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Seminar on Prudential and Governance Framework for Islamic Finance
Doha, April18, 2009- The Qatar Faculty of Islamic Studies (QFIS) hosted its third seminar on Islamic financial services. The Seminar on a Prudential and Governance Framework for Islamic Finance examined the role of the Islamic financial industry against the background of the current financial crisis. This Seminar on Prudential and Governance Framework for Islamic Finance aimed at highlighting various prudential and governance issues relevant to the Islamic financial services industry and to share some insights into several initiatives that have been carried out by the IFSB in promoting good governance practices that would enhance the soundness and stability of the industry. The Seminar was held on Wednesday and Thursday 15th & 16th April 2009 in Al Sonbok Hall, at Sharq Village & Spa, in Doha.
Approximately, 150 participants attended this Seminar. The majority of them present bank and regulatory bodies, financial institutions and other financial academic institutes from Qatar and worldwide. The Seminar was jointly organized by the Qatar Central bank and the Islamic Financial Services Board (IFSB). Dr. Hatem Al Karanshawi, the Dean of the QFIS, opened the Seminar with warm welcoming remarks. He also acknowledged the importance of this Seminar for the development of the Islamic financial industry.
At the outset of the Seminar, Professor Rifaat Abdul Karim, the General Secretary of the IFSB announced that the Seminar is part of the efforts made by the IFSB to fulfill the recommendations of the Islamic Financial Services, particularly in relation to human development. In addition, he urged all stakeholders in the industry to act urgently in order to have a common vision and develop a closer collaboration to ensure the sustainability of the industry's growth.
Ten globally distinguished presenters introduced a detailed description of the types and nature of the operational mechanisms under which the current Islamic financial systems functions.
In this context, Professor Simon Archer from The University of Reading and a consultant at IFSB, the keynote address speaker said
"I interpret the expression 'institutions offering Islamic financial services' (IIFS) broadly, to encompass Islamic banks and insurance (takaful) undertakings and also capital market institutions including sukuk arrangers. The recent (and, indeed, still current) financial mega-crisis which started in the US has shown us how these three sectors are linked together, as systemic risk flows from one to another. This illustrates the need for a macro-prudential perspective, to which lip-service was paid in the years preceding the recent crisis, without the implied institutional changes being made."
The Seminar included discussions of different types of Takaful structures operating in existing financial institutions. Some of the critical factors and challenges that may rise as a result of the growth of Takaful were also explored. Furthermore, the presenters suggested the kind of relationship that should exist between financial regulators and Sharia advisors to enhance the Islamic financial Industry and enable it to compete against conventional finance institutions.
Some presenters suggested that the success of some financial institutions depends upon the degree to which regulators can maintain an effective market discipline. At the same time, standards should aim at protecting all stakeholder interests including those of investment account holders, a stakeholder group unique to Islamic banks.
Special emphasis was given to the integrity and transparency of Islamic finance industry and its capacity in maintaining a balance between national laws and the level of adherence to acceptable norms at Sharia.
Other presenters highlighted the importance of having sound Sharia governance for the credibility and reputation of Islamic financial institutions.
At the end of the Seminar, concluding remarks were made by Professor Simon Archer and Dr. Hatem Al Karanshawi the Dean of the Qatar Faculty of Islamic Studies
