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"Islamic Financial Services Board 31st Meeting of the Council and 16th Islamic Financial Stability Forum on Recovery, Resolution and Insolvency for Institutions Offering Islamic Financial Services (IIFS)"

The 31st Council Meeting of the Islamic Financial Services Board (IFSB) in conjunction with the 16th Islamic Financial Stability Forum were held on 11 December 2017 in Kuala Lumpur, Malaysia

The 31st Council Meeting of the Islamic Financial Services Board (IFSB) in conjunction with the 16th Islamic Financial Stability Forum were held on 11 December 2017 in Kuala Lumpur, Malaysia and attended by the member countries of this organization from all over the Islamic world. Dr. Jafar Jamali, the Board Member and Legal Deputy of the Securities and Exchange Organization of Iran took part as the representative of Iranian Capital Market in these events. The events were collaboratively hosted by the Bank Negara Malaysia and the Central Bank of Islamic Republic of Iran.
The Council meeting, which commenced from early morning and before the Stability Forum, is the senior executive and policy-making body of IFSB, responsible for among other things, formulating and approving the policies, strategies and by-laws of this organization. The (currently) 24 country members of the IFSB Council meet at least twice a year to discuss the issues relevant to the Islamic financial markets.
The appointment of the New Secretary-General, chairmanship and host-country determination of the IFSB during 2018 and 2019 and their approximate time schedule and the amendment of some IFSB’s regulations were at the top of the agenda in the 31st Council meeting which were meticulously discussed and decided upon by the representatives of member countries.
On the Stability Forum, in particular, it is believed that through collective efforts of members, the IFSB’s work in this area will bring to light many additional dimensions with regard to recovery, resolution and insolvency frameworks of IIFS owing to their unique governance frameworks and balance sheets, structural nuances, and the overarching requirements of Sharīʻah in relation to the structuring and implementation of contracts and transactions. These forums began in 2010 after the global financial crisis in Sudan and since then have been hosted by member countries like Malaysia, Saudi Arabia, Bahrain and Jordan.
On the sideline of these events, Dr. Jamali and Dr. Komijani conversed with several of his counterparts as well as the IFSB Acting Secretary-General, Mr. Zahid ur Rehman Khokher, over the latest developments in the Islamic capital markets.