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The IFSB Conducts the Inaugural IFSB Consultative Group Meeting

Date posted: 14 August 2023

14 August 2023, Riyadh, Saudi Arabia – The Islamic Financial Services Board (IFSB) conducted the 1^st IFSB Consultative Group (ICG) Meeting, hosted by the Saudi Central Bank (SAMA), in Riyadh, Saudi Arabia alongside the IFSB Annual Meetings.

The 1^st ICG meeting consulted on the ongoing work of the IFSB as well as emerging global regulatory priorities and areas of potential future standard-setting work of the IFSB. The inaugural meeting was chaired by H.E. Dr. Abdulrahman Bin Abdullah Al Hamidy, Director General and Chairman of the Board of the Arab Monetary Fund. 

The presiding Chairman of the IFSB Technical Committee, H.E. Dr. Fahad Ibrahim Al Shathri, Deputy Governor for Research and International Affairs of the SAMA and Dr. Bello Lawal Danbatta, Secretary-General of the IFSB also participated in the meeting.

“This closed consultative discussion is an attestation to the IFSB's commitment to consistency between policy approaches to conventional and Islamic finance. By gathering the expertise of industry leaders such as yourselves, we foster coordinated responses to emerging risks and global developments, ensuring a resilient and harmonious financial ecosystem,” Dr. Danbatta elaborated in his opening remarks.

The esteemed members that participated in the 1^st ICG meeting comprised international standard-setting bodies namely the International Organization of Securities Commissions (IOSCO), Basel Committee on Banking Supervision (BCBS) and International Sustainability Standards Board (ISSB) as well as Islamic finance infrastructure institutions, including the International Islamic Liquidity Management Corporation (IILM), General Council for Islamic Banks and Financial Institutions (CIBAFI), Accounting and Auditing Organization for Islamic Financial Institutions (AAOIF) and the International Islamic Financial Market (IIFM); in addition to industry experts.

The ICG was established to further enhance the IFSB’s formal process of consultation and to enhance stakeholder engagement through a forum that broadens the dialogue with non-members on global regulatory and supervisory issues and enable policy coordination.