28 September 2016

Kuala Lumpur/Washington – The Islamic Financial Services Board (IFSB) and the World Bank’s Treasury and Finance & Markets Global Practice Group will be hosting a High-Level Seminar on Islamic Finance with the theme, “Islamic Finance and the Sustainable Development Goals” on 6 October 2016 in Washington, D.C., USA.

H.R.H. Muhammadu Sanusi II, The Emir of Kano and Former Governor, Central Bank of Nigeria will be delivering the Keynote Address for the Seminar.

The Keynote will be followed by a Panel Discussion themed, Realising Sustainable Economic and Social Objectives through Islamic Finance, which seeks to develop insights and proposals for both policy makers and the private sector from the perspective of utilising Islamic finance as an economically viable alternative funding source to attain global economic and social objectives. In particular, the panel will examine the potential for public-private synergies in the development of an Islamic finance legal and regulatory framework, and for a sound supportive institutional structure, as well as for knowledge sharing and capacity development goals. It will be complemented by real-life case studies such as Khazanah Nasional Berhad of Malaysia’s experience in the Social Suk?k segment to fund the construction of schools across the country, and the International Finance Facility for Immunisation (IFFIm) Suk?k to support the immunisation of children in the poorest countries.

The list of Speakers and Panelists include:

·         H.R.H. Muhammadu Sanusi II, The Emir of Kano and Former Governor, Central Bank of Nigeria

·         H.E. Dr. Muliaman Darmansyah Hadad, Chairman of Board of Commissioners of the Financial Services Authority (OJK), Indonesia

·         Arunma Oteh, OON, Vice President and Treasurer, World Bank

·         Jaseem Ahmed, Secretary-General, Islamic Financial Services Board

·         Gloria Grandolini, Senior Director, Finance & Markets Global Practice Group, World Bank

·         Osman Celik, Undersecretary of Turkish Treasury, The Republic of Turkey

·         Cyrus Ardalan, Member of the Board, International Finance Facility for Immunisation (IFFIm), United Kingdom

·         Tirad Al-Mahmoud, Chief Executive Officer, Abu Dhabi Islamic Bank, UAE

·         Mohd Izani Ghani, Chief Financial Officer/Executive Director of Khazanah Nasional Berhad, Malaysia

·         Dr. Michael J.T. McMillen, Adjunct Professor, University of Pennsylvania and Partner at Curtis, Mallet-Prevost, Colt & Mosle LLP, USA

This World Bank-IFSB cooperation is designed to encourage broad interaction among the delegates to explore the prospective role of Islamic finance in supporting social and economic development globally with the hope of achieving the United Nation’s Sustainable Development Goals. To this end, the Seminar will offer perspectives of Islamic finance principles, and financing modalities, which directly relate to the potential role of this rapidly expanding sector in addressing the global funding gap, both in the developed and developing world, whilst tapping into the ethical investor market. The Seminar, which is being held on the sidelines of the IMF/World Bank Annual Meetings 2016, will also touch on the potential for synergy in the roles of policy-makers, regulators and market players in helping to expand the role of Islamic finance in achieving socio-economic goals.

For more information and participation, please contact the World Bank-IFSB secretariat (wbifsb@worldbank.org).

-Ends-

About the Islamic Financial Services Board (IFSB)
The IFSB is an international standard-setting organisation that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets and insurance sectors. The IFSB also conducts research and coordinates initiatives on industry-related issues, as well as organises roundtables, seminars and conferences for regulators and industry stakeholders. Towards this end, the IFSB works closely with relevant international, regional and national organisations, research/educational institutions and market players. The members of the IFSB comprise regulatory and supervisory authorities, international inter-governmental organisations and market players, professional firms and industry associations.

For more information about the IFSB, please visit www.ifsb.org.

About the World Bank
The World Bank (International Bank for Reconstruction and Development, IBRD), rated Aaa/AAA (Moody’s/S&P), is an international organization created in 1944 and the original member of the World Bank Group. The World Bank Group consists of 5 legally separate organizations: International Bank for Reconstruction and Development (IBRD) – also known as “World Bank”, the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Association (MIGA), and the International Center for the Settlement of Investment Disputes (ICSID). IBRD is the largest member of the World Bank Group and operates as a global development cooperative owned by 189 nations to provide its members with financing, expertise and coordination services so they can achieve equitable and sustainable economic growth in their national economies and find effective solutions to pressing regional and global economic and environmental problems. The World Bank Group has two main goals: to end extreme poverty and promote shared prosperity. IBRD seeks to achieve them primarily by providing loans, risk management products, and expertise on development-related disciplines to its borrowing member government clients in middle-income countries and other creditworthy countries, and by coordinating responses to regional and global challenges. IBRD has been issuing sustainable development bonds in the international capital markets for over 60 years to fund its activities that achieve a positive impact. Information on World Bank (IBRD) bonds for investors is available on the World Bank Treasury website: www.worldbank.org/debtsecurities.

© Press Release 2016