SAMA To Host 43rd IFSB Council Meeting In Jeddah  

RIYADH: The role of Shariah-compliant funding in fostering sustainable economic growth will take center stage at the 43rd Islamic Financial Services Board council meeting.  

Taking place on Dec. 29 at Jeddah’s Ritz-Carlton, the forum will be chaired by the Governor of the Saudi Central Bank and Chairman of the IFSB, Ayman Al-Sayari.  

This event signifies a pivotal moment that will influence the trajectory of the IFSB in 2024 and beyond, playing a significant role in shaping its strategic orientation and policies, as outlined by the bank.  

Bello Lawal Danbatta, secretary-general of the IFSB, expressed his secretariat’s optimism about garnering positive outcomes from the meeting, adding that it would enhance governance and results within the financial institution.   

“Our heartfelt appreciation to the SAMA governor for his admirable stewardship as the chairman of the council for 2023, and to the Saudi Central Bank for their tremendous support and remarkable dedication that resulted in the wonderful collaborations we have achieved together this year,” he said.  

Danbatta emphasized that the steadfast support and active participation of the council and full members of the IFSB in the meeting will be crucial for them to further their common mission of promoting the stability and resilience of the sector. 

Headquartered in Kuala Lumpur, the IFSB was officially inaugurated in November 2002 and commenced operations in March 2003. It functions as an international standard-setting body for regulatory and supervisory agencies with a keen interest in ensuring the soundness and stability of the Islamic financial services industry, encompassing banking, capital markets, and insurance.  

To advance its mission, the IFSB works toward the development of a prudent and transparent financial sector. It achieves this by introducing new standards or adapting existing international standards in accordance with Shariah principles. The IFSB then recommends these standards for adoption, according to its official website.  

As of August 2023, the IFSB includes 188 members from 58 jurisdictions. This membership comprises 81 regulatory and supervisory authorities, 10 international inter-governmental organizations, and 97 market players. These market players encompass institutions, professional firms, industry associations, and stock exchanges. 

SAMA became a part of the IFSB following a decision by the council of ministers announced in September 2002. The approval granted the bank the status of a founding member in this international body.