Kuwait Finance House (KFH) participated in the 2018 Annual Meetings of the International Monetary Fund and World Bank Group October 12 – 14. Held in Bali, KFH sent a high-level delegation headed by the Group CEO Mazin Al-Nahedh, in addition to the Bank’s leaders in different sectors.
These annual meetings are the most significant economic and financial forums that bring together the leaders of economy and the banking industry, as well as senior government officials worldwide, to address financial and economic development issues. The conditions in different markets and in all fields are discussed among the decision makers.
KFH organized meetings during the sessions to stress the role of Islamic financial services industry and its role as a strategic alternative in the global economy. In addition, the meetings pave the way for further coordination and cooperation with regulatory and supervisory bodies concerned with Islamic banking, while open horizons for joint projects and further agreements.
It is worth noting that the IMF has recently announced the intention to begin implementing the core principles of the Islamic Financial Services Board (IFSB) by 2019 for the regulation and supervision of the sharia-complaint banking institutions.
The IMF Executive Committee ratified a proposal to include the basic principles of the Islamic Financial Services Board in Malaysia in the assessment of the World Organization to regulate the work of Islamic Banks and follow up their performance.