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Islamic Finance Forum to Focus On Global Stability

DUBAI — The inaugural forum on “Islamic Finance and Global Financial Stability,” which will be held in Khartoum in April 2010, will explore the scope of bolstering the framework of cooperation among Islamic financial institutions to address the new challenges posed by the global financial crisis.

Zeti Akhtar Aziz, Governor of Bank Negara Malaysia, is heading a panel to prepare the agenda for the forum on Islamic finance and global stability. The forum will be held under the auspices of the Council of the Islamic Financial Services Board, or IFSB.

“Islamic finance continues to become an integral part of the global financial system. The forum aims to be a dialogue to explore the scope of strengthening and broadening the current framework of cooperation among Islamic financial institutions to address the new challenges that have emerged in the aftermath of the global financial crisis,” IFSB said in a statement.

Governor Zeti Akhtar Aziz hosted the 15^th Meeting of the IFSB Council in Kuala Lumpur on November 23.

Dr. Muhammad Sulaiman Al Jasser, Governor of the Saudi Arabian Monetary Agency, chaired the meeting that was attended by the President of the Islamic Development Bank, Central Bank governors and governors’ representatives of the IFSB 21-member council.

The IFSB meeting discussed a paper on “Islamic finance and global financial stability” and resolved, as part of its future meetings, to discuss pertinent issues relating to

financial stability, especially as they relate to the Islamic financial services industry. According to IFSB, the agenda for the inaugural forum on financial stability issues would give priority to capacity building and financial stability in Islamic finance sector.

The inaugural forum on Islamic Finance and Global Financial Stability is scheduled after the 16^th Meeting of the Council of the IFSB in April 2010 in Khartoum. 


issacjohn@khaleejtimes.com