BRUSSELS, May 13 (KUNA) -- A two-day Islamic finance conference organised by the Islamic Financial Services Board (IFSB) is proceeding in Luxembourg, with conferees underscoring "remarkable growth of the Islamic banking industry."
The 8th IFSB Summit, which got underway on Thursday, is titled "Enhancing Global Financial Stability: Challenges and Opportunities for Islamic Finance" and is hosted by the Central Bank of Luxembourg. (full story)
According to an IFSB press release, opening speeches were made by Jaseem Ahmed, Secretary-General of the IFSB, Yves Mersch, Governor of the Central Bank of Luxembourg, Faris A. Sharaf, Governor Central Bank of Jordan, as well as Dr. Sri Muliani Indrawati, Managing Director of The World Bank Group. Amidst the more challenging environment presented by the recent international financial crisis, the conference noted that performance of the Islamic financial services industry has been remarkable in recent years. This is reflected in the phenomenal growth of assets, reaching about fifteen percent per annum during the last decade. The growth has been across all asset classes, including banking, Takâful, asset management and Sukûk. Islamic financial services have also expanded into new geographical areas. The strengthening of Islamic finance in the Middle East, its gathering momentum in emerging economies, and its emergence in Europe are all part of this transformation, noted the press release. For Islamic finance in particular, the pressing issue concerns the need to ensure that the regulatory and supervisory framework for Islamic finance is consistent with ongoing global regulatory and supervisory reforms This is particularly important since Islamic finance is rapidly being mainstreamed and increasingly integrated into global financial markets. The rapid growth of the Islamic finance industry has also exposed the global shortage of skilled and experienced professionals in the sector. There is also a scarcity of Shariah scholars with adequate knowledge of banking and finance. In addition, there has been relatively little research on the functioning of Islamic financial systems around the world. The Islamic Financial Services Board (IFSB), which is based in Kuala Lumpur, Malaysia, serves as an international standard-setting body of regulatory and supervisory agencies that have vested interest in ensuring the soundness and stability of the Islamic financial services industry.
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