Top ranking figures from the world of Islamic finance were brought together during an event in Bahrain supported by Deloitte Middle East’s Islamic Finance Knowledge Center.
National regulators, leaders of the key global industry standard-setter the Islamic Financial Services Board, professional services firms, and executive Islamic bankers joined Deloitte experts to focus on the topics of risk management and regulation of institutions offering Islamic financial services, as well as lessons learned from the global financial crisis.
The event took place on December 13 in Manama and was co-organized with the Islamic Financial Services Board (IFSB) and Central Bank of Bahrain.
“This Seminar affirms Deloitte’s commitment to promoting best practices in Islamic finance and in investing in people through knowledge sharing with the participants,” said Dr Hatim El-Tahir, Director of Deloitte Middle East’s Islamic Finance Knowledge Center (IKFC). In a recent Survey, conducted by Deloitte ME IFKC: 71% of the institutions participated and implemented the IFSB’s Guiding Principles on Sharia’a Governance.
More than 50 participants from Bahrain and other Gulf Cooperation Council countries, Malaysia, Singapore, Indonesia, Sudan, Jordan, and Turkey, attended the event, during which nine guest speakers, including national regulators from Bahrain, Turkey, and Singapore shared new insights on the important subject of risk management in Islamic finance, and the lessons learned from the financial crisis.
“Building competencies, prudential regulatory framework, and leading practices in risk management, are all imperative needs for the well-being and evolution of Islamic Finance practices,” said El Tahir. “The onus is on regulators and practitioners to promote best practices in this regard and the event can play a key role in supporting the implementation of best practices.”
source: Business Intelligence Middle East