Under the Royal Patronage of Her Majesty Queen Rania Al-Abdullah and the Central Bank of Jordan , the 5 th IFSB Summit is to be held in Amman at Intercontinental Hotel through the period 13-14/5/2008 on the theme “Financial Globalization And Islamic Financial services”. JIB offers the financial support and sponsorship of the Summit activities which focuses on hosting regulators of high level from the member countries in the IFSB. They are Governors of central banks from eight countries such as the Summit host His Excellency Dr.Ummayya Toukan, Governor of the Central Bank of Jordan; Dr. Shamshad Akhtar, Governor of the State Bank of Pakistan; His Excellency Mr. Rasheed Al-Maraj, Governor of the Central of Bahrain; Dr.Mazaheri, Governor of the Central Bank of Iran; Dr. Zeti Akhtar Aziz, Governor Bank Negara Malaysia; Hamad Al-Sayari, Governor Saudi Arabian Monetary Agency, and other speakers from major international agencies and the private sector.
Mr.Musa Shihadeh, Vice Chairman & General Manager, said that the Bank's sponsorship of the activities of the Summit reflects its continuous concern and attempts to participate in such economic events that gives a special opportunity to interact with those responsible for setting legitimate and supervisory policies for Islamic Finance in the main markets, enhancing the investment climate in the area and developing the Jordan economy, since Jordan Islamic Bank is considered as one of the pioneering Islamic banks in the world. He also added that it is not the first time JIB sponsors the IFSB summits. The Bank participated in most of the Board Summits which were held in many countries, as the Bank realizes the significance of the resulted instructions and recommendations that contributes to the Islamic Banking Industry.
The Secretary-General of the IFSB, Professor Rifaat Ahmed Abdel Karim, said that the importance of this Summit cannot be overstated. Its timing could not be more opportune, with more and more IFSB member countries now acceding to the World Trade Organization, including those relating to financial market liberalization, and more cross-board opportunities inevitably emerging.
It is important for regulators, market players and other interested parties to familiarize themselves with how financial Globalization is impacting on Islamic financial services. Based on this, the Summit will discuss the following topics; Globalization of Islamic Financial Services: Opportunities and Challenges, Cross-boarder Capital Flows, Key Issues in regional integration of Islamic financial markets, standardization, harmonization, mutual recognition and exchange market cooperation to develop national Islamic capital markets and their regional and global integration, and the way forward in financial Globalization and Islamic financial services.
He also added that the global perspectives on Islamic finance presented by the regulators will contribute to greater understanding of Islamic finance as a viable form to promote the growth of real economic activities together with social justice, as well as highlight the challenges, issues and opportunities in the introduction of Islamic finance in various markets.
It is worth mentioning that the IFSB is an international Islamic organization set by the Central banks in the member countries of Islamic Development Bank in 2002 and is based in Kuala Lumpur . The IFSB is concerned with ensuring the soundness and stability of the Islamic financial services industry, which is defined widely to include banking, capital market, and insurance. The IFSB aims to develop the Islamic finance industry and issuing standards and guiding principles that organize the activities of the Islamic financial banks and institutions in compliance with the principles of Islamic Sharia'. The IFSB complements the work of Basel Committee on Banking Supervision, the International Organization of Securities Commissions and the International Association of Insurance supervisors.
The IFSB drives at cooperating with international organizations that currently set standards to maintain the stability of the international Monetary system and financial systems, in addition to the standards of the member countries. Moreover, the IFSB purposes to improve initiatives to develop the procedures of operations, performance, and risk management, and to encourage cooperation among the member countries in developing the Islamic financial services industry.
