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24 Apr 2008

Emerging Makets to Showcase Islamic Finance Initiatives in IFSB Summit

Malaysia, Singapore and Hong Kong are participating in the country showcases which will be held prior to the 5th Islamic Financial Services Board (IFSB) summit, on 12th May 2008 in Amman, Jordan.

The country showcases are part of this annual summit hosted by the Central Bank of Jordan. The summit will be held under the Royal Patronage of Her Majesty Queen Rania Al-Abdullah, themed 'Financial Globalisation and Islamic Financial Services'.

Professor Rifaat Ahmed Abdel Karim, IFSB's Secretary General said, "This is our second year of introducing the country showcases as a pre-summit event. The IFSB is happy to provide this platform for its member countries to showcase their individual country initiatives and policies on Islamic financial services."

The country showcases will run concurrently with another pre-summit event, namely a public hearing on two IFSB Exposure Drafts: 1) Governance for Islamic Collective Investment Schemes and 2) Capital Adequacy Requirements for Sukuk Securitisation and Real Estate Investment, which were issued in December 2007 for public consultation as part of the IFSB due process for preparing its standards and guidelines.

The IFSB is an international organisation that promotes 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 currently has 164 members comprising 41 banking, securities and insurance regulatory and supervisory authorities, 6 international inter-governmental organisations and 117 market players and professional firms from over 31 jurisdictions.

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