Jeddah - Sun, 11 Feb, 2007

The Islamic Financial Services Board concluded its 7th meeting at Islamic Development Bank Headquarters under the chairmanship of H.E. Dr. Ibrahim Al-Shibani, the Governor of the Iranian Central Bank.
The meeting was attended by the Governors of Central Banks of UAE, Jordan, Indonesia, Pakistan, Bahrain, Brunei Dar Alsalam, KSA, Sudan, Qatar, Kuwait, Malaysia, Egypt, Singapore, with participation of H.E. Dr. Ahmed Mohammed Ali, IDB president.

The meeting has approved the membership of Singapore Monetary Authority in the Financial Services Board, raising the number of the Board members to (15) in addition to the Islamic Development Bank. The Governor of Singapore Monetary Authority has welcomed the step, noting that the Islamic Financial Services has acquired the characteristic of universality.

Besides, the meeting has approved the membership of (6) Banks and Financial Institutions as observers in the Board, driving the total number of Member Banks and Financial Institutions to (84). The Board has, also, approved the Capital Adequacy Standards for Institutions (other than Insurance Institutions) offering only Islamic financial Services (IIFS) and the Guiding Principles of Risk Management Standards for Institutions (other than Insurance Institutions) offering only Islamic Financial Services, which were forwarded to the Council by the Technical Committee.

Exposure Draft of a " Framework for the Ten-Year (2006 – 2015) Master Plan of the Islamic Financial Services Industry" was presented by H.E. the President of the IDB Group. The Honorable Board Members of the IFSB decided to provide their comments for enhancing the effectiveness of the document. The revised document will be considered in the Council meeting to be held in Kuwait by the end of March 2006.
H.E Sheikh Salem Alsabah, the Governor of Kuwait Central Bank has been elected as a Chairman of the Board, and H.E. Dr. Zeti Akhtar aziz the Governor of Negara Bank in Malaysia as Deputy Chairman for the 2006 Session.