KFH sponsors 5th Summit for Islamic Financial Services Board in Jordan

Kuwait Finance House (KFH) sponsored the Islamic Financial Services Board (IFSB), the transnational organization whose mandate is to set prudential and supervisory standards for the global Islamic finance sector, held its 5th Annual Summit in Amman. This year's theme focused upon 'Financial Globalization and Islamic Financial Services'.

A high profile delegation participated in the summit including Central bank governors, chairmen and executive managers from Islamic banks, in addition to a number of experts in Islamic banking. As diamond sponsor, Kuwait Finance House supported the summit with a high-level delegation, headed by KFH-Bahrain and Chairman of KFH-Jordan Mr. Abdulhakeem Al Khayyat.

In a declaration made on this occasion, Mr. Al Khayyat emphasized the importance of the IFSB as an umbrella that supports Islamic banks, especially in terms of consolidating relations with central banks, as regulatory bodies, and Islamic banks. The board has succeeded in feeding off the great experience to support the growth and development of the Islamic financial industry worldwide.

“Established in 2002 in Kuala-Lumpur, the IFSB has acquired a significant importance due to the promising capabilities behind the concept. The IFSB is in fact offering solutions that are radically different to those offered by the conventional financial services system. Such solutions are aimed at fulfilling the needs of a wide sector of people worldwide”, he noted.

The importance of this summit cannot be overstated and its timing could not be more opportune. With more and more IFSB member countries now acceding to the World Trade Organization (WTO) provisions, including those relating to financial market liberalization, and more cross-border opportunities inevitably emerging, it is important for regulators, market players and other interested parties to familiarize themselves with how financial globalization is making an impact on Islamic financial services.

As such, the IFSB Summit discussed pertinent topics, which included Globalization of Islamic Financial Services; Opportunities and Challenges covering Supply and Demand trends for Islamic Finance; Growth in Different Industry Segments; Potential Returns on innovation and Specialized Technology; and Issue Relating to Legal Infrastructures,Regulation and Human Resources.