The 16th IFSB Summit unites policy makers and stakeholders to discuss IFS resilience, address new risks, and explore the potential of innovation for sustainable growth in Islamic finance.

The IFSB Summit is a platform designed to allow a higher-level interaction among the delegates to explore the implications of the ISI from the evolving global economic and financial environment. In addition, the Summit seeks to raise awareness of the emerging challenges in the resilience and stability of the ISI while discussing measures to reinvigorate growth momentum along with supportive policy reforms.

A number of global challenges and emerging issues present risks for the Islamic financial services industry including the evolving macroeconomic environment as well as rapid innovation and technological transformation as well as climate-related financial risks. While the evolving global environment provide opportunities for the development and growth of the industry, it also presents risks that requires policy makers to assess the effectiveness of the existing regulatory and supervisory frameworks to address these new risks.

About IFSB

The Islamic Financial Services Board (IFSB), which is based in Kuala Lumpur, was officially inaugurated on 3rd November 2002 and started operations on 10th March 2003. It serves as an international standard-setting body of regulatory and supervisory agencies that have vested interest in ensuring the soundness and stability of the Islamic financial services industry, which is defined broadly to include banking, capital market and insurance. In advancing this mission, the IFSB promotes the development of a prudent and transparent Islamic financial services industry through introducing new, or adapting existing international standards consistent with Sharî’ah principles, and recommend them for adoption.

To this end, the work of the IFSB complements that of the Basel Committee on Banking Supervision, International Organisation of Securities Commissions and the International Association of Insurance Supervisors.

As of December 2023, the 191 members of the IFSB comprise 82 regulatory and supervisory authorities, 10 international inter-governmental organisations, and 99 market players (financial institutions, professional firms, industry associations and stock exchanges) operating in 58 jurisdictions.

Malaysia, the host country of the IFSB, has enacted a law known as the Islamic Financial Services Board Act 2002, which gives the IFSB the immunities and privileges that are usually granted to international organisations and diplomatic missions.

The Organiser

www.ifsb.org

About BDCB

​Brunei Darussalam Central Bank (BDCB) carries the responsibilities of conducting the country’s monetary policy, issuing the Brunei currency, as well as regulating and supervising banks and other financial institutions. Amongst BDCB’s objectives include attaining price stability, ensuring stability of the financial system, assist in the establishment and functioning of efficient payment systems and to foster and develop a sound and progressive financial services sector.

Visit www.bdcb.gov.bn for more info.

The Host

www.bdcb.gov.bn