16th Islamic Financial Stability Forum on Recovery, Resolution and Insolvency of Institutions Offering Islamic Financial Services
Date posted: 11 December 2017
Kuala Lumpur, 11 December 2017 – The 16th Islamic Financial Stability Forum (IFSF) themed Recovery, Resolution and Insolvency of Institutions Offering Islamic Financial Services (IIFS), held this afternoon in Kuala Lumpur, saw discussions led by Dr. Michael McMillen, Partner, Curtis, Mallet-Prevost, Colt & Mosle LLP, Mr. Rafiz Azuan Abdullah, Chief Executive Officer, Malaysia Deposit Insurance Corporation and Mr. Madzlan Mohamad Hussain, Partner, ZICO Law, Malaysia. The Stability Forum was chaired by H.E. Fazle Kabir, Governor of Bangladesh Bank who is also the Deputy Chairman of the IFSB for the year 2017.
The IFSF discussions touched on some practical issues relating to the implementation of a recovery and resolution regime that is responsive to Islamic finance institutions such as their unique governance structure and balance sheets, overarching requirements of Sharīʻah in relation to the structuring and implementation of contracts and transactions, regulatory authority powers, and robustness of recovery plans. Some of these, and other issues are also highlighted in an IFSB Working Paper on Recovery, Resolution and Insolvency for Institutions Offering Islamic Financial Services (WP-07), which will be published in December 2017.
The IFSF is a high-level platform open to regulatory and supervisory agencies, international multilateral organisations, IIFS and other stakeholders from among the IFSB members to discuss current and pertinent stability issues faced by the Islamic financial services industry. The 16th IFSF was organised by the Islamic Financial Services Board (IFSB) in conjunction with the 31st Meeting of the Council of the IFSB, and was hosted by the Central Bank of the Islamic Republic of Iran and Bank Negara Malaysia.
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