Ex-IFSB chief sheds light on Islamic finance issues

Since November 2002, Professor Rifaat Abdel Karim is the inaugural secretary general of the Kuala Lumpur-based Islamic Financial Services Board (IFSB). During this time, the organization increased from its nine founding members to 195 to date, including 53 regulatory authorities and central banks from 41 jurisdictions.
In the interview he gave MUSHTAK PARKER, he stated that the IFSB approach to prudential and supervisory regulation is cross-sectoral which he first espoused in 2003 at a meeting during the World Bank/IMF Group meetings in Dubai in 2003. He also added that the board has developed strategies for the facilitation and the implementation of its standards.

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