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The Islamic Financial Services Board (IFSB) successfully organised four events in Khartoum, Sudan on 18 - 20 February 2014. The Insurance Supervisory Authority of Sudan hosted the 6th Seminar on the Regulation of Takaful and the Facilitating the Implementation of the IFSB Standards (FIS) on Takaful while the Central Bank of Sudan (CBoS) was the host for the IFSB Meet the Members Session and the FIS Workshops on Banking. In addition, two workshops were held in Khartoum: the Facilitating the Implementation of the IFSB Standards (FIS) Workshops on Banking and the FIS Workshop on Takaful.

Microtakaful shall help people at the base of the economic pyramid to find a way out of poverty and gives them a real hope of being financially independent. It is known that of the 41 lowest human development countries, 20 have a majority Muslim population. In other words, 54 % of the one billion people living in the low depending countries are Muslims. There are actually just a few takaful operators that have entered into the low-income microtakaful market, especially in the countries where almost all population is Muslim, poverty is extended and the takaful sector is already established.

The 25th Board of Directors meeting of the International Islamic Financial Market (IIFM) took place on December 11 at Islamic Development Bank (IDB) offices in Jeddah. Present at the meeting were senior representatives from IDB, Central Bank of Bahrain, Central Bank of Sudan, Autoriti Monetari Brunei Darussalam, Labuan Financial Services Authority (Malaysia), Bank Indonesia, State Bank of Pakistan, ABC Islamic Bank - Bahrain, Bank Islam Malaysia Berhad, Kuwait Finance House-Bahrain.
Mr. Khalid Hamad Abdul Rahman Hamad, Executive Director-Banking Supervision, Central Bank of Bahrain & Chairman of IIFM, welcomed the Board members and thanked them for their foresightedness and guidance which has been influential in IIFM’s focus on standardized documentation & products for the Islamic Capital & Money Market.