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AlHuda CIBE introduces Islamic Financial products for Agriculture Sector:   
A two day workshop was held by AlHuda CIBE at NIBAF, State Bank of Pakistan in Islamabad on Islamic Agriculture Finance where Islamic Financial products were introduced for the agriculture sector to facilitate the Islamic Banks and Financial Institutes to promote the agriculture sector in the country.
 
AlHuda CIBE: Training Workshop on Islamic Agricultral Finance at NIBAF - State Bank of Pakistan - Islamabad.
 
 
 
 
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5th IFSB Summit: Islamic financial services industry ready to integrate under financial globalization
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The 5th Summit of the Islamic Financial Services Board (IFSB) commenced today in Amman, with industry leaders and players expressing confidence that the Islamic financial services industry (IFSI) is on the right track to integrate itself into the global financial system and face up the various challenges in the wake of increasing trend of financial globalisation.

The 2-day Summit, themed "Financial Globalisation and Islamic Financial Services" is attended by more than 200 delegates comprising mainly senior officials from international institutions, regulatory and supervisory agencies and market players with vested interest in the IFSI.

H.E. Dr. Umayya Toukan, Governor of the Central Bank of Jordan, delivering a welcoming address on behalf of Her Majesty Queen Rania Al-Abdullah, the Royal Patron of the Summit, pointed out that the development of unified international standards which are in conformity with the Shari`ah and complementary to existing international prudential frameworks will be crucial in overseeing a smooth integration of the IFSI into the global financial landscape.

H.E. Dr. Shamshad Akhtar, Governor of the State Bank of Pakistan and Chairperson of the IFSB Council, in her keynote address, observed that the theme of the Summit is timely. This is so as the recent financial turmoil has again provoked debates regarding pros and cons of financial globalisation as its impacts are incrementally visible, resulting, among others, slowdown of world economy and volatility in equity markets. The good news is that the IFSI has generally managed to remain insulated from the recent adversities, as it benefited from the applications of Shari`ah principles in risk management practices and reliance on real economy activities. While acknowledging that the IFSI can still be impacted by a global economic slowdown, she noted that collective actions are already underway by financial regulators and market players to ensure that financial globalisation continues to reinforce the industry by providing appropriate international best practices and guidelines for it to build on.

Simultaneously, the IFSI reciprocates in reinforcing globalisation, among others things by providing innovation and strengthening ethical values in the market. For its better sustainability, the IFSI needs to take full advantage of financial globalisation without losing awareness of any negative implications that can arise under specific market conditions.

Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB, announced that the IFSB has so far developed and issued seven standards, guiding principles and technical note for the Islamic financial services industry focusing on Risk Management, Capital Adequacy, Corporate Governance, Supervisory Review Process, Transparency and Market Discipline, Recognition of Ratings on Shari`ah-Compliant Financial Instruments as well as the Development of Islamic Money Markets. The IFSB is also working on five new standards and guidelines on 1) Special Issues in Capital Adequacy; 2) Governance for Islamic Collective Investment Schemes; 3) Corporate Governance of Takaful Operations; 4) Shari`ah Governance and 5) Conduct of Business. The IFSB is now focusing on facilitating the implementation of the standards it has adopted, especially amongst the IFSB member-countries.

 
 
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