The Islamic Research & Training Institute (IRTI), a member of the Islamic Development Bank Group (IDB), has organized the inaugural meeting of the Task Force for Islamic Finance & Global Financial Stability in Kuala Lumpur, Malaysia, under the chairmanship of Dr. Zeti Akhtar Aziz, Governor, Bank Negara Malaysia. The task force is comprised of a number of eminent personalities and experts from member and non-member countries of IDB Group, according to a press release issued here yesterday. The Task Force was proposed during the Forum held by the IDB on 25th October 2008, in response to the Global Financial Crisis, and was endorsed by the Council of the Islamic Financial Services Board (IFSB) at its meeting held on 29th October 2008. It is mandated to assess the performance of the Islamic financial system in the current financial crisis and areas in which Islamic finance could contribute to promote financial stability. The Task Force has set up three working groups to examine the following areas: -- Promote greater understanding and appreciation of the universal values inherent in Islamic finance. -- Lessons learned from the current financial crisis and how Islamic finance needs to be developed to enhance the resilience of the Islamic financial system. -- Further strengthening of the international Islamic financial architecture. A preliminary report will be discussed at the next meeting of the Task Force on 28th March 2009. The final report is expected to be completed in September 2009.
