|The Secretary-General of the Islamic Financial Services Board (IFSB), Jaseem Ahmed noted that progressive transformations in theIslamic financial services industry over the last few decades have led to theindustry's greater integration into the global financial system. "Islamicfinance shares with Europe a collectiveinterest in cross-border cooperation, in regional cooperation, and in greaterintegration with the global economy."
Against the backdrop of the global crisishe further noted that "The expansion in Islamicfinance and the changes in the global regulatory environment in recent yearsunderscore the need for strengthened risk management within institutionsoffering Islamic financial services. These institutions face a unique set ofrisks. In addition, they frequently operate in environments in which marketsand the wider infrastructure of liquidity and risk management are still undergoingdevelopment. Risk management and monetary control are critical issues inIslamic finance and there can be no complacency in this regard. While much hasbeen achieved, much more needs to be done." (Press Release)