Wednesday, May 16, 2007

IFSB Summit in Dubai

The UAE central bank governor Sultan bin Naser Al Suwaidi, speaking at the opening session of the Islamic Financial Services Board (IFSB) Summit in Dubai. In addition to finding more Shari'ah-compliant financial instruments to manage Islamic bank's short-term liquidity managment, he also urged Islamic banks "to find a more transparent way to differentiate between the dividend paid to shareholders and investors (or depositors)". He also reiterated the common call for more harmonization of Shari'ah boards' opinions on Islamic banking and financial products.
• The IFSB press release on the conference is available from the IFSB website.
Shaikh Hamdan Bin Rashid Al Maktoum, deputy ruler of Dubai and Minister of Finance and Industry, said he believes the market demand for Islamic financial services will set the number of Islamic banks. While Tamweel and Amlak Finance have applications for approval to enter the Islamic banking market, the UAE central bank has said it will not issue any more licenses in the near term.

The Secretary General of the IFSB, Rifaat Ahmed Abdul Karim noted that:
"Institutions offering Islamic financial services are growing fast and are emerging as an integral part of the international financial system. Thus it is important to have a coordination of supervisory efforts in banking, the securities market and insurance to safeguard the stability of the global financial system."
This sentiment was supported the governor of the Central Bank of Bahrain

Al Salam Bank Bahrain officially opened its regional hub in Bahrain today.

Qatar Islamic Bank plans to open an Islamic bank in the U.K.

President Gayoom of the Maldives discussed the possibility of an Islamic bank in the country with the Islamic Development Bank

Another article about Islamic banking coming to Kazakhstan

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