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News Article

16 May 2007

ADCB Diamond Sponsor of the 4th Islamic Financial Services Board (IFSB) Summit

Under the Royal Patronage of His Highness Sheikh Mohammed Bin Rashid AL Maktoum, UAE Vice President, Prime Minister & Ruler Of Dubai, the 4th Islamic Financial Services Board (IFSB) Summit shall start its meetings today in Grand Hyatt Dubai. Hosted by the UAE Central Bank, and organized by Kuala Lumpur based Islamic Financial Services Board, the conference shall discuss ‘The Need for a Cross-Sectoral Approach to the Supervision of Islamic Financial Services’.

The 4th Islamic Financial Services Board (IFSB) Summit serves as a platform to address the challenges facing supervisory authorities and market players in tackling differences arising from unique business models which combine activities of commercial banking, assets management and investment banking without legal, financial and administrative separation, highlight and discuss the need for a cross- sectoral approach to the supervision which is drawn from the regulations of various segments of the industry and discuss cross-sectoral issues of common interest to all industry.

In the first session, the attendance shall share experiences derived from their respective experiments and the implementation of international financial control and supervision regulations. The session shall also discuss the relation between the cross- sectoral approach and Islamic financial services industry. In the second session, the relation between banking services, Islamic financial services industry and insurance sector arising from various newly introduced financial services and facilities provided by several Islamic financial institutions, shall be discussed and the method for issuing financial control and supervision standards and regulations to help the development and enhancement of Islamic financial services and complementing the existing international norms in this vital sector, shall be explored.

Eirvin Knox, Chief Executive Officer of Abu Dhabi Commercial Bank, said ‘We are happy to be the Diamond Sponsor of this important event. In ADCB we profoundly believe in the UAE Central Bank’s directions in this respect and are very much keen to create an environment for providing the most sophisticated financial services in line with the highest industry standards applied in Islamic banking sector’.

‘Our Diamond Sponsorship of the 4th Islamic Financial Services Board (IFSB) Summit comes a token of our keenness to augment our position as the pioneer bank in Islamic Financial Services sector as earlier evidenced by the award of the “Most Improved Islamic bank in the Middle East” by the pre-eminent international financial magazine Euromoney and the recognition of ADCB’s Meethaq Mudaraba overdraft facility as the “New Product of the Year.” added Knox.

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