## News Brief: IMF Facilitates Establishment Of Islamic Financial Services Board

_IMF News, May 1, 2002_

## Source details

**Canonical URL:** [News Brief: IMF Facilitates Establishment Of Islamic Financial Services Board](https://www.imf.org/en/news/articles/2015/09/29/18/03/nb0241)

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## Bibliographic details
- Published: May 1, 2002

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### Purpose and rationale
- Responding to the growing significance of the Islamic financial services industry in many countries.
- Purpose: promoting, disseminating, and harmonizing best practices in the regulation and supervision of the Islamic financial services industry.

### Agreed institutional outcome
- Agreement reached on April 21, 2002, at the International Monetary Fund to establish the Islamic Financial Services Board (IFSB).
- The IFSB will serve as an association of institutions responsible for the regulation and supervision of the Islamic financial services industry.

### Mandate and core functions of the IFSB
- Set and disseminate standards and core principles-as well as adapt existing international standards-for supervision and regulation, consistent with the Sharia'a principles governing the industry, and for voluntary adoption by member countries.
- Liaise and cooperate with other standard-setters in the areas of monetary and financial stability.
- Promote good practices in risk management in the industry through research, training, and technical assistance.

### Headquarters and governance steps
- The IFSB will be headquartered in Kuala Lumpur, Malaysia.
- At the April 21 meeting, participants agreed to establish a Steering Committee headed by H.E. Dr. Zeti Akhtar Aziz, Governor, Bank Negara Malaysia, to undertake the necessary steps for the establishment and inauguration of the IFSB in Kuala Lumpur.

### Process and facilitation
- The decision to establish the IFSB is the culmination of an extensive two-year consultative process initiated by governors and coordinated by the IMF, in collaboration with the Islamic Development Bank and AAOIFI.
- The IMF convened several consultative meetings to facilitate the exchange of views among governors on the objectives and structure of the IFSB.
- The April 21 meeting was attended by several observers and facilitators from the IMF and central banks.

### Participating governors and senior officials at the April 21 meeting
1. H.E. Shaikh Ahmed bin Mohammed Al Khalifa, Governor, Bahrain Monetary Agency;
2. Dr. Achjar Iljas, Deputy Governor, Bank of Indonesia;
3. H.E. Dr. Mohsen Noorbakhsh, Governor, The Central Bank of the Islamic Republic of Iran;
4. H.E. Sheikh Salem Abdul Aziz Al-Sabah; Governor, Central Bank of Kuwait;
5. Dr. Nasser Saidi, Vice Governor, Bank of Lebanon;
6. H.E. Dr. Zeti Akhtar Aziz, Governor, Bank Negara Malaysia;
7. H.E. Dr. Ishrat Husain, Governor, State Bank of Pakistan;
8. H.E. Hamad Al-Sayari, Governor, Saudi Arabian Monetary Agency;
9. The Hon. Dr. Sabir Mohamed Hassan, Governor and Chairman of the Board, Bank of Sudan;
10. H.E. Sultan Bin Nasser Al Suwaidi, Governor, Central Bank of the United Arab Emirates;
11. Dr. Ahmed Abisourour Acting Director, Islamic Banks' Office (IBO), IDB; and
12. Prof. Rifaat Ahmed Abdel Karim, Secretary-General, AAOIFI.

### Media and contact details (IMF External Relations Department)
- E-mail: publicaffairs@imf.org
- E-mail: media@imf.org
- Fax: 202-623-6278
- Phone: 202-623-7100

*IMF EXTERNAL RELATIONS DEPARTMENT, May 1, 2002.*

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## References

- [News Briefs](https://www.imf.org/en/news/searchnews)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2015/09/29/18/03/nb0241_