GERMANY - The IFSB and the European Central Bank jointly organised Workshop on Islamic Finance in Frankfurt, Germany

www.theislamicglobe.com - The Secretary-General of the Islamic Financial Services Board (IFSB), Jaseem Ahmed noted that progressive transformations in the Islamic financial services industry over the last few decades have led to the industry’s greater integration into the global financial system. “Islamic finance shares with Europe a collective interest in cross-border cooperation, in regional cooperation, and in greater integration with the global economy.” Against the backdrop of the global crisis he further noted that “The expansion in Islamic finance and the changes in the global regulatory environment in recent years underscore the need for strengthened risk management within institutions offering Islamic financial services.(source)

EU - Prospects of Islamic Finance by Yves Mersch

The speech "Prospects of Islamic Finance: The View of a Central Bank in Europe" has been presented today by Governor Yves Mersch at the Islamic Finance Conference, Frankfurt, Germany.

Yves Mersch, Governor of the Banque centrale du Luxembourg, Member of the Governing Council of the European Central Bank.

(Photo: Julien Becker/archive)

EU - ECB’s Mersch Says Islamic Banks May Suffer More in Downturns

European Central Bank Governing Council member Yves Mersch said Islamic financial institutions may be more vulnerable to economic slumps.

“Islamic banks may suffer more from the real economic downturn that normally follows financial turbulences as the losses of the customers are partly shared,” Mersch said at a conference on Islamic finance in Frankfurt today. “Moreover, the lack of product standardization and the missing harmonization of Islamic standards in general pose risks to the management of liquidity.”