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IFSB approves guiding principles on Islamic schemes

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Points of Essence:

  • There was a general consensus during the Council meeting of the IFSB that Islamic banks have generally absorbed the shock of the current financial crisis. It was also urged that the IFSB should focus on capacity building of the industry and create better understanding of its approved prudential standards among the stakeholders of Islamic finance.
  • At the meeting, two more IFSB standards will be issued regarding Capital Adequacy Requirements for Sukuk Securitizations and Real Estate Investments and Guiding Principles on Governance of Islamic Collective Investment Schemes.

KARACHI: Islamic Financial Services Board (IFSB) has approved two exposure drafts of Capital Adequacy Requirements for Sukuk Securitizations and Real Estate Investments and Guiding Principles on Governance of Islamic Collective Investment Schemes.

The board approved these drafts and principles in a meeting in Dubai on Wednesday. State Bank of Pakistan Governor Dr Shamshad Akhtar presided over the 13th Council meeting.

Dr Akhtar and the council members underscored the need for IFSB secretariat to focus on capacity building of the industry and creating better understanding of IFSB approved prudential standards.

There was a broad recognition in the meeting that Islamic banks have absorbed the shocks of global financial market turmoil. The IFSB secretariat and the Islamic Development Bank (IDB) will be working together to assess further the implications and lessons learnt from the global financial market turmoil for Islamic industry.

The meeting also discussed the future of IFSB and recommended measures for strengthening its financial position.

The meeting was comprehensive and covered a broad range of topics. Pakistan is holding the IFSB Chair for 2008.

Source: http://www.dailytimes.com.pk

Note: View the pdf copies of the Capital Adequacy Requirements for Sukuk Securitizations and Real Estate Investments here and Guiding Principles on Governance of Islamic Collective Investment Schemes here. Bear in mind that those are still exposure drafts and the standards will be issued in due time by the organization. Please check regularly at their website: http://www.ifsb.org

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Written by Suapi Shaffaii

October 31, 2008 at 5:57 pm

Posted in General Issue

Tagged with ,

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