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IFSB – FSC/FSS of Korea to organise Seminar on Islamic Finance in Seoul

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Points of Essence:

  • The Islamic Financial Services Board will be organizing a seminar on Islamic finance next January in Seoul. It will collaborate with the Financial Services Commission/Financial Supervisory Service of Korea to create awareness of Islamic finance in Korea.

Kuala Lumpur, December 3, 2008 – The Islamic Financial Services Board (IFSB) is organising a Seminar on Islamic Finance on 13 – 14 January 2009 in Seoul, Korea. The Seminar, which is the first for the IFSB in Korea, is co-organised with the Financial Services Commission/Financial Supervisory Service of Korea. The Seminar aims to create awareness of Islamic finance in Korea to facilitate sufficient recognition among its financial community, as well as to highlight the industry’s potential opportunities in the country.

The Seminar will address the following topics:

  • Overview of the Islamic financial services industry (IFSI) from the perspectives of for Regulators (banking, capital markets and Takaful)
  • Operational and business structural issues in starting an Islamic financial services unit
  • Current Shari‘ah, legal and ratings issues facing the IFSI
  • Case studies on Sukuk issuance Challenges and opportunities for Islamic finance in Korea
  • Islamic Finance: Challenges and Opportunities for Korea

The IFSB has held its series of Seminar on Islamic Finance in various countries over the past three years. The format of the Seminar on Islamic Finance is more general in nature and provides participants with an overview of the Islamic financial services industry (IFSI), which under the scope of the IFSB comprises the banking, capital markets and Takaful sectors.

Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB said, “These Seminars, held in jurisdictions that have interest in promoting awareness of Islamic finance, provide participants with an overview of the current developments in the different segments of the IFSI. They also explore the challenges and opportunities for the host country in developing its Islamic financial services industry. The Seminars promote the sharing of experiences by industry experts and counterparts, be they market players or regulators, within the industry who have experience in addressing the challenges in the development of Islamic financial services/products in jurisdictions of similar nature.”

The January 2009 Seminar on Islamic Finance in Korea is targeted at regulators, supervisory bodies, financial practitioners, key executives and academics. For more information, please visit http://www.ifsb.org/korea .

-Ends-

About IFSB
The Islamic Financial Services Board (IFSB) is an international standard-setting organisation that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets and insurance sectors. The members of the IFSB comprise regulatory and supervisory authorities, international inter-governmental organisations and market players and professional firms operating in various jurisdictions. The IFSB also conducts research and coordinates initiatives on industry-related issues, as well as organises roundtables, seminars and conferences for regulators and industry stakeholders. Towards this end, the IFSB works closely with relevant international, regional and national organisations, research/educational institutions and market players.

For more information about the IFSB, please visit http://www.ifsb.org .

About Financial Services Commission (Korea)
The Financial Services Commission (FSC) was established on March 3, 2008 with the announcement of enforcement regulations of the organization of the FSC and its support organizations pursuant to the Ordinance of the Prime Minister No. 875, for the purpose of integration of financial and supervisory policy functions and separation of policy-setting and execution functions by dividing the posts of the FSC Chairman and the FSS Governor. The FSC has four main mandates of advancing the financial industry, stabilizing financial markets, promoting a sound credit system and fair trading practices. In addition, the FSC gives guidance to and supervises the FSS regarding matters managing the FSS such as amendment of the Articles of incorporation and approval of budget and financial statements.

The FSC is composed of nine commissioners including one Chairman, one Vice Chairman, the Vice Minister of Strategy and Finance, the Deputy Governor of the Bank of Korea, the President of the Korea Deposit Insurance Corporation, the Governor of the Financial Supervisory Service, two people recommended by the Chairman of the FSC, and one person recommended by the Chairman of the Korea Chamber of Commerce and Industry. The Chairman, who is appointed by the President of the Republic of Korea, presides over the FSC meetings and exercises control over general affairs. The resolutions of the FSC meetings are adopted by the attendance of a majority of its commissioners and by the concurrence of a majority of those present.

About Financial Supervisory Services (Korea)
The Financial Supervisory Service (FSS) was established on January 2, 1999, under the Act on the Establishment of Financial Supervisory Organizations by bringing together four supervisory bodies-Banking Supervisory Authority, Securities Supervisory Board, Insurance Supervisory Board, and Non-bank Supervisory Authority-into a single supervisory organization.

The FSS is primarily responsible for supervision and examination of the regulated financial institutions in Korea. It also has the authority to order the submission of documents, records, or personal testimony necessary for investigation. Noncompliance or providing deliberately false statements in an FSS investigation constitutes an offence punishable under the law. Upon approval from the Financial Services Commission (formerly Financial Supervisory Commission), the FSS may also recommend dismissal of officers and managers of financial institutions who are found to be liable for violation of rules and regulations. The FSS also serves as a mediator of disputes between financial institutions, investors, depositors and creditors.

The FSS is headed by the Governor and organized along 25 departments and 16 offices that are divided among nine principal divisions: (1) strategic planning, (2) management support and consumer protection, (3) supervisory service coordination, (4) banking service, (5) non-banking service, (6) insurance service, (7) financial investment service, (8) capital market investigation, and (9) accounting service. The Internal Audit Office is responsible for the internal audit of the FSS.

For more information on FSS, please visit http://english.fss.or.kr

© Press Release 2008

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Written by Suapi Shaffaii

December 3, 2008 at 2:59 pm

Posted in General Issue

Tagged with , ,

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