IFSB introduces FIS Workshop Series to facilitate implementation of its Standards

The Islamic Financial Services Board (IFSB) is introducing a specially designed "Facilitating the Implementation of Standards (FIS) Workshop Series" as part of its efforts to facilitate the implementation of IFSB Standards among member countries. The Workshop series, focusing on the IFSB Capital Adequacy and Transparency & Market Discipline Standards, will initially be held in selected member countries, including Bahrain, Pakistan and Sudan from November 2007 onwards. The Workshop series is expected to provide participants with the necessary knowledge and skills to understand and implement the IFSB Standards in order to support the operations of institutions offering Islamic financial services (IIFS) to remain robust and sound.

Secretary General of the IFSB, Professor Rifaat Ahmed Abdel Karim said, "In this era of financial globalisation, implementation of the IFSB Standards would be crucial because they will help both regulatory and supervisory authorities and market players to address the specificities of risks in Islamic finance, thereby enhancing the soundness and stability of the system in which the IIFS operate."

The Workshops are targeted at technical personnel from central banks, regulatory and supervisory bodies as well as institutions offering Islamic financial services.