The Ex- Governor, State Bank of Pakistan Dr Shamshad Akhtar, who is also the Chairperson of the Islamic Financial Services Board (IFSB), presided over the 13th Council Meeting of IFSB in Dubai. The meeting approved two exposure drafts of (I) Capital Adequacy
Requirements for Sukuk Securitizations and Real Estate Investments and (II) Guiding Principles on Governance of Islamic Collective Investment Schemes.
Dr Akhtar and the Council Members underscored the need for IFSB secretariat to focus on enhancing the capacity building of the industry and the central banks to help them in better understanding of IFSB approved prudential standards.
There was a broad recognition in the Council Meeting that the Islamic banks have preserved the
shocks of global financial market turmoil well. The IFSB secretariat and the Islamic
Development Bank (IDB) will be working together to assess further the implications and
lessons learnt from the global financial market turmoil for Islamic industry.
The Council Meeting also discussed the future of IFSB and recommended measures for
strengthening its financial position. The Council Members appreciated the continued support of
IFSB for standard setting and the efforts launched to disseminate these standards. They also
requested for greater interface with the industry.
The meeting was comprehensive and covered a broad range of topics of mutual interest to
Council Members and Islamic financial industry. Pakistan is holding the IFSB Chair for 2008
and the Governor of Saudi Arabian Monetary Agency (SAMA) will be taking over the Chair of