CBK and IFSB to organize a high-level global conference on Islamic finance

29/03/2018 05:23 AST

The Central Bank of Kuwait (CBK) and the Islamic Financial Services Board (IFSB) are pleased to announce that they will be organizing a high-level global conference on Islamic finance. The conference will be held on May 2, 2018 in the State of Kuwait in conjunction with the IFSB Annual Meetings 2018, hosted by the CBK.

Building on the success of the conference on 'Islamic Finance: Meeting Global Aspirations' which was held under the patronage of His Highness the Amir of the State of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, on Nov 11, 2015 in collaboration between the Central Bank of Kuwait and the International Monetary Fund; this year's edition will focus on the importance of Islamic finance being a major appeal to inclusiveness and the role of Islamic finance in the broader national economic agenda.

The CBK-IFSB Islamic finance conference is expected to attract senior-level participation from among the global and financial industry stakeholders and thought leaders, including ministers and policy makers, governors of central banks, heads of regulatory and supervisory bodies, international organizations, representatives of international standard-setting bodies, international rating agencies, CEOs, Sharia scholars and other leading industry stakeholders, making it one of the largest Islamic finance events in the region.

HE Dr Mohammad Y. Al-Hashel, Chairman, IFSB and Governor, CBK, said: "The CBK is very pleased to be organizing this high-level global conference on Islamic finance, which comes at the right time for the development of the global Islamic finance industry, and highlight the role of Islamic finance in the broader national economic agenda and promote greater global cooperation. We feel that Islamic finance offers a universal value proposition which can drive sustainable, inclusive growth and shared prosperity for all."

His Excellency, the Governor, further added, "The intellectual discourse will lead to actionable recommendations that we can take forward collectively for the development of the global Islamic finance industry."

"Four decades ago, Kuwait has witnessed the emergence of Islamic finance. Ever since, Kuwait contributed profoundly to boost its presence on global level. Today, we aim by this conference to complement those endeavors to foster Islamic finance industry that still requires further development to parallel with the advanced traditional banking industry," stated Al-Hashel.

During the course of the event, discussions will revolve around the role Islamic finance can play in government strategies to build a diversified and sustainable economy, the main challenges and solutions in creating a robust regulatory regime, how Islamic financial institutions are navigating through disruptive technologies, as well as the future of the Islamic finance industry and how it can reach its full potential.

Bello Lawal Danbatta, IFSB Secretary-General appreciated this collaboration and thanked the CBK for hosting the IFSB Annual Meetings 2018 in Kuwait. He added, "With the participation of the members of the IFSB, the conference aims to see discourses covering diverse views and experiences from the new, emerging as well as advanced Islamic finance markets. The participation of international organizations, regulatory authorities and multilateral development banks will also add value to the discussions of the conference."

The IFSB Annual Meetings 2018 will be held in Kuwait from May 1-3, 2018. Alongside the conference, CBK is also hosting the IFSB Public Lecture, Members and Industry Engagement Session, the IFSB's General Assembly and Council Meetings during the 3 days. Please visit the IFSB website (www.ifsb.org) more information and participation details.

Arab Times