The Islamic Financial Services Board (IFSB) and the Hong Kong Monetary Authority (HKMA) are jointly organising a seminar on Islamic finance.

The seminar, to be held on January 15 and 16, 2008, in Kuala Lumpur, hopes to enhance awareness and understanding on the specificities of the Islamic financial services industry (IFSI), as well as highlight the challenges and opportunities of the industry in Hong Kong.

The Seminar will discuss:

* Overview and regulatory aspects of Islamic finance

* Operational and business structural issues in starting an Islamic financial services unit

* Convergence of the IFSI with the mainstream financial services industry

* Shari'ah, legal & rating issues in IFSI

* Challenges and opportunities for Islamic finance especially in Hong Kong.

The seminar, targeted at regulatory and supervisory authorities, financial practitioners, investors as well as the academic community, offers a unique platform for interactions among the global Islamic financial services industry stakeholders, especially market players involved in cross-border operations, said an official spokesman.

The HKMA had earlier joined the IFSB as an observer member and hosted an IFSB Workshop on Clearing and Settlement Systems last March.

The IFSB, which is based in Kuala Lumpur, serves as an international-standard setting body of regulatory and supervisory agencies that have vested interest in ensuring the soundness and stability of the Islamic financial services industry, which is defined broadly to include banking, capital market and insurance.

In advancing this mission, the IFSB promotes the development of a prudent and transparent Islamic financial services industry through introducing new, or adapting existing international standards consistent with Shari'ah principles, and recommend them for adoption.

The 137 members of the IFSB include 35 regulatory and supervisory authorities, the International Monetary Fund, The World Bank, Bank for International Settlements, Islamic Development Bank, Asian Development Bank, and 97 market players and professional firms from 22 countries.- TradeArabia News Service