IFSB-ADB Conference on Islamic Finance for Asia: Development, Prospects and Inclusive Growth

MANILA, PHILIPPINES – The Islamic Financial Services Board (IFSB) and the Asian Development Bank (ADB) will today host a Conference on Islamic Finance for Asia: Development, Prospects and Inclusive Growth.

The conference aims to create greater awareness of the opportunities brought about by Islamic finance to the Asian region and will explore issues related to further developing the Islamic financial services industry, its current state of progress and challenges, while also seeking to create greater opportunities for interaction and cooperation among the members of IFSB and ADB.

The Conference will examine the experiences of selected Asian countries in Islamic finance, with a focus on the regulatory requirements and other pre-conditions needed to establish and sustain the industry’s orderly development. It will also identify the benefits of Islamic finance. The sessions and discussions will draw upon the perspectives of market opportunities and challenges, global and national regulatory requirements, and facilitation of cross-border investment flows.

Topics to be discussed at the conference include:

  • Islamic Finance for Asia: Innovation, Inclusion and Growth
  • Islamic Finance: Stability, Resilience and Regulatory Issues
  • Islamic Banking: Financial Inclusion as a Core Concept
  • Islamic Capital Market: The Role of Sukūk for Development
  • Implementation of the IFSB Standards
  • Panel Discussion on the Way Forward - A Roadmap for Asia

Following the conference, a roundtable session for regulators will be held, with the aim to provide a unique opportunity for regulators to discuss and share their experiences, issues and challenges in developing an Islamic finance regulatory regime and in supervising the Islamic financial services industry.

Among the issues to be discussed at the roundtable are the legal and regulatory issues for Islamic finance post-crisis and the role of governments and private sectors in undertaking initiatives for Islamic finance.

ADB and the IFSB are also jointly implementing a regional technical assistance to help improve access to Islamic finance in Afghanistan, Bangladesh, Indonesia and Pakistan, with a $750,000 technical assistance (TA) grant, approved by ADB in October 2012.

The TA grant will be used, amongst others, to develop an e-module platform to build capacities on prudential standards developed by IFSB. The TA grant is funded by the Government of Luxembourg’s Financial Sector Development Partnership Fund and the Republic of Korea e-Asia and Knowledge Partnership Fund, both to be administered by ADB.

The IFSB is an international standard-setting organization that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets and insurance sectors. The IFSB also conducts research and coordinates initiatives on industry-related issues, as well as organizes roundtables, seminars and conferences for regulators and industry stakeholders. Towards this end, the IFSB works closely with relevant international, regional and national organizations, research/educational institutions and market players.

The members of the IFSB comprise regulatory and supervisory authorities, international inter-governmental organizations and market players, professional firms and industry associations.

For more information about the IFSB, please visit www.ifsb.org.