First Community Bank Admitted to Islamic Financial Services Board (IFSB)
Date Published: Wednesday, 10 June 2015
First Community Bank’s star rises yet again with its admission to the world renowned Islamic Financial Services Board (IFSB) headquartered in Malaysia. The admission follows sterling presentation made by FCB to the world IFSB forum held in Mauritius last year where the Chairman of the Board Hassan Varvani show cased its lead in the market through innovation and regulator engagement.
The IFSB is an international standard-setting body for the Islamic Financial Services industry that promoters the soundness and stability of the industry by issuing global prudential standards and guiding principles for Islamic Finance. It is actively involved in the promotion of awareness of issues that are relevant or have an impact on the regulation and supervision of the Islamic financial services industry.
First Community Bank’s membership was announced on April 15th 2015 at the 26th Meeting of the IFSB Council held in Jakarta, Indonesia. First Community Bank’s membership means that the bank benefits from cooperation amongst IFSB members in developing the Islamic financial services industry in Kenya and other parts of the world. Also, FCB will gain from personnel development training facilitated by IFSB related to regulation of the Islamic financial services industry and our specific market in Kenya. The bank will take advantage of research and surveys undertaken by IFSB on the Islamic financial services industry which will inform product development and enhance the product offering. IFSB will engage the regulators on behalf of FCB to initiate requisite changes for a conducive legal and regulatory environment.