IFSB organises online facilitating implementation of standards workshop on financial inclusion and Islamic finance from IFSB Technical Note 3

1 April 2020, Kuala Lumpur – The Islamic Financial Services Board (IFSB) is organising an online Facilitating the Implementation of Standards (FIS) Workshop (E-workshop) on Financial Inclusion and Islamic Finance based on the IFSB’s recent Standard, Technical Note 3 (TN-3) which will be held on 21 April 2020 at 4.30pm (Malaysian Time). This is part of the IFSB’s FIS E-Workshop series that is aimed to create flexibility and enhance the participants understanding of the IFSB standards and guiding principles, thereby improving their capabilities to implement these Standards in their respective jurisdictions. It is also part of the IFSB’s initiative in providing the IFSB members with accessibility to the IFSB services and activities during the current COVID-19 pandemic.

Technical Note 3 (TN-3) was developed to provide guidance on good practices in regulating the financial sector to enhance financial inclusion through Islamic finance, while also considering proportionality in balancing the benefits of regulation and supervision against the risks and costs. TN-3 underscores the importance of financial inclusion, due to its intricate connection with economic growth, shared prosperity and poverty reduction, while furthering an understanding of how financial inclusion policies and regulatory initiatives can support Islamic microfinance/ savings/ investment activities.

The IFSB e-workshop Series that is meant for employees of IFSB Member organizations only, is an extension of FIS activities to facilitate training and personnel development in skill areas relevant to the effective supervision and regulation of the Islamic Financial Services Industry. It complements the existing IFSB implementation initiatives, including FIS Workshops (country, regional and customised) and technical assistance in order to increase the understanding and adoption of the IFSB Standards, Guidance Notes and Technical Notes.

The learning objectives and outcomes of this e-workshop includes:

• Provide participants with ability to differentiate and analyze the specificities of  financial inclusion related to Islamic finance sector;
• Provide policymakers with better understanding on why development and implementation of financial inclusion guidelines is important, and how it can have a potential impact on financial stability;
• Describe key regulatory and supervision guidelines for Shari’ah-compliant financing activities, investment activities and deposit activities;
• Discuss applicability of this standard to non-prudential measures;
• Characterize digital financial inclusion and recognize a role of Islamic social finance (Sadaqah, Waqf and Qarḍ Hasan)

The IFSB invites all of its member organisations – Regulatory and Supervisory Authorities for Islamic banking, Islamic insurance, and Islamic capital market sectors and Market players to participate in this e-workshop on Financial Inclusion and Islamic Finance.
Register now while registration is still open. For more information on this and other FIS e-workshop series please visit https://www.ifsb.org/event_detail.php?e_id=427.

Copyright Press Releases 2020