Professor Rifaat Abdel Karim

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.

End of journey for Rifaat at the IFSB

Professor Rifaat Abdel Karim was appointed in November 2002 as the inaugural secretary general of the Kuala Lumpur-based Islamic Financial Services Board (IFSB), the multilateral prudential and supervisory standard setting organization for the global Islamic financial services industry.
He resigned last year, making place for a new secretary general.
In his statement about the company, he talked about the beginning of the company, about the fact that it took two years to resolve the location where the IFSB should be based and commented on the rumours that there was a political trade-off between Bahrain and Malaysia over the location of IFSB.

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