The Islamic Financial Services Board (IFSB) is organising its 8th Summit on 10- 13 May 2011 in Luxembourg. The Banque centrale du Luxembourg is hosting the Summit, which is themed: "Enhancing Global Financial Stability; Challenges and Opportnities for Islamic Finance”.
The changing façade of the global financial services industry over the last 12 months has been felt in, and impacted, many jurisdictions across the globe. These changes include calls by industry stakeholders for more prudent controls, greater supervision and good governance. The calls also point to greater cooperation among the guardians of the industry be it at the global or regional level. At this point in time, the need for international cooperation in the financial services industry as a key theme in enhancing global financial stability has never been more prominent.
The key challenges and opportunities identified for the Islamic financial services industry (IFSI) to enhance global financial stability will be discussed in this year’s Summit. The topics of discussion will cover the international developments in the financial regulatory landscape and what they hold for the IFSI, the impediments and prospects for regional and international cooperation, development of capacity building to enhance financial stability, as well as issues in transparency and market discipline and information environment.
The one-and-a-half day Summit aims to bring together an experienced international group of chairpersons and speakers, with a projected audience of over 200 delegates from all sectors of the financial services industry across the globe. The Summit will address the following topics:
- International Developments in Regulatory Landscape: Implications for Islamic Finance
- Financial Stability: Regional and Global Cooperation
- Developing Capacity Building to Enhance Financial Stability in the Islamic Financial Services Industry
- Enhancing Transparency & Market Discipline and Information Environment
- Panel Discussion on Issues in Enhancing Global Financial Stability
The following Chairpersons and speakers have confirmed their participation:
- H.E. Rasheed Mohammed Al Maraj, Governor, Central Bank of Bahrain
- H.E. Yves Mersch, Governor Banque centrale du Luxembourg
- H.E. Faris A. Sharaf, Governor of Central Bank of Jordan and IFSB Chairman
- H.E. Rundheersing Bheenick, Governor, Bank of Mauritius
- H.E. Sanusi Lamido Aminu Sanusi, Governor Bank of Nigeria
- H.E. Mohammad Sulaiman Al – Jasser, Governor, Saudi Arabian Monetary Agency
- Huseying Erkan, Chairman, Istanbul Stock Exchange, Turkey
- Paul Koster, Chief Executive, Dubai Financial Services Authority, UAE
- Dr. Tunc Tahsin Uyanik, Sector Manager, The World Bank
- Makoto Utsumi, President and Chief Executive Officer Japan Credit Rating Agency Ltd, Japan Former Vice Minister of Finance
- Dr. Philip Wackerbeck, Principal, Booz & Company, Germany
- Paul-Henri Pruvost, Associate, Standard & Poor Rating Group, France
- Professor Volker Nienhaus, Former President University of Marbug, Germany and IFSB Consultant
- Professor Simon Archer, Visiting Professor ICMA Centre University of Reading, UK and IFSB Consultant
Three events will precede the Summit, a Workshop on Islamic Finance and IFSB Standards for Institutions Offering Isalmic Financial Services and Islamic Capital Markets, IFSB Country Showcases and Special Session on Liquidity Management in the Islamic Financial Services Industry which the IFSB is organising on 10 May 2010 and 11 May 2010 respectively.