International experts will give overviews of the global financial and regulatory developments from the perspective of Islamic finance will be the highlight of a summit to be held in Mauritius in May.

The Islamic Financial Services Board’s 11th summit under the theme ‘New Markets and Frontiers for Islamic Finance: Innovation and the Regulatory Perimeter’ will run from May 19 to 22 in Port Louis, hosted by the Bank of Mauritius.

In emerging markets in Africa and Asia, the approaching deadline for attaining the Millenium Development Goals (MDGs) in 2015, and the challenging prospects for financing economic development post-2015 have spurred the search for additional sources of financing and raised interest in Islamic finance among both policy makers at national and international level as well as multilateral development banks.  

Among developed economies, there is greater recognition of Islamic finance as offering prospects for raising investment funds by accessing the deepening global pools of Shari`ah-compliant savings.  

More broadly, there is an awareness of the potential to attain wider applicability of Islamic finance in meeting global challenges such as climate change and social development and equity through such innovative proposals as “Social Sukuk” and “Green Sukuk”.  

Underlying these developments is the challenge of striking the appropriate balance between encouraging financial innovation and widening the regulatory perimeter.  

The summit will, therefore, explore some recent innovations that are driving inclusive growth while examining different policy and regulatory approaches to manage risks.

The topics to be discussed include an overview of the Islamic Financial Services Industry (IFSI); legal and regulatory environment of Islamic finance; sukuk - market development and regulation; the role of Islamic finance in economic development; and a panel discussion on “New and Emerging Islamic Finance Jurisdictions: Opportunities and Challenges Ahead.”

Participants of the summits will included key players of the global industry especially members of the IFSB from among regulatory and supervisory authorities, international inter-governmental organisations, market players and distinguished thought leaders. - TradeArabia News Service