IFSB to focus on issues related to Islamic finance stability

THE Islamic Financial Services Board (IFSB) Council has resolved to discuss pertinent issues related to financial stability in future meetings, particularly those concerning the Islamic financial services industry.

In a statement yesterday, the IFSB said that its inaugural forum on financial stability issues will be held in April next year in Khartoum, Sudan. The forum will follow the 16th Meeting of the IFSB Council there.

The IFSB also said the development of the agenda for the forum would give priority to capacity building and financial stability and be spearheaded by Bank Negara Malaysia Governor, Tan Sri Dr Zeti Akhtar Aziz.

"As Islamic finance continues to be an integral part of the global financial system, the forum aims to be a dialogue to explore the scope for the current framework of cooperation to be strengthened and broadened. "This is especially to address the new challenges that have emerged in the aftermath of the global financial crisis," it added.

The IFSB Council had at its 15th meeting in Kuala Lumpur on Monday, discussed a memo on Islamic Finance and Global Financial Stability.

The meeting, hosted by Bank Negara, was chaired by Dr Muhammad Sulaiman Al-Jasser, Governor of the Saudi Arabian Monetary Agency, and attended by the president of the Islamic Development Bank, central bank governors and governors' representatives of the IFSB's 21-member council.

The IFSB is an international standard-setting organisation that promotes and enhances the soundness and stability of the Islamic financial services industry.
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