The theme of this year's 6th Islamic Financial Services Board (IFSB) Summit “The Future of Islamic Financial Services” could not be more pertinent given the crisis which the global financial markets are witnessing. The summit, to take place in Singapore on May 5-8 is held under the patronage of Singapore's Senior Minister Goh Chok Tong. The Monetary Authority of Singapore is hosting the summit. IFSB Secretary-General Professor Rifaat Ahmed Abdel Karim cannot overstress the timeliness and importance of the summit theme, given the rapid projected growth of the Islamic financial services industry (IFSI), and the recent developments in the global financial markets. “While the current IFSI structure is considered sufficient to support the industry's development,” Rifaat said “it is necessary to examine whether this structure will continue to be relevant to cater for the future growth and expansion of the industry. More importantly, whether the industry can remain competitive and continue to uphold its resilience and stability as the services and products it offers expand and its stakeholders become increasingly sophisticated.” As such, a core aim of the summit is also to highlight the role of the various stakeholders towards developing a robust future for the IFSI. The key issues to be discussed include the position of the Islamic financial services industry in terms of its current level of development and soundness; key issues that must be addressed to further raise competitive elements of institutions offering Islamic financial services; roles of the relevant stakeholders in raising the competitiveness of domestic IFSI environment; challenges and obstacles facing the Islamic capital market and non-bank financial institutions (NBFIs) and Islamic banking business; implications of harmonization and adopting minimum standards for regulatory policies; infrastructure required to support the future growth of the industry; and assessment of whether the IFSI can develop competitive and sustainable revenue models.
