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Legal Deputy of SEO Attended IFSB 1st Working Group Meeting on Formulating Core Principles for Islamic Finance Regulation (Islamic Capital Market Segment)

The Legal Deputy of the SEO participated in the WG meeting of IFSB in Kuala Lumpur, September 29th 2016

The Legal Deputy of the SEO, Dr. Jafar Jamali participated in the WG meeting of IFSB (Islamic Financial Services Board) in Kuala Lumpur, September 29th 2016. This was the 1st meeting held for formulation of a set of standards and principles in the Islamic capital markets and was jointly chaired by Mr. Zainal Izlan Zainal Abidin, as representative of the Securities Commission of Malaysia, and Mr. Jaseem Ahmed as representative of IFSB. The meeting officially commenced at 9:30 and the venue was the Securities Commission of Malaysia.

IFSB 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. Since its inception, the IFSB has issued twenty-five Standards, Guiding Principles and Technical Note for the Islamic financial services industry. IFSB’s 17th Standard in this regard is the Core Principles for Islamic Finance Regulations; the banking segment of the mentioned principles was approved in April 2015 and at this point, members of IFSB strive to formulate the capital market segment by the end of 2018. Nevertheless, the principles will be in complete compliance with IOSCO Objectives and Principles of Securities Regulation as well as Islamic rules and mandates, so that applying these principles won’t affect the membership of IFSB members in IOSCO.

Due to the SEO’s tremendous effort toward internationalization of the Iranian capital market and more importantly expanding its cooperation with Islamic countries, the SEO has gained full membership in this board which makes it committed to making regular contributions throughout each process of standard-setting with respect to Islamic capital markets.