KARACHI, Oct 30: The Islamic Financial Services Board (IFSB) has approved two exposure drafts, namely ‘Capital adequacy requirements for Sukuk securitisations and real estate investments’ and ‘guiding principles on governance of Islamic collective investment schemes’.

The approval was given in the meeting chaired by the State Bank governor Dr Shamshad Akhtar, who is also the chairperson of the IFSB. This was the 13th council meeting of the IFSB in Dubai on Thursday.

There was a broad recognition in the council meeting that Islamic banks have preserved shocks of global financial market turmoil well. The IFSB secretariat and the Islamic Development Bank (IsDB) will be working together to assess further the implications and lessons learnt from the global financial market turmoil for the industry.

Dr Akhtar and the council members underscored the need for IFSB secretariat to focus on enhancing the capacity building of the industry and the central banks to help them in better understanding of IFSB approved prudential standards.

The council meeting also discussed the future of IFSB and recommended measures for strengthening its financial position.

The meeting covered a broad range of topics of mutual interest to council members and Islamic financial industry. Pakistan is holding the IFSB chair for 2008 and the Governor of Saudi Arabian Monetary Agency will be taking over the chair of IFSB in 2009.