Islamic Banking Bank Al Maghrib Interested in IFSB Prudential Standards

Rabat – Bank Al-Maghrib and the Islamic Financial Services Board (IFSB) co-organized a regional workshop entitled “Facilitating Implementation of IFSB Standards” from February 28 to March 3 at the Center of Professional Training of Bank Al-Maghrib in Rabat.This workshop, organized with the support of the Islamic Development Bank, focused on 3 standards for participatory banking: IFSB-15 “Revised Capital Adequacy Standard” on Prudential Capital and Solvency Standards, IFSB-16 “Revised Guidance on Key Elements in the Supervisory Process” on Supervision Standards, and GN-6 “Quantitative Measures for Liquidity Risk Management” on prudential liquidity standards.The workshop brought together some 60 participants, representing the Shariah Committee for Participatory Finance, the Ministry of Economy and Finance, the General Secretariat of the Government, and the Regulatory and Control Authorities of Africa and Middle East and banks. This event is part of the measures taken by Bank Al-Maghrib to finalize the regulatory framework governing participatory banking activities. It allowed for the exchange and sharing of experiences among participants on issues such as implementation of the aforementioned prudential standards.IFSB is the international standardization body which lays down the prudential principles and standards applicable to Islamic financial institutions. read more

Attacks on aid workers in Darfur threatening relief efforts warns UN official

“Every day, more people need our help, yet humanitarian colleagues are under increasing threat from all sides,” said John Holmes, Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator. Despite repeated appeals from UN agencies and non-governmental organizations (NGOs) operating in Darfur, continuing violence and targeting of civilians have displaced nearly 160,000 people so far this year, pushing the total number of internally displaced persons (IDPs) to 2.1 million, according to the Office for the Coordination of Humanitarian Affairs (OCHA).The total number of civilians requiring relief assistance has reached 4.2 million, or nearly two-thirds of the entire Darfur population. At the same time, OCHA reports that attacks against the relief community have increased by 150 per cent in the past year, threatening the lifeline to this ever-increasing number of displaced and conflict-affected people. In June, one out of every six convoys that left provincial capitals in Darfur was hijacked or ambushed. Since January, some 64 vehicles used by agencies have been hijacked, with 132 staff temporarily detained, often at gunpoint. Such lawlessness has forced relief organizations to suspend programming, temporarily depriving over one million beneficiaries of life-saving assistance, OCHA said.There are some 13,000 relief workers in Darfur trying to reach a total of four million people. As a result of insecurity on the ground, aid workers are forced to rely on expensive helicopter transport to keep operations going in many areas. “Obviously, we will not give up – the needs are too great. We will continue to adapt operations to ensure that the most vulnerable in Darfur receive at least some relief,” Mr. Holmes said. “But what we most need is an effective ceasefire. This is possible – the rebel groups and the Government could and should choose now to stop the violence.” 10 July 2007The United Nations humanitarian chief warned today that increasing attacks on aid workers in Darfur are jeopardizing relief efforts, and called for an immediate end to violence in the strife-torn region of Sudan. read more