic financial capital, with 27 Islamic financial institutions, 5 key industry-support organizations and 6 Islamic insurance companies.
BMA was the first central bank to develop and issue prudential regulations for Islamic banks. It has also been at the forefront of developing and issuing Islamic bonds (sukuk). A rolling programme of monthly issuance of short term securities, Sukuk Al-Salam, has been in place since June 2001. It complements the medium and long term leasing bonds, Ijara sukuk, which the BMA began issuing in September 2001.
So far, the BMA has made 29 issues of Sukuk Al-Salam worth a total of US$725 million, while 7 Ijara issues have totalled US$730 million, with an 8th offering, worth US$250 million, being made in November 2003.
About IFSB
The Islamic Financial Services Board (IFSB) is an association of central banks, monetary agencies and inter-governmental international organizations that have an explicit mandate for promoting Islamic finance. The IFSB sets and disseminates prudential and supervisory standards and core principles that are in compliance with Shari'a rules and principles for the regulation and supervision of the Islamic financial services industry.
The IFSB, based in Kuala Lumpur, Malaysia, was officially established in November 2002 and began operations in March 2003.
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