Luxembourg Holds Country Showcase at the 7th IFSB Annual Summit in Bahrain as the Board Continues to Expand its Global Membership
Kuala Lumpur, 1 May 2010 – Luxembourg, the first regulatory authority of a European Union (EU) country to join the Islamic Financial Services Board (IFSB) will hold a Luxembourg Country Showcase on 3 May 2010 at the Ritz-Carlton Bahrain. The Country Showcase is held on the eve of this year’s 7th IFSB Annual Summit themed Global Financial Architecture: Challenges for Islamic Finance, which the Central Bank of Bahrain is hosting.
The Luxembourg Country Showcase will highlight Luxembourg as a European hub for Islamic finance, focusing on the registration and listing of Islamic funds and Sukūk. Panelists at the Showcase are:
The IFSB Country Showcases have acquired a prestige in their own right and are an effective platform for selected countries to portray their Islamic finance initiatives and experiences in adopting and promoting the growth of a sound and stable Islamic financial services industry, and presented to a high profile, focused group of potential investors and stakeholders.
They also present an opportunity for networking and opening doors to potential investments and business partnerships - from among the IFSB members as well as the local, regional and international financial community - especially those attending the Summit.
The growing interest in Islamic finance from new markets and the industry’s ability in general to relatively absorb the shocks of the financial crisis has attracted the attention of several countries and analysts. This interest is further manifested by the encouraging growth of the IFSB’s own membership. In its last meeting held on 6 April 2010 in Khartoum, Sudan, the Council, chaired by Dr. Sabir Mohamed Hassan, Governor of the Central Bank of Sudan, the IFSB admitted four new members that included the National Bank of Tajikistan.
The recently admitted four organisations bring the total membership of the IFSB to 191 members. They comprise 50 regulatory and supervisory authorities, six international inter-governmental organisations and 135 market players, professional firms and industry associations operating in 40 jurisdictions.
The members of the IFSB comprise regulators and supervisors of the banking, capital markets and Islamic insurance (Tākaful) sectors, as well as international inter-governmental organisations, and market players (financial institutions, professional firms and industry associations).
Mr Rasheed Al Maraj, Governor of the Central Bank of Bahrain, and host of the 7th IFSB Summit, will be delivering the opening address at the event themed “Global Financial Architecture: Challenges for Islamic Finance”. A number of regulators have confirmed their participation including EU regulators Yves Mersch, Governor Banque Centrale du Luxem bourg and Stefan Ingves, Governor, Central Bank of Sweden. This is in addition to nine other governors and deputies of central banks, and senior representatives of several international organisations, including Bank for International Settlements, International Organisation of Securities Commissions, the World Bank, as well as market players from various industry players.
Mr Nigel Dudley, a renowned international journalist, broadcaster and producer with 30 years experience in reporting on banking in the Middle East and British and European politics will be delivering a Keynote speech at the Gala Dinner on the evening of 4 May 2010. The speech is entitled “Media, Public Relations and Islamic Finance” and the dinner is sponsored by Arcapita, Bahrain.
The IFSB is also organising a Public Hearing on IFSB Exposure Draft (ED) on 3 May. This year’s Public Hearing, which is part of the due process for preparing the IFSB Standards, will be on the Exposure Draft on Solvency Requirements for Takāful Undertakings (ED-11). The IFSB is inviting all stakeholders of the Takāful (Islamic insurance) industry to attend the session and share their views for on the IFSB document which is planned to be adopted by the IFSB Council end of this year.
Two additional EDs have also been issued for a three-month public consultation period ending 31 May 2010. These are:
Kuala Lumpur, 1 May 2010 – Luxembourg, the first regulatory authority of a European Union (EU) country to join the Islamic Financial Services Board (IFSB) will hold a Luxembourg Country Showcase on 3 May 2010 at the Ritz-Carlton Bahrain. The Country Showcase is held on the eve of this year’s 7th IFSB Annual Summit themed Global Financial Architecture: Challenges for Islamic Finance, which the Central Bank of Bahrain is hosting.
The Luxembourg Country Showcase will highlight Luxembourg as a European hub for Islamic finance, focusing on the registration and listing of Islamic funds and Sukūk. Panelists at the Showcase are:
- Mr. Claude Zimmer, Member of the Council, Central Bank of Luxembourg (BCL)’
- Mr. Fernand Grulms, Chief Executive Officer, Luxembourg for Finance
- Mr. Camille Thommes, Director General, Association of the Luxembourg Fund Industry (ALFI)
- Mr. Marc Theisen, Lawyer, Theisen Law.
The IFSB Country Showcases have acquired a prestige in their own right and are an effective platform for selected countries to portray their Islamic finance initiatives and experiences in adopting and promoting the growth of a sound and stable Islamic financial services industry, and presented to a high profile, focused group of potential investors and stakeholders.
They also present an opportunity for networking and opening doors to potential investments and business partnerships - from among the IFSB members as well as the local, regional and international financial community - especially those attending the Summit.
The growing interest in Islamic finance from new markets and the industry’s ability in general to relatively absorb the shocks of the financial crisis has attracted the attention of several countries and analysts. This interest is further manifested by the encouraging growth of the IFSB’s own membership. In its last meeting held on 6 April 2010 in Khartoum, Sudan, the Council, chaired by Dr. Sabir Mohamed Hassan, Governor of the Central Bank of Sudan, the IFSB admitted four new members that included the National Bank of Tajikistan.
The recently admitted four organisations bring the total membership of the IFSB to 191 members. They comprise 50 regulatory and supervisory authorities, six international inter-governmental organisations and 135 market players, professional firms and industry associations operating in 40 jurisdictions.
The members of the IFSB comprise regulators and supervisors of the banking, capital markets and Islamic insurance (Tākaful) sectors, as well as international inter-governmental organisations, and market players (financial institutions, professional firms and industry associations).
Mr Rasheed Al Maraj, Governor of the Central Bank of Bahrain, and host of the 7th IFSB Summit, will be delivering the opening address at the event themed “Global Financial Architecture: Challenges for Islamic Finance”. A number of regulators have confirmed their participation including EU regulators Yves Mersch, Governor Banque Centrale du Luxem bourg and Stefan Ingves, Governor, Central Bank of Sweden. This is in addition to nine other governors and deputies of central banks, and senior representatives of several international organisations, including Bank for International Settlements, International Organisation of Securities Commissions, the World Bank, as well as market players from various industry players.
Mr Nigel Dudley, a renowned international journalist, broadcaster and producer with 30 years experience in reporting on banking in the Middle East and British and European politics will be delivering a Keynote speech at the Gala Dinner on the evening of 4 May 2010. The speech is entitled “Media, Public Relations and Islamic Finance” and the dinner is sponsored by Arcapita, Bahrain.
The IFSB is also organising a Public Hearing on IFSB Exposure Draft (ED) on 3 May. This year’s Public Hearing, which is part of the due process for preparing the IFSB Standards, will be on the Exposure Draft on Solvency Requirements for Takāful Undertakings (ED-11). The IFSB is inviting all stakeholders of the Takāful (Islamic insurance) industry to attend the session and share their views for on the IFSB document which is planned to be adopted by the IFSB Council end of this year.
Two additional EDs have also been issued for a three-month public consultation period ending 31 May 2010. These are:
- GN-2: Guidance Note In Connection With the Risk Management and Capital Adequacy Standards: Commodity Murabahah Transactions (CMT); and
- GN-3: Guidance Note on the Practice of Smoothing the Profits Payout to Investment Account Holders
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