Muscat: Bank Nizwa, represented by two of its Board Members, Sami Al Dhugishi and Ishaq Al Maouli along with Chief Executive Officer, Khalid Al Kayed, participated in the 2nd Islamic Financial Services Board (IFSB) Executive Programme meeting recently held in Kuala Lumpur, Malaysia.
Themed ‘Implementing Effective Stress Testing and Financial Safety Nets for Islamic Banks: Governance and Regulatory Compliance,’ the meeting provided a platform for industry leaders, top management and regulators to engage in high-level discussions and share industry experiences.
This second module of the IFSB’s Effective Risk Management Series aimed to facilitate a better understanding of the opportunities and challenges associated with the Islamic finance industry. Effective risk management, stress testing and financial safety nets were key focus-areas given the more challenging global financial environment.
Khalid Al Kayed, Chief Executive Officer of Bank Nizwa, said, “The meeting discussed various areas including effective risk management, governance and compliance. All increasingly important topics in the sphere of global financial services and increasingly correlated to the expected development and growth rates of Islamic finance around the world. Given that Islamic finance is considerably a novel industry, it is more risk-sensitive due to the nature of its products, contract structure, legal costing, governance practices, and liquidity infrastructure. With that in mind, all Islamic financial institutions must join hands to create and implement an innovative framework that is tailored to their needs compared to the conventional banking model. This framework must consider Shari’a principles and evolving customer requirements.”
