Feb 21 2012 |
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The IFSB to Discuss Microfinance Issues at the Pre-Summit Special Session on Promoting Financial Inclusion through Islamic Microfinance
Kuala Lumpur, 21 February 2012 - The Islamic Financial Services Board (IFSB) will organise a Special Session on Promoting Financial Inclusion through Islamic Microfinance, as a Pre-Summit event on 15 May 2012, before the commencement of the 9th IFSB Summit that is scheduled to be held from the 16 to 17 May 2012 in Istanbul, Turkey. The Central Bank of theRepublic of Turkey is hosting the events.As the first IFSB programme to look into this issue and in line with the recommendations of IFSB-IDB 10-Year Framework and Strategies for Development of Islamic Financial Services Industry, this session will discuss the effectiveness of microfinance as a practical proposal in offering financial services to low-income groups. Thus, the Special Session aims to increasethe understanding on global practices of Islamic microfinance and to examine the effectiveness of the existing structure, as well as look at the need for a specific regulatory and supervisory framework for Islamic microfinance as a social support mechanism for the growing sector.
The session will be divided into three topics: i) Development of Islamic Microfinance and Selected Case Studies; ii) Challenges in Microfinance from the Regulatory and Shari`ah Perspectives; and iii) Panel Discussion on "Islamic Microfinance Institutions: The Way Forward". Experts from various countries and organisations familiar with microfinance practices have been invited to share their views and experiences on the issue.
Other Pre-Summit events that have been scheduled to be held on 15 May 2012 are Country Showcase sessions with participation from Malaysia and Turkey.
The IFSB will announce the list of confirmed chairpersons and speakers for the 9th Summit in due course.
More information on participation and registration of the 9th IFSB Summit can be found at its official website: http://www.ifsbistanbul2012.com.
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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.
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