Prof Datuk Dr Rifaat Abdul Karim, INCEIF Adjunct Research Professor, today gave a talk on ‘Challenges of Regulation and Supervision of Islamic Banks’ to a full house.
Prof Datuk Dr Rifaat presenting his talk.
His talk was focused on the point of view that Islamic banks should be supervised using a cross sectoral approach. He further introduced to the audience the evolution in banking regulations with examples focusing on the Malaysian and US banking systems. Prof. Rifaat then highlighted the differences between conventional and Islamic banking services by emphasising on the underlying principles of each product offered by the banking industry.
He also touched on the implications of the challenges for the future development of the regulation and supervision of Islamic banks. He later concluded his talk by mentioning the needs for close regulation and supervision as well as provision for infrastructure and support.
Prof. Rifaat is one of the world’s foremost authorities in the Islamic financial services. He earned international respect for the two organisations he has played an instrumental role in creating and served as (their inaugural) Secretary General – the Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB). He has been Visiting Professor at the ICMA Centre, Henley Business School, University of Reading, UK, since 2008.