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CBB to host workshops on financial standards

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  • Bahrain will host workshop on Islamic finance related standards issued by the Islamic Financial Services Board. Aimed at facilitating better implementation of the standards, the workshops will cover the issues of supervisory review process, risk management and corporate governance.  Gulf Daily has the report.

MANAMA: The Central Bank of Bahrain is hosting the Islamic Financial Services Board – Facilitating the Implementation of Standards (IFSB-FIS) workshops.

The workshops will cover three IFSB standards: supervisory review process, risk management and corporate governance, which will be held at the Bahrain Institute of Banking and Finance from tomorrow to Thursday.

The three-day workshops are designed to provide necessary knowledge and skills in order to understand and implement a number of IFSB standards.

These include IFSB guidance on key elements in the supervisory review process of institutions offering Islamic financial services excluding Islamic insurance institutions and Islamic mutual funds.

They also cover guiding principles of risk management for institutions, other than insurance institutions offering only Islamic financial services and guiding principles on corporate governance for institutions offering only Islamic financial services.

The workshops aim to review the practical applications of the IFSB standards and provide participants with the necessary knowledge to facilitate their implementation, and promote the training and development of skilled human capital within the participant’s respective organisations, as well as enhance the harmonisation of the implementation of the IFSB standards across borders.

The IFSB-FIS workshops were introduced by the IFSB in November 2007, and to date have been conducted in 13 IFSB member countries.

They are intended for technical personnel among the regulators and supervisors as well as institutions offering Islamic financial services who need to understand the application of IFSB standards in their course of work.

Each workshop is planned for an audience of 30 participants and is applicable for regulatory authorities and market players, and members and non-members of the IFSB. The workshops are conducted by staff of the IFSB secretariat.

Source: http://www.gulf-daily-news.com

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Written by Suapi Shaffaii

February 3, 2009 at 11:43 am

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