KFH takes part in IMF, WBG meetings in Indonesia

KUWAIT: Kuwait Finance House (KFH) is participating in the 2018 Annual Meetings of the International Monetary Fund and World Bank Group to be held in Bali, Indonesia. KFH High-level delegation headed by the Group CEO Mazin AlNahedh, in addition to the Bank’s leaders in different sectors is participating in these important meetings.

KFH is keen on participating in these meetings on an annual basis as they are the most significant economic and financial forums that bring together the leaders of economy and the banking industry and senior government officials worldwide where they address financial and economic development issues. The meetings discuss the conditions in different markets and in all fields with the presence of elite businessmen and decision makers which makes the event more significant with a considerable momentum.

KFH organizes meetings during the sessions to stress the role of Islamic financial services industry and its role as a strategic alternative in the global economy. In addition, the meetings pave the way for further coordination and cooperation with regulatory and supervisory bodies concerned with Islamic banking, while open horizons for joint projects and further agreements.

It is worth noting that the IMF has recently announced the intention to begin implementing the core principles of the Islamic Financial Services Board (IFSB) by 2019 for the regulation and supervision of the sharia-complaint banking institutions.

The IMF Executive Committee ratified a proposal to include the basic principles of the Islamic Financial Services Board in Malaysia in the assessment of the World Organization to regulate the work of Islamic Banks and follow up their performance.