Chief Executive Officer of QFMA, Tamy bin Ahmed Al Binali (first right) with other officials during the meeting.
Doha, Qatar: Qatar Financial Markets Authority (QFMA) participated in the annual meetings of the Islamic Financial Services Board (IFSB), which concluded its works in Riyadh on Wednesday.
Chief Executive Officer of QFMA Tamy bin Ahmed Al Binali headed Qatar’s delegation to the meetings.
The first day of the meetings saw the organization of a workshop on capacity building in the banking sector, where the first session discussed Islamic windows activities, capital adequacy, liquidity management, and disclosure requirements for Islamic windows. The second session discussed the guiding principles of Sharia governance systems for institutions that provide Islamic financial services, in addition to the structure and elements of the Sharia governance system. On the sidelines of the workshop, the 3rd IFSB CEO’s Forum was held.
On the second day, the IFSB Islamic Financial Services Industry (IFSI) Stability Forum was held, as well as a special celebration on the occasion of the 20th IFSB 20th anniversary was organized. On the third and final day, the 42nd IFSB Council Meeting and the 21st General Assembly were held.
Over the course of 3 days, the IFSB meetings sought to define a set of basic principles and best practices related to stress testing activities and the effort made by financial institutions.
It also sought to develop an IFSI that is characterized by prudence and transparency, by issuing new standards or adapting existing international standards that are compatible with the provisions and principles of Sharia, in addition to discussing enhancing the performance and stability of the IFSI.
Representatives of official financial authorities and central bank governors, in addition to bank officials and managers, as well as a number of financial, banking, and economy experts from various member states, participated in the meetings.
