INCEIF’s Chief Executive Officer Mr Agil Natt has attended the Islamic Financial Services Board (IFSB)’s seminar on Prudential Standards for Islamic Banking in Riyadh, Kingdom of Saudi Arabia from 15th to 16th January 2007. Held under the patronage of his Excellency, the Governor of Saudi Arabian Monetary Agency, the seminar was hosted and jointly organised with the Institute of Banking, Saudi Arabian Monetary Agency.
Presented by several distinguished speakers including Professor Simon Archer of Surrey University, UK, Dr. V. Sundarajan of the US-based Centennial Group Holdings and Dr. Mohamed A. Elgari of King Abdulaziz University, Kingdom of Saudi Arabia, the seminar covered areas including risk management, capital adequacy and supervisory review process on the first day of the seminar.
The second day of the seminar discussed issues on corporate governance as well as transparency and market discipline for institutions offering Islamic financial services. It was also highlighted that those prudential standards were only applicable to institutions other than insurance institutions.
The participants were briefed on the development of Saudi Arabia, followed by dinner at the King Abdul Aziz Historical Center.
While attending the seminar, Mr. Natt had also had a meeting with the Director-General of the Institute of Banking, Mr. Jamaan A. Al-Wagdany to discuss on the possibility of collaborating with the Institute to address the issue of human capital development especially in the field of Islamic banking.