By NNN-Bernama,
Kuala Lumpur : The Islamic Financial Services Board (IFSB) Council has resolved to discuss pertinent issues related to financial stability at future meetings, particularly those concerning the Islamic financial services industry.
In a statement received by Bernama here Thursday, the IFSB stated that its inaugural forum on financial stability issues would be held in April next year in Khartoum, Sudan, following the 16th Meeting of the IFSB Council there.
The IFSB added that the development of the agenda for the forum would give priority to capacity building and financial stability and would be spearheaded by Dr Zeti Akhtar Aziz, governor of the Malaysian central bank, Bank Negara Malaysia.
“As Islamic finance continues to become 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,” the IFSB said.
The IFSB Council had at its 15th meeting here on Nov 23 discussed a memorandum on Islamic Finance and Global Financial Stability. The meeting was chaired by Dr Muhammad Sulaiman Al-Jasser, the Governor of the Saudi Arabian Monetary Agency (SAMA), and attended by the president of the Islamic Development Bank, central bank governors and governors’ representatives of the IFSB’s 21-member council.
The meeting was hosted by Bank Negara Malaysia.
The IFSB 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, which is broadly defined to include the banking, capital markets and insurance sectors.