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The Islamic Financial Services Board (IFSB), the transnational organisation whose mandate is to set prudential and supervisory standards for the global Islamic finance sector, held its 5th Annual Summit on 13-14th May 2008 in Amman, Jordan.

The summit was held under the Royal Patronage of Her Majesty Queen Rania Al-Abdullah. This year's theme focused upon 'Financial Globalisation and Islamic Financial Services'. A high profile delegation participated in the summit including Central bank governors, chairmen and executive managers from Islamic banks, in addition to a number of experts in Islamic banking.

As diamond sponsor, Kuwait Finance House supported the summit with a high-level delegation headed by KFH-Bahrain and Chairman of KFH-Jordan Mr. Abdulhakeem Al Khayyat. In a declaration made on this occasion, Mr. Al Khayyat emphasized the importance of the IFSB as an umbrella that supports Islamic banks, especially in terms of consolidating relations with central banks, as regulatory bodies, and Islamic banks.

"The IFSB succeeded in mobilizing distinctive expertise that plays a positive role in the support and development of Islamic banking," he said. "Established in 2002 in Kuala-Lumpur, the IFSB has acquired a significant importance due to the promising capabilities behind the concept. The IFSB is in fact offering solutions that are radically different to those offered by the conventional financial services system. Such solutions are aimed at fulfilling the needs of a wide sector of people worldwide" he noted.

The importance of this Summit cannot be overstated and its timing could not be more opportune. With more and more IFSB member countries now acceding to the World Trade Organisation (WTO) provisions, including those relating to financial market liberalisation, and more cross-border opportunities inevitably emerging, it is important for regulators, market players and other interested parties to familiarise themselves with how financial globalisation is making an impact on Islamic financial services.

As such, the IFSB Summit discussed pertinent topics which included: Globalisation of Islamic Financial Services; Opportunities and Challenges covering Supply and Demand trends for Islamic Finance; Growth in Different Industry Segments; Potential Returns on innovation and Specialised Technology; and Issue Relating to Legal Infrastructures, Regulation and Human Resources.

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About Kuwait Finance House, Bahrain

Kuwait Finance House, Bahrain is a leading provider of Islamic commercial and investment banking services. Established in 2002 as a wholly owned subsidiary of Kuwait Finance House (Kuwait) -- an industry leader for more than 25 years -- KFH-Bahrain specializes in developing and bringing to market the highest quality Islamically compliant banking and investment products, all of which are delivered by a staff of experienced and dedicated professionals with a deep understanding of the market and the customers we serve.

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