Facilitating the implementation of Islamic Financial Services Board (IFSB) standards was the focus of a three-day workshop which Mauritius hosted from 4 to 6 June 2012. Regulatory and supervisory authorities and operators from Mauritius, Pakistan, Seychelles, Sudan and Uganda attended the workshop which was held at the Sofitel Imperial Resort & Spa, Flic-en-Flac.
Organised by the Mauritius Financial Services Commission in collaboration with the Islamic Financial Services Board the workshop aimed at showcasing the existing opportunities of Islamic Capital Markets in Africa as well as familiarising the financial services community on the need to share knowledge, ideas as well as address some of the challenges in Islamic Capital markets. It is also served as a high-level platform for networking among the participants with a view to sustaining efforts and strengthening cooperation to develop higher standards for reinforce supervisory approaches.
Speaking at the opening ceremony, the Chief Executive of the FSC, Ms Clairette Ah-Hen, underscored the need to develop capital market and look for new products so that no section of the community both locally or globally is excluded from the benefits of the development of financial services sector. As Securities Regulator that FSC, said Ms Ah Hen has to ensure that the right regulatory environment is provided to remove any hurdles in the development of the Islamic Capital markets in Mauritius.
The CEO of the FSC pointed out with the diversification of the investment portfolios in the financial services sector to include Islamic products there is need to create awareness and better understanding of Islamic capital market products among investors. It is pivotal for policy makers and stakeholders to sensitise the population on Islamic financial services and market the products on a larger scale, she said.
The FSC has been collaborating with the IFSB since 2009 when an international seminar on Capital Markets was organised during which several aspects of the Islamic Capital Markets event including Shariah and overview of the Sukuk market were discussed.
Islamic Financial Services Board
The ISFB is the international standard-setting body of regulatory and supervisory agencies responsible for the oversight of the Islamic financial services industry. The ISFB promotes and enhances the soundness and stability of the Islamic Financial services industry namely the banking, capital markets and insurance sectors.
As at March 2012, the IFSB comprised 187 members of the 53 regulatory and supervisory authorities, eight international inter-governmental organisations and 126 markets players, professional firms and industry associations operating in 43 jurisdictions.
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