Jeddah, KSA, 12.12.2012 – The Islamic Development Bank (IDB) hosted at its headquarters the 21st Council Meeting of the Islamic Financial Services Board (IFSB), an international standard-setting organization, established in Kuala Lumpur by several central banks from IDB member countries. Its objective is to enhance soundness and stability of the Islamic financial services industry (IFSI) through issuance of global prudential standards and guiding principles.

The meeting was chaired by H.E. Rasheed M. Al-Maraj, Governor of the Central Bank of Bahrain and attended by 17 central bank governors along with Dr. Ahmad Mohamed Ali, President, IDB Group.

The Council discussed a number of technical topics relating to IFSB activities and decided to appoint the Governor of the Qatar Central Bank, H.E. Sheikh Abdullah Saud Al–Thani, as its Chairman for the year 2013. It also decided to approve the application of Bank of Morocco (i.e. Morocco’s central bank) to be upgraded to full member status.

On the occasion, the 6th Islamic Financial Stability Forum convened to discuss the challenges faced by regulatory and supervisory authorities while identifying measures to boost consumer protection and ensure the resilience and stability of the Islamic financial services industry.

Presentations were made on the occasion by IFSB and IDB to guests to the meeting, including the Central Bank of West African States whose representatives expressed interest in IFSB activities.