Banking Supervision and Prudential Policiesin the Institutions offering Islamic Financial Services (banking)

It is a great privilege to be present at this 22nd Annual Conference on Monetary and Exchange Rate Policies this year. Let me start by expressing my sincere thanks to the organiser, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, for the kind invitation to give this opportunity to the IFSB to address before an audience of distinguished delegates. It is nice to be back to this city and to meet some familiar faces. The Central Bank of the Islamic Republic of Iran has been actively participating in the development of the Islamic Financial Services Board (IFSB) standards and other activities. Briefly, the IFSB is based in Malaysia, officially inaugurated on 3 November 2002, and started its operation on 10 March 2003. It serves as an international standard-setting body of regulatory and supervisoryagencies that have vested interest in ensuring the soundness and stability of the Islamic financial services industry, which is defined broadly to include banking, capital market and takaful. To this end, the work of the IFSB complements BCBS, IOSCO and IAIS. To date, the IFSB has 187 members from 43 jurisdictions.