The Islamic Financial Services Board (IFSB) organised the "Seminar on Islamic Capital Markets" on 1 October 2010 in Istanbul, Turkey. The seminar, hosted by the Istanbul Stock Exchange (ISE), has been the first of the three awareness programmes of the IFSB to take place in October 2010. The Seminar has been held back to back with the Fourth OIC Member States' Stock Exchanges Forum. Mr. Atilla Karaman, Researcher, represented the Centre thereat.
The opening remarks were delivered by Prof. Datuk Rifaat Ahmed Abdel Karim, Secretary General of the IFSB, and Mr. Hüseyin Erkan, Chairman and CEO of the ISE. In his speech, Prof. Rifaat stated that the seminar series of the IFSB act as an important platform in raising awareness for the Islamic financial services industry and capacity building. Explaining that the instruments of the Islamic financial services sector need development, he expressed that a standard framework is needed to accommodate the challenges faced in different legal environments.
Mr. Hüseyin Erkan articulated his appreciation for the efforts undertaken by the IFSB in the Islamic financial services industry. He also underlined that the OIC Member States Stock Exchanges Forum and IFSB should work together in a global market with a growing demand for the Islamic financial products.
The Seminar had the aim to discuss the structural issues in Islamic capital markets focusing on its development and regulatory issues. The Seminar addressed the following topics:
- General Issues in Islamic Capital Markets;
- Sharī`ah and Legal Issues in Islamic Capital Markets;
- Islamic Capital Market Products and Liquidity Management; and
- Future Challenges and Opportunities for Islamic Capital Markets.